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Econ Milestone Review Flashcards | StudBud
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Econ Milestone Review
Econ Milestone Review
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A review for the Economics Milestone
Flashcards
31 cards
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Practice quiz
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Questions
31
Answers
1
Tight money policies _______ the money supply and slow down the economy.
decrease
maintain
increase
2
Andrea wants to start a stock broker business on her own. She should try to start a ....
Non-profit
Corporation
Partnership
Sole proprietorship
3
This business type has unlimited life, limited liability, and a board of directors.
Corporation
Partnership
Sole proprietorship
Non-profit
4
Inflation is measured by...
the Demand Curve.
the Consumer Price Index.
the Gross Domestic Product.
the Supply Curve.
5
Which of the following is NOT a need?
Shelter
Food
Water
Phone
6
Expansionary policy is used when...
demand is higher than supply.
inflation is high.
when supply is higher than demand.
unemployment is high.
7
The United States is an example of a _________ economy.
Market
Traditional
Mixed
Command
8
What will shift the demand curve to the left or right? (More than one answer!)
Income
Price
Change in the price of a substitute good
Number of consumers
9
Who controls the money supply?
The Federal Reserve.
The government.
The consumers.
The banks.
10
Regarding a demand curve, which of the following is true?
As price increases, demand increases.
As supply increases, demand decreases.
As supply increases, demand increases.
As price increase, demand decreases.
11
A trade surplus occurs when...
a country imports more than it exports.
a country exports more than it imports.
12
Easy money supply policies ______ the money supply and economic growth.
increase
maintain
decrease
13
Suzy creates hand-made jewelry. Many other women in town sell jewelry displaying unique styles.
This is an example of oligopoly.
This is an example of perfect competition.
This is an example of a monopoly.
This is an example of monopolistic competition.
14
Contractionary policy is used when...
supply is higher than demand.
demand is higher than supply.
unemployment is high.
inflation is high.
15
Which of the following is NOT a type of tax?
Proportional Tax
Hospital Tax
Regressive Tax
Progressive Tax
16
Madison and Davonee want to open a salon together. Their business is an example of a ....
Partnership
Non-profit
Sole proprietorship
Corporation
17
A point inside the production possibility curve is...
Impossible.
Inefficient.
the max amount of goods that can be produced.
18
The balance between unlimited ______ and limited ______ is called scarcity.
resources; needs
goods; services
services; goods
needs; resources
19
Fiscal or monetary? The government buys 100 new jets.
Monetary
Fiscal
20
Regarding a supply curve, which of the following is true?
When demand increases, supply increases.
When price increases, supply decreases.
When price increases, supply increases.
When demand increases, supply decreases.
21
Which of the following are included in GDP?
Net Exports
Consumer spending
Government Spending
Investment Spending
22
What is monetary policy?
Gross Domestic Product
Increasing/decreasing money supply to regulate the economy
The rise of prices of goods from one year to the next
Government spending
23
A town known for severe weather has three storm window companies. Each claims the best windows.
This is an example of an oligopoly.
This is an example of a monopoly.
This is an example of perfect competition.
This is an example of monopolistic competition.
24
Which of the following is NOT one of the three basic economic questions?
How to produce?
Who are the consumers?
For whom to produce?
What to produce?
25
Which of the following is an example of a market economy?
North Korea
Great Britain
Japan
United States
26
A town is known for apple-growing. Prices depend on harvest. Many farmers are moving here.
This is an example of monopolistic competition.
This is an example of an oligopoly.
This is an example of perfect competition.
This is an example of a monopoly.
27
Which of the following ARE criteria for taxes?
Justice
Efficiency
Simplicity
Equity (fairness)
28
What will shift the supply curve left or right? (There is more than one answer!)
Expectations
Taxes
Resource Prices
Number of sellers
29
A trade deficit occurs when...
a country exports more than it imports.
a country imports more than it exports.
30
Which of the following is an example of a command economy?
Japan
United States
Great Britain
North Korea
31
A computer programmer develops a unique piece of software. The software is patented.
This is an example of an oligopoly.
This is an example of perfect competition.
This is an example of a monopoly.
This is an example of monopolistic competition.
