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ECON Final Exam Review
ECON Final Exam Review
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Thank you Mr. Dewitt
Flashcards
61 cards
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Questions
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Answers
1
The total amount of goods and services in an economy that people are willing to buy?
Real GDP
Aggregate supply
Aggregate demand
GDP
2
What is the "Fed's" main job?
To regulate GDP by increasing or decreasing govt. spending
To set monetary policy
To raise and reduce taxes
To set fiscal policy
3
All a shareholder will loose is his or her value of the stock. What is this called?
Limited liability
Investment
Partnership
Unlimited liability
4
When you give something up for another choice
trade off
marginal cost
opportunity cost
allocate
5
Four parts of the circular flow chart
land, labor, capital and entrepenuership
households, factor market, product market, and business
income, products, resources, and money
stock market, products market, factor market, and public
6
Cost of todays/Cost of previous years x100
CPI
GDP
UR
Nominal GDP
7
When a few larger firms control the market rather than just one?
Oligopoly
Perfect competition
Monopoly
Profit motive
8
The three basic question
Why, when and where
what, how and for whom
WWJD
What, how and when
9
When most things are limited then they are
no longer available
hidden
scarce
recourceful
10
What is anything that buyers and sellers in an economy are willing to accept as payment?
Trade
Barter
Standard of value
Medium of exchange
11
The kinds of decisions made about taxing or spending in order to promote economic growth?
Government
Fiscal policy
Monetary policy
The FOMC
12
A pure market economy exist
false
true
13
Unemployment rate = ?
#of people looking for work/number of people with jobs x100
#of people looking for work/number of people in labor force
Number of people in labor force
#of people in labor force/number of people looking for work
14
Division of labor
different workers do different things
one worker does everything
different workers do the same thing
they just eat and sleep
15
difference between the total amount of money coming into a nation and the total amount leaving
Trade
Balance of payment
Trade surplus
Balance of trade
16
Board of directors hire a ___ to make day to day decisions?
Shareholder
CEO
Sole proprietor
Investor
17
Which person holds more than half of a company?
Sole proprietor
Producer
Entrepreneur
Majority partner
18
Market failure
when a private company benefits from other people's cost
the great depression
when a public place doesn't sell products
when a private company benefits from their costs
19
Share holders are paid annual
salaries
Stock
Dividends
Profit
20
What is a profit motive?
Driving force behind new products
the driving force between new products and services
driving force behind greed
Driving force behind new businesses
21
When the producer is able to sell all its supply and consumers are able to buy the exact amount
All of the above
None of the above
Market clearing price
Equilibrium price
22
What's an efficient amount of the two products
50 soybeans 50 corn
all of the above
75 soybeans 25 corn
25 soybeans 75 corn
23
What's the purpose of a production possibilities curve?
combination of two products is possible with a given amount
to show deficiency in two products
to show the efficiency of two products
24
If a nation imports $1 million worth of goods and exports $3 million worth of goods this is a?
Trade surplus
Balance of trade
Trade deficit
Balance of payment
25
If Rosa starts a taco business then she's showing
capitalism
partnership
sole proprietorship
entrepreneuership
26
Capital investments
spending all your money
sells equipment for a company
productivity and growth
using some of an economies profits to by capital
27
If prices increase but the economy does not grow. This is known as
Recession
Depression
Downturn
Stagflation
28
Single owner who takes all risks and receives all the profits?
Business
Entrepreneurs
Sole proprietor
Producer
29
When you give something equal of value for something of value
scarce
resources
opportunity cost
trade offs
30
What is the difference between balance of imports and balance of exports?
Trade deficit
Balance of payment
Balance of trade
Trade surplus
31
Land is referred as
rent
wages
interest
land
32
Output of products/ Input of resources
efficiency
input
productivity
output
33
marginal cost
additional benefit
market clearing price
additional cost
opportunity cost analysis
34
Marginal benefits
all of the above
additional money
additional benefits
additional cost
35
Supply and Demand
laissez-faire
all of the above
Market
capitalist
36
In a corporation, investors avoid?
Competition
Unlimited liability
Partnerships
Entrepreneurship
37
producers are also known as businesses or?
Businesses
Corporation
Sole proprietors
Firms
38
Price floors lead to
Surpluses
supluses and shortages
market clearing price
shortages
39
What is a recession
When there's an upturn in the economy
When inflation declines
When real GDP declines for 6 months
When inflation increases
40
How long have trusts has been illegal
1883
1997
1880
1890
41
Transfer payment
a service is required in return
investment put into a business
payments you give to the government
no service is required in return
42
A market that's subject only to laws of supply and demand. Also know as price takers?
Oligopoly
Perfect competition
Market structure
Monopoly
43
When the govt has full control
Traditional
Market
Command
Mixed
44
What is the total market value of all goods and services?
CPI
Nominal GDP
Real GDP
GDP
45
What are resources?
all things people use to make goods
person, place, and things
all the things that occur naturally
all things people use to make services
46
The US can produce more sugar and more fertilizer than Nicaragua. The US has an ?
Trade deficit
Trade surplus
Comparative advantage
Absolute advantage
47
A market that has total control over price of good or service. Also known as price maker?
Sole proprietor
Oligopoly
Entrepreneur
Monopoly
48
When people decide not to take a particular job because they are looking for a better job
Structural unemployment
Cyclical unemployment
Seasonal unemployment
Frictional unemployment
49
When people make rational decisions,
they weigh the benefits and the cost
they weigh the costs
they weigh the benefits
none of the above
50
Occurs because of a downturn in the economy?
Season unemployment
Cyclical unemployment
Structural unemployment
Frictional unemployment
51
Public schools, parks, and libraries are
private services
public goods and services
public goods
private goods and services
52
Who is someone who invest in business but has no say in its day to day decisions?
Investor
Minority partner
Majority partner
Silent partner
53
Contracts
IOU
written paper
legal disagreements
legal agreements
54
Alternating periods of growth and recession in an economy
Business cycle
Aggregate supply
Depression
Upturn
55
What are the three key economic indicators?
GDP CPI UR
Real GDP, Nominal GDP, Inflation
Inflation, CPI, cost of living adjustment
UR, Labor force, GDP
56
Who regulates the amount of money available in the economy?
The government
The FOMC and the government
The Fed
Board of governors
57
True or false: entrepreneur is a person who starts a business
false
true
58
To allocate means
to give away
to distribute unequally
to take away
to distribute in a systematic way
59
When an owner is responsible for all a businesses debts is called
Sole proprietor
Limited liability
Liability
Unlimited liability
60
What are the productive resources (factors of production)?
Land,capital, wages, and business
Capital, time, money, bank
Land, labor, capital, and entrepreneurship
Land, labor, capital, and business
61
What's the difference between physical and human capital?
Physical capital means the capital of the united states
Physical capital refers to the tools needed for a business
human capital means humans
human capital refers to all the tools a business need
