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ECON Final
Econ can be defined as
Define Scarcity
ECON Final
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1
Define Scarcity
A limited amount of resources compared to prices.
A social science dealing with people's needs and wants.
A fundamental problem in society.
Needs and wants outweigh the amount of resources available.
2
Econ can be defined as
limited wants, unlimited resources
limited wants, limited resources
unlimited wants, unlimited resources
unlimited wants, limited resources
3
Which way does the supply curve face?
Neither
Up and to the right
Both depending on product
Up and to the left
4
If demand INCREASES, the curve will shift
Left
Right
5
the more $ you make the higher the tax rate
Regressive Tax
State Tax
Progressive Tax
Federal Tax
6
Type of expense that never varies from month to month
Variable Expense
Fixed Expense
7
Organization that insures your money at a bank due to the Depression
CCC
AAA
FDIC
ABC
8
When unions represent their employees and negotiate with the admin
Union Shop
Collective Bargaining
Bread and Butter
Closed Shop
9
highly trained, educated, or experienced segments of the workforce
unskilled
semi skilled
skilled laborer
10
Human capital is
The demand, knowledge, and skills possessed by an individual
The skills, knowledge, and experience possessed by and individual
The knowledge, skills, and land possessed by an individual
The skills, knowledge and money possessed by an individual
11
Buying a Franchise will guarantee the success of your business
Yes, you cannot fail with a Franchise
Yes, the Franchisor will help out if you are not doing well
No - if the business is not run well it might not succeed
Yes, the Franchisor will guarantee success
12
what is guns or butter
trade off nations face when choosing to produce more or less
alternate given up as the result of a decision
deciding to use more than one resource
an alternate that we gain when we make a decision
13
What is surplus?
Your goal for your supply
The amount of supplies left over after you met your goal
The amount of supplies you still need to get
The amount of supplies you already have
14
The market demand curve shows
Effect on market supply of a change in the demand for a good or service
Quantity goods that consumers would like to purchase at different prices
Cost of producing and selling different quantities of a good.
15
A price floor is a
A level of income giving a minimal standard of living
Fixed price by the Government at a lower level than the equilibrium
Fixed price by the Government at a higher level than the equilibrium
Price set by the dominate firm in an industry
16
insurance - coverage of your vehicle plus anyone else involved in an accident
co pay
Deductible
Premium
Full Coverage
17
Economists recommend ALWAYS having your savings account = to 12 months of bills
True
False
18
What is inflation?
Prices go DOWN, value of Money goes DOWN
Prices go DOWN, value of Money goes UP
Prices go UP, value of Money goes UP
Prices go UP, value of Money goes DOWN
19
Standard Tax does not vary - a set amount
progressive
SS Tax
regressive
Flat Tax
20
A tax on imports and exports
SS Tax
Tariff
Excise
Life Tax
21
Price ceiling is...
maximum price set by government to prevent prices from going too high
minimum price set by government to prevent prices from going too low
22
why is the stock market called high risk/high reward?
you always make a lot of $
you can lose $ or make $
you are guaranteed success
you are guaranteed failure
23
Command Economy Meaning?
one in which someones central authority
none of the above
one in which someones central authoirty to an item
one in which a central authority decides what goods will be produced
24
What is a Business Franchise?
This one aint it
A business fully dependent on another company
A fully independent business
A semi-independent business reliant on a parent company
25
What is an example of a price floor?
Minimum wage
Cap on gas prices
Rent control
26
What is a subsidy
To Sell to another nation
To Bring into the country
A payment given by government to help a domestic producer
limit on the amount of foreign goods imported to the country
27
Capitalism
An economy controlled by government regulation of production.
A form of government.
The economic system that was used by the Soviet Union.
An economy controlled by private ownership of trade and production.
28
Demand Curve
a graphic representation of a demand schedule
a line on a curve of the demand schedule
29
form of investment that has a specific maturity date and high interest rate
Stocks
Savings
Certificate of Deposit
Bonds
30
A substitute is:
A different type of demand curve
A temporary teacher if your normal one is sick
A type of economy
A good or service that can be used in place of another
31
Insurance Coverage in case of death
Funeral
Life
Renter
Home
32
name of people who purchase stock to own part of a corporation
lender
stakeholder
purchaser
buyer
33
What's an opportunity cost?
When you have a choice to do or buy one thing or another
When you have to buy one thing
PAY DAY!
Paying someone
34
An oligopoly is:
Low barriers to entry, many firms in the market
a few firms control the market, high barriers to entry
one firm controlling a market
The complete opposite of monopol
35
You can invest into a corporation
True
False
36
Elastic
Sensitive
Insensitive
37
Complement goods are
Two goods that are bought in place of one another
two good that are bought and used together
goods that demand decreases when income increases
goods that demand increases when income decreases
38
Members of corporation elect_______.
Board of Directors
A lawyer
Shareholders
Boss
39
insurance - to be paid in addition to your premium at drs office
deductible
co pay
claim
premium
40
A corporation is similar to partnership.
False
True
41
The slope of the demand curve is...
Downward to the left
Downward to the right
Upward to the left
Upward to the right
42
Market Equilibrium is...
consumer demand does not meet producer supply
quantity producer demands is lower than consumer's
producer supply does not meet consumer demand
quantity consumer demands equals quantity producer supplies
43
Whats a monopoly?
When one company controls a whole industry without any competition
The monopoly guy had a monocle.
A command economy
The evil board game
44
What is shortage?
When you are short on supplies
When you are short on money
When you are short on workers
45
Acronym for how much interest you pay in a year
CCC
ABC
APR
FDIC
46
the supply curve on a supply/demand graph is:
horizontal
upward sloping
downward sloping
vertical
47
A corporation has how many owners?
10
who ever owns shares stock
2 or more
one
48
insurance - amount you pay each month
FDIC
claim
premium
deductible
49
Total revenue =
price x quantity
price + quantity
quantity x profit
profit x expense
50
name of approval process for loans to purchase a car or home
AARP
APR
401K
Credit Score
51
What is a Partnership?
A business formed by one person who has people who help them
A legal form of business operation between two or more individuals
52
Inelastic
Insensitive
Sensitive
53
Production Possibilities Curve
a curve
shows alternative ways to use economy's productive resources
a graph that shows the curve
54
Which of these is inelastic?
automobiles
doctor services
videogames
restaurant meals
55
What is Monopolistic Competition?
many buyers and sellers but differentiated goods
many buyers and sellers but identical goods
many sellers and one buyer
many buyers and one seller
