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Economics 1 semester semester review Edited 2017 Fal Flashcards | StudBud
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Economics 1 semester semester review Edited 2017 Fal
Economics 1 semester semester review Edited 2017 Fal
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#economics
Flashcards
67 cards
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Questions
67
Answers
1
Tucson Electric Power and Tucson Water are....
government monopolies
oligopolies
technological monopolies
geographic monopolies
2
Which graph shows an increase in equilibrium price and a decrease in quantity?
Graph 4
Graph 3
Graph 2
Graph 1
3
If a firm faces this sort of demand and they want to increase revenue, they should...
advertise more
lower their price
ask Congress for a protective tariff
increase their price
4
If you want to save for your retirement and your company lacks a 401K, you should open a
brokerage account
savings account
Roth IRA
Pension plan
5
Which of the following people is NOT counted in the unemployment rate?
A stay at home parent
employed people
unemployed person looking for work
high school dropout
6
Which good is best described by this demand curve?
reams of notebook paper
new automobiles
washing machines
Caribbean vacations
7
Which product best matches this demand curve?
baby formula
insulin
breath mints
deoderant
8
If consumers think the price of new cars will rise next year, which is true?
supply of new cars will fall
demand for new cars will rise
demand for new cars will fall
the market will remain unchanged
9
A market where firms can start making similar yet not identical products with sme pricing power
oligopoly
perfect competition
monopolistic competition
monopoly
10
Which graph shows the effect on the chicken wing market after NFL viewership is declining?
Graph 4
Graph 3
Graph 2
Graph 1
11
What caused this change to D1 for pencils?
wood got cheaper
pens got cheaper
lead became more expensive
paper becomes cheaper
12
Which of these investments is
LEAST
liquid?
stocks
Roth IRA
bonds
mutual funds
13
Who has the absolute advantage when it comes to producing EVERYTHING?
Dominican Republic
Mexico
Mongolia
USA and China
14
According to the quantity theory of money, if the Federal Reserve triples the money supply..
the price level will fall
the price level will remain constant
the price level will rise
there will be a bear market
15
Which country has a comparative advantage when it comes to producing Broadway musicals?
USA
China
South Africa
Brazil
16
Which of these markets would economists label "perfect competition"?
food at Disneyland
paper clips
domestic automobilies
video games
17
There are 3 large automakers in the USA, Ford, Chrysler and GM. Economists label this market:
an oligopoly
monopolistic competition
perfect competition
a monopoly
18
The good result of this demand for a firm who supplies it is....
the firm has no pricing power
the firm is in an oligopoly
the firm sells movie tickets
the firm has pricing power
19
A person with limited skills in the United States should be most concerned about...
frictional unemployment
seasonal unemployment
cyclical unemployment
structural unemployment
20
Which of the following would increase the demand for oranges?
the unemployment rate doubles
Florida orange growers double production
apples get less expensive
apples get more expensive
21
Which group would be happy about the US $ appreciating against the Mexican Peso?
A Tucson bakery that sells Mexican goods
Ross, Dress for Less
Ford, who sells trucks to wealthy Mexicans
A Tucson resort where 15% of its visitors are from Mexico
22
Which graph shows the effect on the gasoline market after fracking methods continue to improve?
Graph 4
Graph 3
Graph 2
Graph 1
23
Which type of tax, if enacted would remove loopholes and simplify our tax code?
capital gains tax
progressive tax
proportional, "flat tax"
regressive
24
According to the law of supply, as the price of oil decreases, producers will most likely...
cut production and lay off workers
ask the Federal Reserve for assistance
advertise to increase demand
increase production and exploration
25
Besides a page of handwritten notes, what is imperative that you bring on final exam day?
water bottle
bad attitude
holiday presents for your favorite teacher
pencil
26
Which of the following will make sure you have a high credit score as an adult?
pay your electric bill early
all of these answers
pay your phone bill on time
pay back money you borrow from banks
27
If a state experiences a "baby boom", which will happen?
demand for larger houses increases
supply of diapers increases
prices of gasoline will decline
demand for smaller cars increases
28
Which country should have the most low skilled labor?
Mexico GDP per capita $13,000
Germany GDP per capita $46,000
India GDP per capita $1,500
USA GDP per capita $50,000
29
Every year, you must file your taxes with the IRS before... to avoid penalties
April 1
April 15
January 1
December 31
30
Unemployment rate if the country has a labor force of 10 mil & 3 mil are looking for jobs
3%
depends on the discouraged workers
30%
13%
31
After gas prices increased in 2012, Fry's and other grocery stores increased prices because of
the Federal Reserve
Demand Pull theory
Cost Push theory
Congress
32
How does the price of gasoline change?
the president
changes to supply and demand
OPEC
the Illuminati
33
Which organization should you use for riskier businesses like restaurants?
non-profit organization
sole proprietorships
corporations
partnerships
34
Which of the following is NOT an example of price discrimination?
student discounts
gender price differences with car insurance
larger hamburgers have a higher price
senior discounts
35
Price floors are supported by...
suppliers
domestic, unskilled workers
government employees
consumers
36
Which market structure has the least choice and highest prices for consumers?
Federal Reserve
perfect competition
monopoly
oligopoly
37
Which country has a comparative advantage when it comes to producing t shirts?
Japan
El Salvador
USA
Canada
38
Which graph shows the effect a championship team's merchandise after they win the final game?
Graph 1
Graph 2
Graph 4
Graph 3
39
Which business organization experiences double taxation?
partnerships
corporations
sole proprietorships
non-profit organizations
40
If you paid $10 per share and bought 1000 shares, then sold the shares for $20, you....
halved your investment
lost your investment
doubled your investment
bought a mutual fund
41
If a firm experiences demand pull inflation, it should...
lower its prices
supply less
raise its prices
exit the market
42
Consumers should expect the lowest prices and identical products from which market structure?
monopolistic competition
oligopoly
monopoly
perfect competition
43
According to this graph, the best year to buy a house would have been?
2015
2007
2000
1995
44
To combat 12 % inflation, the Federal Reserve should...
lower interest rates
increase interest rates
examine the bond market
do nothing
45
Which group would be happy if the US $ depreciates against the Euro?
Wealthy Americans who like to vacation in France
Fiat, who exports cars from Italy to the US
Belgian chocolate producers who export to the US
Disney, who produces movies and television seen in Europe
46
Price ceilings....
raise prices, raise quality
lower prices, help rich people
raise the roof
lower prices but cause shortages
47
Which of the following would increase the supply of oranges?
apples get more expensive
the unemployment rate doubles
Florida orange growers double production
apples get less expensive
48
Why don't we count used items in the GDP formula?
Economists just doesn't want to
Drug dealers don't write receipts
They were already counted in a previous year
the math is too difficult
49
What caused this change to S1 for potatoes?
substitutes got cheaper
new fertizier
Congress cuts income taxes
record drought in Idaho
50
Which year would be the best year to be frictionally unemployed?
2000
1995
2003
1992
51
The law of demand says that if the price of a good decreases...
quantity demanded will increase
quality will decrease
quantity demanded will decrease
supply will increase
52
During 1993, economists would have expected an increase in...
structural unemployment
cyclical unemployment
frictional unemployment
seasonal unemployment
53
Which will lower your credit score?
having a credit card
paying your phone bill on time
having roommates
paying your cable bill 3 days past its due date
54
If you were born in 2000, how many recessions have you experienced?
1
3
2
0
55
Which of these investments is least risky?
stocks
bonds
real estate
mutual funds
56
After (North American Free Trade Agreement) NAFTA, Mexico and the USA....
have more tariffs
have fewer tariffs
have more cartels
do not trade as much
57
Because the US dollar and Mexican Peso are fiat currencies....
they are only valuable because we think they are
you can trade them for silver at the bank
WE ARE ZIMBABWE!
you can trade them for gold at the bank
58
Who can change the number of US dollars?
Bank of America
The Feds
The Fed
Illuminati
59
What is the opportunity cost of moving production from point C to point A?
300 hot dogs
700 hamburgers
500 hot dogs
500 hamburgers
60
Investors would say this is a...
cyclical times
bull market
recession
bear market
61
Under FDIC, all bank accounts in the US must
call you a loser
give your money to the Federal Reserve
call you a LOOSER
insure your deposits up to $250,000
62
What is the opportunity cost of moving production from point A to point C?
700 hamburgers
300 hot dogs
500 hamburgers
500 hot dogs
63
After this shift to D1..
supply decreases
supply increases
price decreases
price increases
64
If Congress increases the tariff on sugar....
domestic prices of sugar will remain constant
domestic prices of sugar will rise
domestic prices of sugar will fall
65
During a recession, economists observe...
rising inflation only
falling GDP, rising unemployment
rising GDP, rising unemployment
rising GDP, rising CPI
66
Which type of tax, like the sales tax, is a larger burden on the poor?
estate taxes
progressive tax
proportional tax
regressive tax
67
Next time your friend complains they aren't being paid for something....
get a new friend
explain fixed costs
explain to them opportunity cost
explain how boring economics is
