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JA econ Final Study Flashcards | StudBud
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JA econ Final Study
JA econ Final Study
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Questions
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Answers
1
Which of the following businesses would be a pure price taker
monopoly
oligopoly
pure competition
cartel
2
Educating your workforce is an investment in
intellectual capital
human capital
land capital
skills capital
3
This is the price at which supply and demand meet
Market clearing price
Equilibrium
Equilibrium price
Market price
4
Give an example of a price ceiling
minimum wage
cost of stamps
rent control
grain subsidies
5
Which of the following is a progressive tax
Tariff
Estate Tax
Sales Tax
Income Tax
6
When might the government put in a price floor
price of apples is too high
cost of televisions is too low
resources are not scarce
minimum wage
7
Which of the following can lead to significantly higher wages
asking for a raise
picking up a second job
job specialization
working harder
8
iphones can be seen as ________ to Samsung Galaxy phones
Identical goods
Complimentary goods
Substitute goods
Opposing goods
9
Which of the following is not a barrier to trade?
Tarriff
Embargo
Imports
Quota
10
Common stockholders have this. Preferred stock does not.
share of profits
vote for board of directors
fancier lettering
share of dividends
11
Which of the following could increase productivity
education
better equipment
more breaks
more raw resources
12
The price of a nations currency against your own is represented as a(n)
Exchange Cost
Transaction Fee
Exchange Rate
Price Range
13
Inflation is caused by
needless spending
an expansion of the money supply
poor use of resources
the mechanics of heavy industry
14
The unemployment rate only includes those who
all who are underemployed
don't have a job and are actively looking for one
don't have a job
don't have a job and are not looking for one
15
What do you get when you combine the yearly federal deficit?
National Surplus
National Debt
Budget Deficit
Budget Surplus
16
This is a government policy that uses programs to help the economy
Fiscal Policy
Monetary policy
17
What is the main factor in figuring out wages
education level
government regulation
supply and demand
charity of the elites
18
What are goods made abroad and sold domestically?
Tariffs
Cars
Exports
Imports
19
Which of the following is not a fiscal use of money
Measure of Value
Store of value
Measure of labor
Medium of exchange
20
This is the most common type of business in the US
sole proprietorship
coop
corporation
monopoly
21
Cartels use _____ to control prices
firearms
collusion
intimidation
hard negotiations
22
One way the government uses monetary policy is by
controling interest rates
changing tax rate
government aide programs
welfare
23
What is one thing a special interest group might lobby congress for
higher tariffs on imports
Higher pay for teachers
lower pollution standards
higher pollution standards
24
Subsidies are an example of
Price Supports
The Invisable Hand
Price Ceilings
Trade Barriers
25
What are public goods
goods available to a consumer but bought by a large group
goods available to public but bought by a single consumer
goods a consumer purchases
goods everyone can use
26
This is the point at which the amount supplied meets the quantity demanded
Equilibrium
Market Clearing Price
Market Price
Equilibrium Price
27
All monopolies are illegal under anti-trust laws
False
True
28
___ occurs on the international level when nations produce large amounts of a few goods
Markets of Scale
Diversification
Specialization
Communism
29
Which of the following has the most elastic demand
insulin
yacht
cold medicine
sports car
30
Inflation is always bad
True
False
31
What do we use to measure economic growth?
GDP
GPA
GOP
GED
32
Which of the following is the best example of pure competition
home depot and lowes
corn farmers
target and walmart
Starbuck and Bigby's
33
Money from the purchase of stocks only goes to the company who sold the stock during the
ISO
IPO
KOOL
everyday trading
34
___ are items made domestically and sold abroad
cars
Tariffs
Imports
Exports
35
What is the amount of cash banks are required to have on hand?
Reserve Ration
Resource Ration
Resource Ratio
Reserve Ratio
36
Economics exists to deal with the issue of
scarcity
money supply
domestic growth
wage levels
37
Which of the following are complimentary goods
staples-stapler
pen-pencil
paper-canvas
pen-chalk
38
When the nations expenditures exceed revenues for a year, you have a
national debt
budget deficit
ballanced budget
budget surplus
39
Bananas fall in price. How will that shift the demand curve for strawberry-banana smoothies
to the left
To the right
40
labor unions fight for all of the following except
management changes
working conditions
benefits
wages
