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Review for Finals in Economics SY 23-24 Flashcards | StudBud
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Review for Finals in Economics SY 23-24
Review for Finals in Economics SY 23-24
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Finals in Economics
Flashcards
43 cards
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Questions
43
Answers
1
A situation in which the quantity supplied is greater than the quantity demanded.
equilibrium price
shortage
rationing
surplus
2
Three basic types of economic systems are:
free enterprise, command economy, mixed economy
what to produce, how to produce, who will receive the goods and services
free market, natural resources, labor
individual rights, state rights, mixed rights
3
A situation in which the outcome is not certain, but possible outcome can be estimated.
market
investment
account
risk
4
A cost-benefit analysis is a(n)
comparison between what's sacrificed & gained by an action
equilibrium between a product's supply and its demand
study of factors that influence decisions of buyers& sellers
economy in which the government decides what is made
5
Which system is a combination of the 3 primary economic systems and is the most-used today?
Mixed
Market
Command
Traditional
6
Where have global economy jobs have been moved to
china
south america
Japan
over seas
7
The lowest legal price that can be paid for a good or service.
price ceiling
price floor
price control
price stabilization
8
What makes up the financial system?
Individuals, traders, companies and tax evasion
Individuals, companies, traders, government organisations
politicians and government officials
Investors and borrowers
9
What is a regressive tax?
The poor pay a higher percentage
All males pay
All females pay
The wealthy pay more
10
Taxes on your earnings
property tax
sales tax
excise tax
income tax
11
A rise in the general level of prices--more money needed to pay for food and clothing.
inflation
depreciation
depression
recession
12
Which of the following market structures has identical products?
monopolistic competition
perfect competition
oligopoly
monopoly
13
What do stocks do?
Represents money by a company
Represents part ownership of a company
Represent all investments combined
Represents a share in managing the business
14
A tax-deferred investment and savings plan that acts as personal pension plan for employees.
Bank Account
401(k)
IRAs
SSS
15
Define Economics?
B-Tec Business
Something to do with Money.
A Social Science about scarce resources and how to use them?
A science about resources and materials
16
Market Equilibrium is...
producer supply does not meet consumer demand
quantity consumer demands equals quantity producer supplies
quantity producer demands is lower than consumer's
consumer demand does not meet producer supply
17
A business owned and run by one person.
partnership
sole proprietorship
conglomerate
corporation
18
The absence of spending.
credit
investment
mutual fund
saving
19
The principle that suppliers will normally offer more for sale at high prices.
Law of Diminishing marginal utility
Law and Order
Law of Supply
Law of Demand
20
The desire, ability and willingness to buy a product.
demand
microeconomics
supply
marginal utility
21
Refers to "gifts of nature," or natural resources.
want
land
labor
capital
22
Publish bond ratings to tell if bonds are financially healthy.
Barnes & Nobles
Standard & Poor's and Moody's
US Stocks Exchange
Global Market & Trade
23
The economic crises of the 1930s was also known as...
Jazz Age
Great Depression
Great Recession
Roaring 20s
24
The philosophy that government should not interfere with commerce or trade.
oligopoly
monopoly
economies f scale
laissez-faire or free enterprise
25
Which market structures are highly discouraged in the US?
Perfect Comp and Monopolistic Comp.
Oligopoly and Monopolistic Competition
Oligopoly and Monopoly
Monopolistic Comp. and Monopoly
26
What is this graph showing?
Demand
Supply
market equilibrium
27
What is opportunity costs?
When things are on sale.
What you have to give up to get something else.
There is not enough for everyone.
The demand for goods.
28
What impact did the Labor Unions have on American workers?
Increased in child labor
Allowed the government to own businesses
Increased employment
increased benefits and salaries
29
A market structure with only one seller of a particular product.
oligopoly
perfect competition
monopolistic competition
monopoly
30
An economic system in which a central authority makes most of the economic decisions.
market economy
combined economy
traditional economy
command economy
31
What does savings mean?
an amount of money in the bank that is rarely touched
life preserver
helping someone
a amount of money saved by a person
32
The monetary value of a product as established by supply and demand.
production
rebate
price
ration
33
What is monopoly?
When a single company acheives control of an entire market
A classic board game that nobody finishes
When you keep prices at a certain level
When you're rich
34
Who collects your taxes?
IRS
TurboTax
Government
Joe Biden
35
Alternative choices whenever we make an economic decisions.
strategy
trade-offs
growth
possibilities
36
A general tax levied on most consumer purchases.
tax loopholes
sales tax
individual income tax
sin tax
37
What are the two main types of accounts at banks?
checking and savings
savings and borrowing
checking and balancing
checking and debit
38
In a command economy the...
government decides what goods and services can be made& sold
people decide what can be made & sold
39
Define Progressive Tax
The higher the income the lower the proportional tax rate
A tax that is paid when importing goods
The higher the income the higher the proportional tax rate
As income decreases the proportion of income taxed increases
40
What benefits do taxes provide?
They fund public resources and organizations for people.
They steal from people
They give more money to the rich.
You don't have to pay if you don't wan to.
41
Which is not a type of investment?
Bonds
Saving deposits
Collectibles
Stocks
42
The condition that results from society not having enough resources to produce all things?
Scarcity
Wants
Needs
Ambition
43
We pay taxes on things that we buy
True
False
