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Economics Final Review
Economics Final Review
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Economics Final Exam Review
Flashcards
37 cards
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Practice quiz
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Questions
37
Answers
1
With regard to food and clothing in ppc above, what does Point B represent?
combo that can be had without all the country's resources
combination that can attained technological advance occurs
A combination that can be attained if all resources are used
A combination that's impossible to get in current conditions
2
Unlike China, which of the following economic systems encourages competition?
Command
Combined
Communism
Capitalism
3
Scarcity is a basic economic problem because
governments limit production
people have trouble making choices
resources are limited
opportunity costs limit demand
4
Which type of bank account is not insured by the government?
Savings Account
Mutual Fund
Checking Account
Money Market Fund
5
On a supply&demand graph, supply will decrease and shift to the left when which happens?
when the total cost of inputs decreases
when the number of firms leaving the industry increases
when production taxes decline over a short period of time
when there are fewer government regulations in place
6
Which of the following actions would improve a credit score?
Paying off all debts
Checking credit reports on a regular basis
Keeping credit card balances as high as possible
Consolidating credit card balances
7
Which has:One seller, Complete barriers to market entry, No differentiation between products
Monopolistic competition
Oligopoly
Pure competition
Monopoly
8
Which conditions could explain the shift in the demand curve shown on the graph above?
Eating tomatoes was found to have more health benefits.
Shoppers learned that cans of cooked tomatoes are spoiled.
Surveys found that people are eating more cooked tomatoes.
Farmers harvested a bumper crop of tomatoes.
9
Based on the information in the graph, what is the equilibrium price of pizza?
$3.00
$5.00
$4.00
$2.00
10
When can Point F on the model above be attained?
Requiring workers to concentrate on their work
Introducing new technologies
Using all resources available today
Limiting use of available resources
11
Economic systems that have govt control of the econ decision making process considered to be
efficient
choice based
free market
communist
12
In what way does the event of the headline affect the circular flow model?
Firms and households would incur higher expenditures.
Expenditures for households would decrease,but not for firms
Incomes for households and firms would increase.
Government expenditures and incomes would be offset.
13
The economic significance of the Sixteenth Amendment of the U.S. Constitution is -
Women were allowed to vote, and had to pay poll taxes
Alcohol is illegal so US govt couldnt collect tax on liquor
The US govt was given the authority to collect income taxes
African Americans were now citizens, and could be taxed
14
Which of the following is a basic characteristic of all economic systems?
Incentives
Entrepreneurs
Distribution of goods and services
Price controls
15
One result of competition in a free enterprise system is
steady wages and incomes
lower prices for products
improved safety conditions
fewer consumer choices
16
A first step to beginning a savings program would most likely be to...
obtain credit
open a checking account
sign up for direct deposit
set financial goals
17
One of the financial advantages of donating to charitable causes is that the donation can be...
used to fund investments
taken directly from a pay check
viewed as a capital gain
considered a tax deduction
18
What is one way the U.S. economy can be adversely affected when interest rates are lowered?
Taxes rates may decrease
Prices may inflate
Unemployment may increase
Amount of capital may be decrease
19
Paying rent instead of purchasing tickets to a concert is an example of
opportunity cost
property rights
circular flow model
scarcity
20
Which of the following accurately completes the graphic above?
Functions of money
Types of money
Characteristics of money
Federal Reserve notes
21
NiftyToy Co. has decided to incorporate and sell stock in its corp. What action is accomplish?
Selling stock will raise money to help the corporation grow.
Selling stock will raise expectations for more electric toys
Selling stock will put the corp on the road to bankruptcy
Selling stock will lower consumer interest in the toys.
22
The Occupational Safety and Health Administration (OSHA) is an example of a govt agency that
regulates airlines to provide the safest aerospace system
truth in advertising, prevent obscenity on free television
ensure a safe and healthy workplace for everyone
regulates corp trading to protect investors
23
One of the primary functions of financial institutions in an economy is to —
create investment portfolios for venture capitalists
provide access to capital for people and businesses
offer tax breaks to businesses for investing
prepare taxes for individuals and businesses
24
Which retirement investment options is usually offered as a benefit of employment?
401(k)
Public bond
Mutual fund
College tuition reimbursement
25
Which Scottish economist advised a laissez-faire approach to government?
Adam Smith
Friedrich Hayek
John Maynard Keynes
Milton Friedman
26
Which of the following would most likely cause the shift shown in the graph above?
A new, popular model of cell phone just came on the market.
The cost of parts for cell phones has gone up.
The cell phone company made a large profit this year.
Cellphone salesmen are working overtime to sell their phones
27
Alyssa is planning to open a small tailoring business.Which represents capital needed to start?
Building space
Marketing team
Sewing machines
Dressmakers
28
The economic system in the United States is referred to as free enterprise, free market, or —
command
capitalist
mixed
socialist
29
The basic idea of choice presents which of the problems in economics?
Decisions produce opportunity costs.
Businesses can sell what they want.
Governments can trade with who they want.
People get to buy what they want.
30
Which of the following economic philosophers is an Austrian who wrote "The Road to Serfdom"?
Friedrich Hayek
Milton Friedman
John Maynard Keynes
Adam Smith
31
The economic system in the United States is referred to as free enterprise, free market, or
command
capitalist
socialist
mixed
32
Which of the following best completes the diagram?
Characteristics of Sole Proprietorships
Characteristics of Partnerships
Characteristics of Corporations
Characteristics of Free Enterprise
33
Which investment is considered the most secure in a retirement plan?
Public Bond
Mutual Fund
Junk Bond
Individual Retirement Account
34
Which method does a corporation primarily use to raise capital?
Investments
Sale of products
Donations
Selling shares
35
5th Amendment reinforces the fundamentals of an econ based on principles of free enterprise by
requiring a trial in order for the govt to seize property
promoting ownership of property for business purposes
protecting the rights of individual property owners
prohibiting the government from owning property
36
When David gets a job at the car wash, what is he doing?
selling his goods
selling his resource
buying his goods
buying his resource
37
The most effective way to manage credit card debt is by...
finding a credit card with the lowest interest rate
paying the minimum balance
paying off the balance each month
working a part-time job to pay for credit
