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Wymore Econ Final Review Flashcards | StudBud
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Wymore Econ Final Review
Wymore Econ Final Review
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Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Which of the following would cause a shift Left in the Aggregate Demand Curve
Government raising spending
Government raising taxes
Government raising regulations
Government raising subsidies
2
When the FED
sells
securities on the open market,
money
…
is pulled out of the economy
is put into the economy
increases in value
decreases in value
3
Which of the following best meets the criteria of a public good?
A restaurant
A textbook
A train ticket
National defense
4
Keynesian policies are designed to primarily affect
Aggregate Supply
Aggregate demand
The money supply
Deregulation
5
What does a balance of trade deficit imply?
Exports Exceeds imports
Investment overseas is less than domestically
Exports are the same as imports
Imports exceed exports
6
What might occur if a legal price floor is placed on a good?
shortage may develop
Surplus may develop
The equilibrium price will take effect
7
Migrant workers who are waiting for harvest time are experiencing
Cyclical unemployed
Technological unemployment
Seasonal unemployment
Vacation
8
A Stable economy has a
growing unemployment rate
growing real GDP
growing inflation rate
falling nominal GDP
9
GDP includes all of the following
EXCEPT
Consumer Goods and services
Financial Transactions
Foreign Transactions
Business investments
10
A low discount rate could be a sign of…
Expansionary monetary policy.
Contractionary monetary policy.
Both
11
The government spending more than it takes in moves the nation more toward:
Deficit
Surplus
12
As money supply increases, interest rates
don't change
increase
decrease
13
The Lorenz curve is used to demonstrate
the degree of income inequality
the severity of a recession
consumer demand and spending
the severity of inflation
14
If the British Pound depreciates
British imports increase
U.S. imports increase
15
Which of the following might be the most effective in fighting high prices?
Increasing Government Spending
Monetary Policy
Fiscal Policy.
Decreasing tax rates
16
Comparative advantage is the ability to produce
with the lowest opportunity cost
most efficiently
17
Which of the following taxes is considered regressive?
Personal Income Tax
Sales Taxes
Corporation income tax
Inheritance taxes
18
Which group decides to raise or lower the money supply
Board of Governors
Federal Reserve Banks
Federal Advisory Council
Federal Open Market Committee
19
Which of the following is NOT associated with Greater economic freedom?
Competitive markets
Free trade
high inflation
Political stability
20
The Sequence for Federal budget approval is
Congress to president
supreme court to congress to president
President to congress back to president
21
The total amount of spending on goods and services within an entire economy is known as:
Amortized Supply
Aggregate Demand
Amortized Demand
Aggregate Supply
22
Tight money is associated with
Contractionary Fiscal Policy
Contractionary Monetary Policy
Contractionary Fiscal Supply Side policy
23
A customs duty is a tax paid on
Exported goods
Imported goods
Interstate commerce
Intrastate shipping
24
If the cost of Fuel goes up what will happen?
Demand-Pull deflation
Demand-Pull inflation
Cost-Push inflation
Cost-Push deflation
25
Children are
most
likely to carry on the economic roles of their parents in a…
Command Economy
Market Economy
Traditional Economy
Mixed economy
26
Which of the following is associated with Fiscal Supply Side Expansionary Policy
Lower income taxes
Lower Regulations
Lower subsidies
Buying Government Securities
27
Which of the following would be included in GDP
You buy a Samsung TV made in Korea
A restaurant buys 30 lobsters
Buying your best friend's car
You buy fuel for your car
28
An Advantage of a command economy is
Lack of government interference
rewards only productive resources
Basic education and healthcare is not available
It can change dramatically in a short time
29
Of the following, the most important function of the Federal Reserve is:
Controlling unemployment.
Printing paper currency.
Setting reserve limits.
Controlling the money supply.
30
In general, the federal income tax in the U.S. is an example of which type of taxes?
Regressive
Progressive
Proportional
