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Economics Review 2024 Flashcards | StudBud
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Economics Review 2024
Economics Review 2024
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1
In Economics, a
want
is defined as
luxury or non-essential goods.
essential goods.
goods necessary for survival.
savings in the bank.
2
In comparing stocks and bonds, bonds are
higher risk, lower return
lower risk, higher return
higher risk, higher return
lower risk, lower return
3
What doctrine applied the idea of “survival of the fittest” to the field of economics?
Union Manifest
Social Darwinism
Bolshevism
Gospel of Wealth
4
How did Roosevelt try and deal with the banking crisis?
reorganized of the Supreme Court.
established the Social Security Administration
closed all of the nation's banks
established Tennessee Valley Authority
5
In Economics, what is a
NEED
?
A Big Mac with french fries and an apple pie.
Non-essential goods.
Essential goods: food, water, clothing, shelter.
Luxury items that make our lives better.
6
Which fundamental of economics does the below picture represent?
Entrepreneur
Natural Resources
Human resources
Capital
7
The study of economics that focuses on decisions on a national or global level.
Fiscal Policy
Microeconomics
Civics
Macroeconomics
8
What was Reagan’s economic policies of combining monetarism and supply-side economics?
Carterenomics
Bushenomics
Reaganomics
Fordenomics
9
The theory of laissez-faire economics was used during the late 1800s to....
justify unregulated business growth
achieve equal distribution of income
support Progressive programs
call for more consumer protection
10
What is the Business Cycle?
The alternating periods of expansion
moving while going up
more work of time
moving on to the next
11
This economic systems includes free enterprise with some government control.
Command
Traditional
Market
Mixed
12
____ occurs when different countries become connected through culture, economics, and politics.
globalization
productivity
urbanization
corporation
13
Money from taxes is used to pay for services that are provided by the government.
False
True
14
Which oversees economics and health related to farming, ranching, and other resources.
CDC and NIH
Department of Agriculture
Department of Health and Human Services
All of the above
15
Economics is the study of
People controlling money in an economy
Government deciding what to produce
People allocating limited resources to satisfy unlimited wants
Consumers deciding what to buy
16
This cohort has had a huge influence on American culture, politics, and economics.
generation Z
baby busts
generation X
baby boomers
17
Early Northern colonial Anglo-American economics in the colonial period was based on...
Shipping/Trade
Fishing
Industrial Production
Agriculture
18
What business cycle phase has business failures?
Depression
Prosperity
Recovery
Recession
19
A barter system of economics can be defined as:
selling your car
the buying and selling of goods and services
buying veggies at the farmer's market
people trade goods or services for what they need
20
In economics, rivalry among producers to sell products to consumers is known as...
Condition
Competence
Competition
Contention
21
Which group uses supply and demand?
Labor Unions
Communism
Basic Capitalism
Socialism
22
11th Grade Economics: What is meant by a "Bull Market"
The market prices are rising
The market prices are fake
The market prices remain constant
The market prices are falling
23
A textbook definition of "economics" is the study of scarcity and choice
False
True
24
Strictly speaking, the social-science of
Economics and Commerce
is about
building a good resumé.
contact with the law.
consumer choice.
leaving home.
25
Which department promotes international trade?
State
Treasury
Interior
Commerce
26
In Economics, a
good
is
a measure of inflation.
an intangible item such as medical services.
a measure of the standard of living.
a tangible item that you can hold, touch or carry.
27
Which fundamental of economics does the below picture represent?
Natural Resource
Human Resource
Entrepreneur
Capital
28
When is the last day you can send in federal income tax forms?
April 16
April 15
June 5
May 15
29
This rebellion over high taxes proved the Articles of Confederation were weak
Shays' Rebellion
Whiskey Rebellion
Browns' Rebellion
Bacon's Rebellion
30
The study of economics that focuses on individual decisions.
Macroeconomics
Microeconomics
Civics
Monetary Policy
31
Define Supply and Demand
The quantity of goods available and the desire for those goods
The cost of production
The amount of money in circulation
A marketing strategy
32
Examples of free enterprise economies
USA, Great Britain, Japan
Malaysia, Myanmar
Nicaragua, Cuba
33
How does inflation impact the money in your savings account?
Inflation increases the value of the money in your account
Inflation has no impact on $ in your savings account.
Inflation decreases only the $ you earn in interest
The purchasing power of your money decreases over time
34
A production possibility curve demonstrates what economics idea?
shortage
everything is a tradeoff
scarcity
underutilization
35
A characteristic of Free Enterprise is.....
Many people work in government jobs
Most people work for government owned industries
Restriction of major-owned industries
Consumers have a wide choice of goods and services
36
Why should we study Economics?
to describe our standard of living
to become better decision makers
to help us get to sleep
to increase consumption of consumer goods
37
In what movie did Ben Stein play a dorky Economics teacher?
Ferris Bueller's Day Off
Sixteen Candles
Pretty in Pink
Say Anything
38
An entrepreneur must also understand economics, finance, marketing and management concepts.
Math Skills
Basic Business Skills
Communications Skills
Problem Solving Skills
39
Describe Supply and Demand
Move In the same direction, supply goes up demand goes up
Do not affect each other
None of these
Move In opposite directions, supply goes up demand goes down
40
Which are the three basic questions of economics?
where will these good be produced
how will these goods and services be produced
what goods and services will be produced
who should share the goods and services that are produced
41
True/False: Investing in a diversified portfolio of stocks guarantees you will not lose money.
True
False
42
What best describes the 2008 Banking Crisis?
the worst economic disaster since the Great Depression of 1929
the worst economic oil disaster in the history of the United States
the best economic boom in United States
43
Congress shall have power to lay and collect taxes on incomes
16th
18th
15th
17th
44
How can you make money on stocks?
Interest
Dividends
Holding the stock at least 3 years
A capital gain
45
Wrote the "Wealth of Nations"; father of modern capitalistic economics; laissez-faire.
Adam Levine
Montesquieu
Adam Smith
Thomas Hobbes
46
What is the fundamental problem problem of economics?
Supply
Capital
Scarcity
Value
