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Economics 1st or 3rd 9wks Exam Review Flashcards | StudBud
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Economics 1st or 3rd 9wks Exam Review
Economics 1st or 3rd 9wks Exam Review
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1
Which country would most likely value entrepreneurship?
Country D
Country C
Country B
Country A
2
A conclusion that can be drawn from the cartoon is the artist's disapproval of the Healthcare Reform Act due to its:
passage without proper approval of Congress
restriction of freedom of economic choice
high cost for those who are already insured
inclusion of people with preexisting conditions
3
One way the role of government has changed over time in the US free enterprise system is its:
Decreased reliance on the goods and services provided by foreign nations
Increased regulation to protect businesses from economic failure
Desire to avoid competition between businesses selling a similar product
Willingness to fund war a with public tax dollars in times of need
4
An opportunity cost of Sharon's decision to study hard to pass her Economics test would be -
Sharon raises her grade in the course
Sharon makes her teacher proud
Time spent chatting with her friends
Receiving an A on the test
5
A good title for the chart would be:
production possibility function
Non-Price determinants of supply
US economic trade-offs
factors of production
6
The theory proposed by Adam Smith would most likely support which type of economy?
command
traditional
mixed
free enterprise
7
It is a popular belief that outsourcing has recently changed the basic characteristics of the US economy because it:
gives job opportunities to people outside the US
limits the number of products available to US citizens
provides the government with more control over the means of production
increases tax rates on American goods shipped to foreign nations
8
Which of the following would be a benefit of renting a home?
personal responsibility for maintenance and repairs
Freedom of home improvements
flexibility in location and movement
building personal equity for the future
9
Which of the following describes the process above?
Filling out income taxes online
Applying for the SAT/ACT
Completing the FAFSA
Writing your college essay
10
A benefit of buying is that:
You do not need to spend any money out of your pocket
You will never need it throughout your life
It provides protection from unexpected events
It takes care of any worries about any financial matters
11
The photographs best identify:
Economic policies intended to promote economic freedoms
Restrictions placed on the use of individual property
Methods for private businesses to earn additional profit
Incentives for local law enforcement to increase economic efficiency
12
What can you infer about college financing based on this table?
You will never pay off your student loan debt if you take one out.
If you can get a co-signer, the Direct Plus loans are the best deal.
Filing out FAFSA is an unnecessary stressor for Seniors
The Direct Subsidized loans is the best loan if you can qualify for it
13
Which of the following could be a demand determinant of cell phones?
Government increases taxes on cellular phone production
Japanese touchscreen factories are destroyed in an earthquake.
A new model of smart phones is released on the market.
Government increases regulations on cell phone manufactures.
14
An appropriate title to the chart would be:
opportunity cost
factors of production
scarcity of resources
macroeconomics
15
Which of the following best describes how a free enterprise society answers the basic economic questions?
Allow the market to set prices for goods and services.
Provide the State with ownership of all means of production.
Exchange goods by means of individual bartering.
Follow customs and traditions in deciding what to produce.
16
What are the consequences of having a poor credit score?
low-interest rates on credit cards
less restrictive terms on loans
lower auto insurance
high-interest rates on credit cards
17
The author's point of view is that the American policy of minimum wage has:
benefited the wealthy at the expense of the poor
been effective at increasing the money supply
expanded gender wage gap
influenced additional policy to solve the issue
18
The main idea of the cartoon is that:
China has the longest history of a communist economic system
Communism originated in the Eastern hemisphere
Citizens of communist nations tend to be dissatisfied with the government
The number of communist countries has decreased over timr
19
Which of the following best completes the sequence?
transport fish to market
return to sea and catch fish
purchase fish to feed family
apply sales tax to fish
20
Delivery trucks, tools, and cell phones are examples of a plumber's -
physical capital
land
labor
entrepreneurship
21
The effects of raising the price of oil by $1.00 is that the --
supply of oil is increased
demand for oil increased
supply of oil falls
demand for oil falls
22
This is required of all drivers in Texas...
Liability insurance
Collision insurance
Uninsured/underinsured Drivers coverage
Gap insurance
23
Which of the following would be an impact of the image?
decreased efficiency
increased staff sizes
decreased capital
increased productivity
24
If each of the following persons had the same amount of take home pay, who would need the greatest amount of insurance?
young married man with no children
young single woman with 2 young children
elderly retired man with a retired wife
Young single woman with no children
25
A business owner should select which price for their good to reach equilibrium?
$9.00
$1.50
$4.50
$3.00
26
Which of the following are economic terms that are synonymous with United States capitalism
II and IV
II and III
I and III
III and IV
27
Your high school diploma adds to which factor of production?
land
human capital (labor)
physical capital
capital expenses
28
Point X on the production possibility curve seen represents:
equilibrium
underutilization
efficiency
overutilization
29
Which would be an accurate conclusion that could be drawn from the image above about a free enterprise system?
All franchises have the same property rights as others
The government limits economic freedoms and choice
Competition leads to increased choices for consumers
Multiple businesses give fewer product options
30
Which of the following events likely occurred between 2014 and 2015?
mortgage loan taken out
applied for college
money transferred to checking account
bankruptcy declared
31
One of the disadvantages of the Federal Student Grant Program is
Your parents must co-sign the loan.
The interest rate is fixed
You will have to pay it back with interest
You must demonstrate financial need to qualify.
32
Which of the following is a conclusion that could be drawn if the price of concert tickets is $20?
excess demand/shortage of tickets
excess supply/surplus of tickets
decrease in the supply of tickets
change in the supply of tickets
33
Which retirement plan would be the best choice for the investment b/c of tax advantages and matching funds?
401K
Mutual Fund
Savings Account
Certificate of Deposit
34
The price of gas has increased and people are moving away from their old gas guzzlers to more fuel efficient cars.
Learning effect
Income effect
Complementary effect
Substitution effect
35
Which of the following is a benefit of the US free enterprise system?
Creating wealth through hard work and good fortune
Paying less income taxes as the salary increases
Eliminating all social and economic welfare programs
Having all needs met by the federal and state governments
36
Which of the following are scholarship scams to watch out for?
paying for college application fees
paying for scholarship searches
paying for graduation expenses
paying for standardized tests
37
If a pizza restaurant sells pizza for $1.50 per slice, what can be concluded about the market?
The company has perfectly sold all pizzas produced without demand for more
More pizzas were made than what met the wants of the people
Sale occurred in order to convince consumers to purchase the rest of pizzas
There has been a shortage in the production of pizzas and demand wasn't met
38
The author is describing the characteristic of a system that was first introduced by:
Friedrich Hayek
John Maynard Keynes
Adam Smith
Karl Marx
39
Why are scarcity and choice basic economics face by every society?
Opportunity cost leads to tradeoffs when bountiful resources exist
Our resources are unlimited, yet your wants and our needs are limited
Scarcity leads to having to make choices which cause opportunity cost.
Unlimited options are a result of unlimited wants and needs in society
40
The opportunity cost of choosing option C is instead of 6 blankets?
1 blanket
4 scarves
0 blankets
8 scarves
41
Which philosopher believed in the invisible hand of competition directing the economy?
Adam Smith
Friedrich Hayek
John Maynard Keynes
Milton Friedman
42
Which of these would be the best title of this list?
how to apply for a real estate mortgage
steps to receive a free credit report
ways to improve one's credit score
suggestion to avoid overdraft checking fees
43
After a storm, you would expect _______________ to pay for this damage.
liability insurance
life insurance
homeowners's insurance
collision insurance
44
An earthquake hit Japan destroying car manufacturing plants, which graph represents the effect production possibilities?
Graph A
Graph D
Graph B
Graph C
45
If quantity supplied is greater than quantity demanded it usually results in:
equilibrium
surplus
higher prices
shortage
