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Economics Final Review
Economics Final Review
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Economics Final Exam Review
Flashcards
19 cards
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Questions
19
Answers
1
What type of indicator predicts changes in the business cycle months in advance?
Advanced Indicators
Lagging Indicators
Coincident Indicators
Leading Indicators
2
Supply will decrease and shift to the left when which example happens?
when there are fewer government regulations in place
when the number of firms leaving the industry increases
when production taxes decline over a short period of time
when the total cost of inputs decreases
3
The government's control of the economy through taxation and spending is called
Monetary Policy
Deficit Spending
Obamanomics
Fiscal Policy
4
The economic system in the United States is referred to as free enterprise, free market, or
capitalist
socialist
mixed
command
5
One result of competition in a free enterprise system is
lower prices for products
steady wages and incomes
fewer consumer choices
improved safety conditions
6
Which method does a corporation primarily use to raise capital?
Sale of products
Investments
Selling shares/stocks
Donations
7
Expansionary fiscal policy is generally used during which period?
Peak
Expansion
Contraction
Five
8
Which of the following would most likely cause the shift shown in the graph above?
The cost of parts for cell phones has gone up.
The cell phone company made a large profit this year.
Cellphone salesmen are working overtime to sell their phones
A new, popular model of cell phone just came on the market.
9
Which of the following best completes the diagram?
Characteristics of Free Enterprise
Characteristics of Partnerships
Characteristics of Sole Proprietorships
Characteristics of Corporations
10
Scarcity is a basic economic problem because
opportunity costs limit demand
resources are limited
governments limit production
people have trouble making choices
11
Which conditions could explain the shift in the demand curve shown on the graph above?
Shoppers learned that cans of cooked tomatoes are spoiled.
Surveys found that people are eating more cooked tomatoes.
Eating tomatoes was found to have more health benefits.
Farmers harvested more tomatoes than usual
12
Which has: One seller, Complete barriers to market entry, No differentiation between products
Monopoly
Oligopoly
Pure competition
Monopolistic competition
13
Paying rent instead of purchasing tickets to a concert is an example of
scarcity
opportunity cost
circular flow model
property rights
14
Unlike China, which of the following economic systems encourages competition?
Command
Communism
Combined
Capitalism
15
The most effective way to manage credit card debt is by...
working a part-time job to pay for credit
paying the minimum balance
paying off the balance each month
finding a credit card with the lowest interest rate
16
Alyssa is planning to open a small tailoring business.Which represents the capital needed to start?
Sewing machines
Building space
Dressmakers
Marketing team
17
Which of the following actions would improve a credit score?
Checking credit reports on a regular basis
Keeping credit card balances as high as possible
Paying off all debts
Consolidating credit card balances
18
Economic systems that have gov't control of the economic decision making process are considered
communist
traditional
basic
free market
19
What organization controls monetary policy?
The Federal Reserve
The Fedora
The Federal Bureau of Investigation
The National Bank
