Are you ready to get into personal finance?

Yes, No, I like economics, I'm not sure

What is a corporation?

company that is registered by a state

In the business cycle, what is an expansion?

where real gross domestic product (GDP) grows for two or more periods

What is a franchisee?

The person opening another chain location

What is market value?

price at which a good or service can be sold in the marketplace.

What is the product market?

refers to the act of buying and selling goods and services

word, phrase, symbol, design, or characteristic

In the business cycle, what is a peak?

highest point in an economic time period

What is a franchiser?

The company allowing a chain location to be open

exclusive right to duplicate,distribute, display,or perform a specific work

What is an entrepreneur?

people who start a business or produce a new good or service.

In the business cycle, what is a contraction?

where real gross domestic product (GDP) declines for two or more periods

value of total amt of final goods and services by a country in a set time

In the business cycle, what is a trough?

lowesr point in an economic time period

What is a mixed economy?

production and prices are created by the people freely and with regulation

What is a market economy?

production and prices are created by the people without gov.t regulation

What is the factor market?

refers to the act of buying and selling of the factors of production

All of these plus inform montary policy

What is a traditional economy?

production are driven by time-honored beliefs, customs, cultural beliefs

exclusive right to use, manufacture,or sell an invention for specific time

license provided by a parent company; allows owner to use company's product

legally binding agreement between two or more parties that is written

represent producers or businesses in the economy

general increase in the price of goods and services

What is a command economy?

production and prices are created by the people with gov.t regulation

What is final goods or services?

final or finished products sold in the marketplace.

When does inflation occur?

if a country’s money supply is greater than its production of goods

What is GDP reported as?

final or finished products sold in the marketplace.

What is a trade secret?

confidential information that gives businesses competitive advantages

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Mod 1 & 2 Test Review

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Questions 65

Answers

1
Are you ready to get into personal finance?
Yes
No
I like economics
I'm not sure
2
A basic economic question always is involved with goods and services being produced
False
True
3
What is a corporation?
business that is jointly owned and operated by a group of people
business that is owned by two or more individuals
business that is owned by a single person.
company that is registered by a state
4
In the business cycle, what is an expansion?
where real gross domestic product (GDP) declines for two or more periods
where real gross domestic product (GDP) grows for two or more periods
highest point in an economic time period
lowesr point in an economic time period
5
What is a franchisee?
The company allowing a chain location to be open
license provided by a parent company; allows owner to use company's product
The person opening another chain location
They provide a public benefit or further a social cause, is noncommercial
6
What is market value?
price at which a good or service can be sold in the marketplace.
value of total amt of final goods and services by a country in a set time
final or finished products sold in the marketplace.
economic activities that are reported to the government
7
What is the product market?
represent producers or businesses in the economy
refers to the act of buying and selling goods and services
represent consumers in the economy
refers to the act of buying and selling of the factors of production
8
As price increases, the value of money decreases. If prices decreases, the value of money increases
False
True
9
What is a trademark?
confidential information that gives businesses competitive advantages
exclusive right to duplicate,distribute, display,or perform a specific work
word, phrase, symbol, design, or characteristic
exclusive right to use, manufacture,or sell an invention for specific time
10
In the business cycle, what is a peak?
where real gross domestic product (GDP) declines for two or more periods
highest point in an economic time period
lowesr point in an economic time period
where real gross domestic product (GDP) grows for two or more periods
11
G --> in GDP Formula
Investment Spending
Government Spending
Consumer Spending
Net Exports
12
What is a franchiser?
The company allowing a chain location to be open
They provide a public benefit or further a social cause, is noncommercial
The person opening another chain location
license provided by a parent company; allows owner to use company's product
13
The economy wants a high unemployment rate
True
False
14
There are no pure command economies today. Only mixed that are primarily command
True
False
15
What is an example of a capital resource that is man made?
Knowledge
Land
Teacher
Computer
16
These are the economic goals to maintain a strong economy: ECONOMIC GROWTH, PRICE STABILITY, & FULL-TIME EMPLOYMENT
True
False
17
What is a copyright?
exclusive right to use, manufacture,or sell an invention for specific time
confidential information that gives businesses competitive advantages
exclusive right to duplicate,distribute, display,or perform a specific work
word, phrase, symbol, design, or characteristic
18
Which is not a Decision Making Decision?
Flipping a coin
Lottery
Maority Rule/Voting
First-Come, First Served
19
What is an example of a natural resource?
Teacher
Computer
Land
Knowledge
20
What is an entrepreneur?
people who invest in others who are making a new good or service
someone who is in school
people who start a business or produce a new good or service.
people who shop at stores
21
In the business cycle, what is a contraction?
highest point in an economic time period
where real gross domestic product (GDP) declines for two or more periods
where real gross domestic product (GDP) grows for two or more periods
lowesr point in an economic time period
22
What is GDP?
price at which a good or service can be sold in the marketplace.
value of total amt of final goods and services by a country in a set time
final or finished products sold in the marketplace.
economic activities that are reported to the government
23
C --> in GDP Formula
Investment Spending
Consumer Spending
Net Exports
Government Spending
24
In the business cycle, what is a trough?
where real gross domestic product (GDP) declines for two or more periods
highest point in an economic time period
lowesr point in an economic time period
where real gross domestic product (GDP) grows for two or more periods
25
What is a mixed economy?
production and prices are created by the people with gov.t regulation
production and prices are created by the people without gov.t regulation
production and prices are created by the people freely and with regulation
production are driven by time-honored beliefs, customs, cultural beliefs
26
Real GDP adjusts for rising prices. Calculated by deflating prices from different years to a base value.
False
True
27
GDP is calculated by GDP = C + I + G + (X-M)
False
True
28
What is a market economy?
production and prices are created by the people with gov.t regulation
production and prices are created by the people without gov.t regulation
production and prices are created by the people freely and with regulation
production are driven by time-honored beliefs, customs, cultural beliefs
29
What is the factor market?
represent producers or businesses in the economy
represent consumers in the economy
refers to the act of buying and selling of the factors of production
refers to the act of buying and selling goods and services
30
GDP is used to ...
Compare Economic Health
All of these plus inform montary policy
Determine Economic Growth Rate
Compare Individual Productivity
31
GDP per capita is calculated by GDP/Population
True
False
32
What is a traditional economy?
production and prices are created by the people without gov.t regulation
production and prices are created by the people with gov.t regulation
production and prices are created by the people freely and with regulation
production are driven by time-honored beliefs, customs, cultural beliefs
33
What is a patent?
exclusive right to duplicate,distribute, display,or perform a specific work
word, phrase, symbol, design, or characteristic
exclusive right to use, manufacture,or sell an invention for specific time
confidential information that gives businesses competitive advantages
34
What is a franchise?
They provide a public benefit or further a social cause, is noncommercial
The company allowing a chain location to be open
The person opening another chain location
license provided by a parent company; allows owner to use company's product
35
What is a contract?
A promise to do something
A verbal agreement between two or more parties
legally binding agreement between two or more parties that is written
A piece of paper that means nothing
36
What is a firm?
refers to the act of buying and selling of the factors of production
refers to the act of buying and selling goods and services
represent producers or businesses in the economy
represent consumers in the economy
37
What is inflation?
general increase in the price of goods and services
occur if a country’s money supply is greater than its production of goods
general decrease in the price of goods and services
38
Real GDP compares GDP rates from
different years
five years
six months
same year
39
What is GDP?
General Domestic Price
Gross Domestic Product
General Domestic Product
Gross Domestic Price
40
(X-M) --> in GDP Formula
Net Exports
Exports
Imports
Investment Spending
41
A producer is someone who purchases the products
False
True
42
What is a command economy?
production are driven by time-honored beliefs, customs, cultural beliefs
production and prices are created by the people freely and with regulation
production and prices are created by the people without gov.t regulation
production and prices are created by the people with gov.t regulation
43
What is scarcity?
Something is excess in supply
Something in equilibrium
Something is limited in supply
Inventory
44
What is an example of a human resource?
Teacher
Knowledge
Land
Computer
45
Nominal GDP includes the current price of goods and services. Doesn't account for inflation.
False
True
46
What is final goods or services?
value of total amt of final goods and services by a country in a set time
economic activities that are reported to the government
price at which a good or service can be sold in the marketplace.
final or finished products sold in the marketplace.
47
When does inflation occur?
general decrease in the price of goods and services
general increase in the price of goods and services
if a country’s money supply is greater than its production of goods
48
What is an example of a capital resource that is human capital?
Land
Teacher
Computer
Knowledge
49
What type of economy is the United States?
Traditional
Command
Market
Mixed
50
What is GDP reported as?
final or finished products sold in the marketplace.
economic activities that are reported to the government
price at which a good or service can be sold in the marketplace.
value of total amt of final goods and services by a country in a set time
51
What is a trade secret?
word, phrase, symbol, design, or characteristic
exclusive right to duplicate,distribute, display,or perform a specific work
exclusive right to use, manufacture,or sell an invention for specific time
confidential information that gives businesses competitive advantages
52
What is the labor force?
Everyone in a population who can work; including those not looking
Everyone in population who can hold a job and either has one or is looking
Everyone aged 18 - 65
The entire population of a country
53
Formula for profit is: Total Revenue - Total Costs = Profit
False
True
54
What is a trade-off?
Sacrafice one thing to get another
Opportunity Cost
Getting nothing you want
Getting everything you want
55
What is a partnership?
business that is owned by a single person.
company that is registered by a state
business that is jointly owned and operated by a group of people
business that is owned by two or more individuals
56
I --> in GDP Formula
Consumer Spending
Net Exports
Government Spending
Investment Spending
57
Nominal GDP compares GDP rates from
same year
five years
different years
six months
58
A consumer is someone who purchases the products
False
True
59
What is a household?
represent producers or businesses in the economy
refers to the act of buying and selling of the factors of production
represent consumers in the economy
refers to the act of buying and selling goods and services
60
What does marginal mean?
Sum
Difference
Additional
Average
61
What is the unemployment rate?
Percentage of the labor force that is employed
Percentage of the labor force that is unemployed
Percentage of the population that is unemployed
Percentage of the population that is employed
62
What is a sole proprietorship?
business that is owned by a single person.
company that is registered by a state
business that is owned by two or more individuals
business that is jointly owned and operated by a group of people
63
What is a non-profit?
They provide a public benefit or further a social cause, is noncommercial
license provided by a parent company; allows owner to use company's product
The person opening another chain location
The company allowing a chain location to be open
64
What are the basic economic questions?
What goods and services will be produced?
Who will consume goods and services being produced?
All of these answers
How will these goods and services be produced?
65
What is a cooperative?
company that is registered by a state
business that is owned by two or more individuals
business that is jointly owned and operated by a group of people
business that is owned by a single person.

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