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Financial Literacy: Unit 1: Basics of Economics Flashcards | StudBud
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Financial Literacy: Unit 1: Basics of Economics
Financial Literacy: Unit 1: Basics of Economics
20 terms
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A #financialliteracy quiz to practice economic basics.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
If we had played Candy Communism, the bulk of the candy would have gone to:
The middle class
The poor
The wealthy
Ziggy (the person in power)
2
Currency value of goods and services produced within a country's borders divided by population
GDP per capita
GDP
Real GDP
Standard of living
3
Goods and services produced outside the U.S. then brought here to be sold
exports
investments
imports
net exports
4
Which of the following would fit under the heading "Microeconomics"?
How a single consumer decides which product to purchase.
Real GDP
How supply and demand of a single product affect its price.
The Business Cycle
5
Advertisers convincing YOU to buy Listerine because your breath might stink is an example of
expansionary economics
microeconomics
comparative advantage
macroeconomics
6
From 2007-2009, the U.S. economy experienced
inflation
expansion
peak
recession
7
In our in class example, the China had THIS over the U.S. when it came to producing technology
Investment
Cost/Benefit Analysis
Equilibrium
Comparative Advantage
8
Manipulation of govt to create internet monopolies violates principles of this type of economy
mixed
market
command
traditional
9
Each of these is a part of the formula for calculating GDP EXCEPT
net exports
Investment
Consumption
Employment
10
REAL gross domestic product is adjusted to take this into account
unemployment
deflation
inflation
standard of living
11
A resource is considered scarce when its supply is limited or when
it is expensive.
human beings have more than enough of it.
it is used to produce energy.
it could have multiple valuable uses.
12
An opportunity cost for taking a year off of school or work to travel would be
earning a salary.
earning credits toward graduation.
developing professional skills in one's field.
all of these are opportunity costs.
13
The United States has which type of economy?
command
traditional
market
mixed
14
The point at which supply and demand are equal is called this.
deflation
supply curve
equilibrium
demand curve
15
The process of examining the advantages and disadvantages of each alternative is known as
Cost/Benefit Analysis
Opportunity Cost
Comparative Advantage
The Business Cycle
16
The study of economics really boils down to the study of
imports and exports
scarcity and choices
comparative advantage
communism versus capitalism
17
The P.A.C.E.D. Decision-making Model stands for:
Pros And Cons Evenly Distributed
Problem Alternatives Criteria Evaluation Decision
Problem Assumption Contraction Expansion Deflation
Pick A Choice Effeciently, Dummy
18
In this type of economy, the State (or govt) has full control over the means of production.
market
command
mixed
traditional
19
Intangible concept that seeks to represent a country's level of economic prosperity.
Standard of living
net exports
GDP
Consumption
20
Each of the following is associated with a recession EXCEPT
rising unemployment
contraction
trough
rising prices
