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SLS Econ - Final Exam Review Flashcards | StudBud
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SLS Econ - Final Exam Review
SLS Econ - Final Exam Review
30 terms
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Quick review for SLS Econ classes. To be used in preparation for the Final Exam.
Flashcards
30 cards
F
Practice quiz
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Host live
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Questions
30
Answers
1
If a country had the statistics shown in the picture, what would its unemployment rate be?
30%
6.6%
10%
20%
2
If worker pay increased, the demand for ____ goods & services would increase.
store-brand name
subferior
inferior
normal
3
Which of the following would
NOT
be calculated in the US GDP for this year?
a Honda Pilot manufactured in Michigan
corn grown in Kansas & sold in the store
Intel microchips used to make Apple iPhones
surfboard lessons in Hawaii
4
If a natural disaster hit an expanding economy, the next business cycle point would be ___ .
a peak point
a contraction phase
a trough point
a recession phase
5
Which is
NOT
a characteristic of sole proprietorships?
the require unlimited liability
they provide the most control
they contribute the most to GDP
they provide the most employment to the economy
6
The poverty threshold has each of these characteristics EXCEPT:
it is the same in all states except Hawaii & Alaska
it changes almost every year
it is used to determine who qualifies for assistance
it represents the number of poor people in each state
7
What is the opportunity cost of one decision made by two different people?
it can be different depend on who you ask
no costs involved because the decision was shared
it is a combination of both opportunity costs
it is whatever alternative both had in common
8
Which of the following is FALSE about supply & demand?
demand means you can afford it & you want it
as prices decrease, quantity demanded increases
supplying a little more than demand is always a good thing
as prices increase, quantity supply increases
9
When government officials hire private road workers to fix the freeway, what system is in play?
controlled
free
traditional
mixed
10
The idea that there are limited resources to satisfy unlimited wants and needs is ___ .
surplus
economics
demand
scarcity
11
Which economic system is represented by a trade conducted like in the picture?
free
mixed
traditional
controlled
12
The power that buyers have to determine supplied products through their demand is called __ .
business supremacy
consumer sovereignty
economics
market demand
13
Corporations have all of the following characteristics
EXCEPT
:
owners have the most freedom & control
they can be sued & fined like people
they contribute the most to the GDP
most pollution comes from them
14
What would cause a right shift in a market supply curve?
a decrease in business competition
a decrease in economic wages
an increase in technology
an decrease in market prices
15
True / False: Free enterprise systems have minimal competition due to government control.
FALSE
TRUE
TRUE
FALSE
16
An unintended, positive
or
negative, side effect of a public good is called a(n) ____ .
safety net
market failure
free rider
externality
17
Profit motive & self-interest are strongest in which economic system?
command
traditional
controlled
free market
18
True/False: Economies with high unemployment rates are ALWAYS less-developed.
True
True
False
True
19
Each of the following are legitimate suggestions for decreasing national debt
EXCEPT
:
paying more taxes
decreasing military spending
paying less taxes
investing in green energy
20
Which of the following would cause quantity supplied to
move along
its curve? (NOT shift)
an upcoming sale
new laws & regulations
a change in market prices
a change in customer population
21
The best advice regarding taxes & tax returns is to ___ .
withhold lots of taxes so you get a huge refund
refunds should always be used to pay for summer vacation
withhold just enough taxes so you don't have to pay more
refunds should be spent quickly on electronics
22
High inflation rates would cause ALL of the following to happen EXCEPT:
an decrease in the value of money
people would start buying less goods & services
$5 this year would be worth more next year
an increase in the price of goods
23
If a mid-level manager
quits
his job to search for a new one, he is ___ unemployed.
seasonally
structurally
frictionally
cyclically
24
Which payment method would be safest to avoid identity theft?
paying with cash
buying things online
using a credit card
using a debit card with a PIN number
25
The study of how people use their resources to make decisions & satisfy their wants & needs is
economics
opportunity cost
demand
scarcity
26
When a free market system is unable to distribute resources fairly & efficiently, this is a(n):
market failure
opportunity cost
surplus
competition
27
The first solution a country should attempt when looking for economic assistance is to __ .
ask the U.S. or China
adjust their own budget
apply for assistance with the World Bank
ask their neighbors for help
28
What is one advantage of a command market economy?
low unemployment
open opportunity
voluntary exchange
private property rights
29
When a corporate CEO pays more taxes than a low-level employee, this is a __ tax system.
projective
progressive
flat
regressive
30
A country with poor health statistics but high manufacturing would most likely be a __ economy.
third world
developing
newly industrialized
developed
