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Unit I: Econ Flashcards | StudBud
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Unit I: Econ
Unit I: Econ
30 terms
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Review game for my Gov / Econ class' Econ unit
Flashcards
30 cards
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Practice quiz
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Host live
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Questions
30
Answers
1
When negotiating a new contract, union members will use this method...
Striking
Arbitration
Collective Bargaining
Fact Finding
2
The institution that oversees the US' monetary policy...
Congress
Department of the Treasury
The Franklin Mint
The Federal Reserve
3
Style of economics w/ government control of the SOME aspects of the economy...
Command economics
Laissze-Faire Capitalism
Marxism
Socialism
4
Federal law that protects workers’ rights to form a union...
The Patriot Act
The Kansas-Nebraska Act
The Blunt Amendment
The Wagner Act
5
Name given to an area where buyers and settlers meet to exchange goods/ services?
A business
A market
A union
A culture
6
The accumulation of multiple deficits over a long period of time...
The National Debt
The National Deficit
The Great Recession
The Spending Freeze
7
Considered the “Father of Modern Economics; author of "The Wealth of Nations"
Karl Marx
Charles Fourier
Adam Smith
David Ricardo
8
The easy-to-read sections of a credit card application w/ card costs?
The “Explanation Box”
The “Schumer Box”
The “Fine Print”
The “Stanley Box”
9
What makes student loans so attractive?
Students don't use many of them
Easy to pay back
First-time college students are a good investment
Low interest rates
10
Who controls the movement of resources and goods in a "free enterprise" economy?
The economy
The government
The market
The individual
11
This tax taxes an individual or family based on how much money they make...
Property tax
Income tax
Estate tax
Sin tax
12
Annual state / national tax on things that a taxpayer owns, like a house or boat
Excise tax
Property tax
Gift Tax
Estate tax
13
The main problem that all economists are trying to address?
What goods or services should be produced?
The issue of natural resources
How will goods and services be produced?
The issue of scarcity
14
Term that describes the amount of goods supplied that is exactly the right amount demanded...
Price Ceiling
Equilibrium
Excess Demand
Excess Supply
15
Which of the following is
NOT
an issue that unions fight for?
Workplace rules / regulations
Better working conditions
Quality of worker materials
“Workplace justice”
16
Economist's methods of determining whatthey “could have” bought...
Opportunity analysis
Budget & revenue review
Opportunity costs
Product analysis
17
Taxes placed on such luxury items aka "sin taxes"
Estate tax
Property tax
Excise tax
Gift tax
18
Which of the following is
NOT
a budget assumption made by the government?
Tax / Spending policies
Population trends
Natural Resources
Economic growth
19
A factor that helps an economist determine where to move a supply curve...
Changes in consumer income
Changes in the price of a “substitute” good
Changes in the price of technology
Consumer taste
20
What group in the Federal Reserve systems serves as the chief "bankers"?
Board of Governors
The Fed Chairman
The Fed Reserve Banks
Open Market Committee
21
Which of the following is
NOT
a feature of “free enterprise” economics?
The right to produce what you want or like
The right to government involvement in an economic setting
The right to choose your economic involvement
The right to maximize profits
22
Who are the economic "risktakers" in a society? (Think Michael Scott...)
Economic leaders
Entrepreneurs
Managers
Positive economists
23
Which of the following is
NOT
good advice when discussing the proper handling of a credit card?
Use when there is no doubt about ability to pay-off
Do not sign the back of cards
Do not give out your account number
Close unused accounts
24
Complete work stoppage by union members...
A suspension
A breakhrough
A strike
A lockout
25
Society’s valuable resources (such as land, labor, capital, etc.)?
Productivity incentives
Economic factors
Natural resources
Factors of Production
26
What country is America’s largest holder of debt?
United Kingdom
China
Japan
France
27
A type of loan w/ a predetermined amount & predetermined payment schedule
An installment loan
A never-ending loan
An equity loan
A revolving loan
28
A sustained rise in all general price areas...
Inflation
Debt
Unfunded Liabilities
Deficites
29
Government tactic used to try and keep prices from going too high...
Price Floor
Price Ceiling
Excess Supply
Equilibrium
30
A credit card issued by a service provider or sponsor, but may not be useable at every store...
A travel / entertainmentcard
A credit cards
A retail card
A bank card
