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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
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1
What are some examples of things that your taxes pay for which you can use or benefit from now?
Military, stocks and internet
School, first responders and roads
Social Security, investments and military
GTA, Roblox, Minecraft
2
This political theorist called religion “the opiate of the masses.”
Salma Hayek
Karl Marx
Richard Marx
Friedrich Hayek
3
The most desirable alternative somebody gives up as a result of a decision is called the _____________________________.
Opportunity school
OPP
Opportunity factor
Opportunity cost
4
The ________________is the rate of people 16 years old or older who are not institutionalized and not currently working.
Uninspired
Lazy
Over-qualified
Unemployment rate
5
What is a digital asset?
A single block of blockchain technology that contains a unique hash.
An investment in a digital company that is recorded on the internet.
A digital item you can own but will never exist outside of the internet.
A digital item that you rent and can share with others on the internet.
6
What is the key difference between a deduction and a credit?
Deductions reduce income that can be taxed, credits reduce taxes.
Deductions report your spending, and credits report how much you borrowed.
Deductions are for future tax bills, credits are used with past tax bills.
Deductions report your spending, and credits report how much you borrowed.
7
What are two features that help make cryptocurrency be secure?
Backed by financial institutions and blockchain technology
Government oversight and cryptography
Blockchain technology and cryptography
Government regulation and blockchain technology
8
Warren Buffett bet a hedge fund manager that the _______ would outperform his hand-picked stocks over a ten year period.
DOW
His Chihuahua
NASDAQ
S&P 500
9
How are cryptocurrency hot wallets different from cold wallets?
Hot wallets are kept in the oven, cold wallets are in the fridge.
Cold wallets are connected to the internet at all times.
Hot wallets don't need private keys.
Hot wallets are connected to the internet at all times.
10
What isn’t associated with Capitalism?
Laissez-faire
Free trade
The government owns all the means of production
An “invisible hand” drives the economy
11
One example of the government using the tax code to influence consumers’ behavior
A subsidy on electric cars in California
A safety mandate for air bags in all cars
We take Apple pay
Raising the MPG standards on all gas motor vehicles
12
What is the purpose of blockchain technology?
New device that prevents kid from breaking in your house to throw a party
Record, store, and track digital information and transactions.
Be a secure backup for password protection on all digital accounts.
Pretty artwork that can be shared on the internet publicly.
13
In order to build good credit, make sure you pay _______ of your bills off _____________ and ______________.
Some/when you can/ let Mom and Dad take care of the rest
In full (if possible)/all/on time
All/On time/in full (if possible)
On time/all/in full (if possible)
14
The state owns: means of production, determines resources, distributes wages/products but permits some private property
Amazingism
Socialism
Communism
Social Media
15
If you put $100 in the bank, receive 10% interest, but only receive interest on the money you put in it is ___ interest?
Simple
Mad Stupid
Compound
Stupid is as Stupid does
16
A stock dividend is taxable because…
it’s the interest that you earn based on the amount of stock you hold.
it’s a payment directly to you based on the company’s success.
it divides your stock in half, giving you twice as much money.
calculation of taxes, where the value of stock is divided by tax bracket.
17
Which one of the statements is true about cryptocurrency?
Cryptocurrency's value based on how many blocks of data it is made of.
Cryptocurrency controls blockchain technology.
Cryptocurrency is a type of digital asset that can be owned.
Crypto is a hashtag # you use on X (social media formerly known as Twitter)
18
A _________ is an organization that works to improve working, conditions, wages, and benefits for its members.
Bad Hombres
Political party
Gang
Labor Union
19
Jamie bought a condo, but does not live in it. Her mortgage is $600 a month. She rents it out for $1000. Good/Bad Debt?
Good
Bad
20
The USA is a ______________ economy.
Awesome
Stirred
Shaken
Mixed
21
You can make, spend, save, give, loan, and invest this:
Love
Trust
Time
Money
22
Which of the following will be best to help pay for medical bills and potentially stay out of medical debt?
That New Dutt
Sugar Momma
Credit cards
Health insurance
23
What isn’t a basic economic question?
For whom to produce?
How to produce?
What to produce?
Where am I? Its dark, I'm scared....I wanna go back to high school!!
24
This economic theorist is identified with “laissez-faire” capitalism
Karl Marx
JoJo Papoofnik
Adam Smith
Will "Slappy" Smith
25
An asset ________ money in your pocket; A liability __________money out of your pocket.
puts/takes
Puts/borrows
AC/DC
Out/in
26
The principle of “the more you make the more they take” is reflected in the
Progressive tax
Trump Tax
Regressive tax
Gee Thanks Obama
27
_____________ is a legal agreement to receive cash, goods or services now and pay for them in the future.
Credit
IOU
HIJKLMNOP
Debit
28
______________ is the desire, willingness, and ability to buy a good or service.
But Mom......
Want
Demand
Supply
29
The facilities and resources for producing goods are called?
First Outer Inner Last
Opportunity Costs
Factors of Produce (get that lettuce)
Factors of Production
30
Economic system is like socialism but the state forbids ownership of private property and practice of religion
Communism
Traditional economy
Capitalism
Communion
31
What is one potential risk associated with a cryptocurrency hot wallet?
It could be hacked since it online at all times.
You could lose access if the exchange fails.
It could be hacked since it is offline at all times.
There are no risks associated with hot wallets.
