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Economics and Politics Review Flashcards | StudBud
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Economics and Politics Review
Economics and Politics Review
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1
Which statement best describes the role of businesses within the circular flow model?
sell labor to businesses an pay taxes
produce goods and services to sell to consumers
collect taxes from businesses and individuals
pay wages to the government
2
What is the primary objective of the United Nations Sustainable Development Goals (SDGs)?
Advancing world peace
Promoting economic growth
Combating climate change
Eradicating poverty
3
Which of the following is NOT a factor of production?
Labor
Land
Capital
Money
4
Which of these most directly contributes to the problem of economic scarcity?
People must take risks to create and improve technology.
People have to pay taxes to governments for services.
People have unlimited wants for goods and services.
People must earn money to provide for their families.
5
The resources used to make all goods and services are the
production possibilities
factors of production
production trade offs
opportunity cost
6
How many Sustainable Development Goals are there in total?
20
10
17
5
7
Which of the following is the best definition for economics?
the study of economic indicators
the study of how to complicate simple situations with math
how to satisfy unlimited wants with limited resources
how to satisfy limited wants with unlimited resources
8
What does SDG stand for?
Sustainable Development Goals
Special Development Goals
Social Development Goals
Super Development Goals
9
What is the difference between microeconomics and macroeconomics?
Both B and C
Nothing
Micro is the study of economics at the individual level
Macro studies the economy as a whole.
10
Which statement best describes the role of households within the circular flow model?
They collect taxes from businesses and individuals
They produce goods and services to sell to consumers
They pay wages to government
They sell labor to businesses and pay taxes to government
11
The lack of which of the following represents scarcity?
Grapefruit juice because very few people want to buy it
Oil in the world today
Enough workers to work night shift because the pay is low
Orange juice when trucks carrying it are on strike
12
CCCC graduates are a segment of which factor of production?
Profit
Labor
Land
Goods
13
Which economic system is characterised by private ownership of resources and minimal government intervention?
Capitalism
Boulos selling Deer Park rap records
Communism
Socialism
14
What is the term for an increase in the general price level of goods and services?
Inflation
Stagflation
Enflation
Deflation
15
In a pure market economic system, who makes decisions about what to produce?
Individuals
Churches
Tradition
Government
16
Which best completes the list below? Labor, Natural resources/land,Capital, and _______
Entrepreneurship
Demand
Supply
regulation
17
Firm can produce T-shirts or sweatshirts. Opportunity cost of producing T-shirts is measured by
Number of sweatshirts the firm chose not to produce
Variable cost of T-shirt production
Total cost of T-shirt production
Fixed cost of T-shirt production
18
Which statement best describes the role of government within the circular flow model?
collect taxes from individuals and businesses
sell labor to businesses and pay taxes
pay wages to businesses
sell their labor to households
19
In the 5-sector flow model, what does government expenditure include?
All spending by the government
Only spending on infrastructure projects
Only spending on defense and security
Only spending on social welfare programs
20
In which market structure do firms have significant control over the price of their products?
Monopoly
Oligopoly
Monopolistic
Perfect Competition
21
Tim saved $500 to buy a used car. He spent it on a trip and music. What is the opportunity cost
$100
the trip
used car
music downloads
22
Which of the following is NOT a characteristic of capitalism or market systems?
Profit motive
Central planning
Competition
Private Property
23
Which of the following are key economic questions?
All of the above
How to produce?
For whom?
What to produce?
24
In the 5-sector flow model, which sector represents the rest of the world or foreign countries?
External/Overseas Sector
Government Sector
Household sector
Business sector
25
Multiple choice quiz questions on the UN sustainable goals
Gender Equality
Decent Work and Economic Growth
Quality Education
Reducing Plastic Waste
26
Which of the following is not a factor of production?
Land
Capital
Labour
Money
27
Mary studied for Economics. She could have played the piano. Her opportunity cost of studying is
making brownies and playing the piano
playing the piano
making brownies
the amount of time it took to study
28
Who is the funniest teacher at CCCC
West Side Pete
Mr Buolos
Mr Boulos
Mr Boolos
