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