ECONOMICS FINAL 2019

Question 1

To desire something and be able to pay for it

Accepted Answer

demand

Question 2

"Great Value" products are also known as

Accepted Answer

Inferior goods

Question 3

Freedom to start businesses, people can make choices but the govt. regulates some things

Accepted Answer

mixed economy

Question 4

Which of these is a fixed cost?

Accepted Answer

rent

Question 5

Purchasing power is most harmed by

Accepted Answer

inflation

Question 6

An excise (sin) tax is a tax on...

Accepted Answer

liquor and tobacco

Question 7

Demand for a good is greater than producers can supply

Accepted Answer

shortage

Question 8

The way the govt. can influence the economy by taxing and spending

Accepted Answer

fiscal policy

Question 9

A flat tax...

Accepted Answer

is the same percentage for all payers

Question 10

Consumers buy more of a good when its price decreases and less when price increases

Accepted Answer

Law of Demand

Question 11

Business or government policies to intended to fix underrepresented groups in certain jobs

Accepted Answer

Affirmative Action

Question 12

When we spend more money than we make

Accepted Answer

deficit

Question 13

Spending decided by the president and congress which is not mandatory

Accepted Answer

discretionary

Question 14

How does an expansionary fiscal policy grow the economy?

Accepted Answer

cuts taxes or increases spending

Question 15

The higher the price the more producers are willing to make

Accepted Answer

Law of Supply

Question 16

All the choices given up to get something

Accepted Answer

trade offs

Question 17

I want an Audi, but buy a Kia

Accepted Answer

substitution

Question 18

Revenue refers to money the government gets from

Accepted Answer

taxes

Question 19

People earn profits based upon supply and demand

Accepted Answer

free enterprise

Question 20

The _______________ index tracks all consumer data to determine and track inflation

Accepted Answer

consumer price

Question 21

Quantity demanded is lesser than quantity supplied

Accepted Answer

surplus

Question 22

Which of these is a variable cost?

Accepted Answer

speeding ticket from Rio's uncle

Question 23

All of the following are true about regressive taxes except

Accepted Answer

they make it easier to escape poverty

Question 24

The more education you have the higher your earnings

Accepted Answer

Learning Effect

Question 25

To send goods out of a country

Accepted Answer

export

Question 26

All of these are characteristics of a good tax except...

Accepted Answer

inequity

Question 27

Federal program that provides medical benefits to low income persons

Accepted Answer

Medicaid

Question 28

An economic system where all parts of the economy are controlled by the state

Accepted Answer

command

Question 29

Guns and Butter refers to

Accepted Answer

government spending decisions- military vs. society

Question 30

The total amount of goods and services produced in one year in a country

Accepted Answer

Gross Domestic Product

Question 31

Someone who starts their own business

Accepted Answer

entrepreneur

Question 32

A line that shows the maximum possible output of a good

Accepted Answer

Production Possibilites Frontier

Question 33

Designer products are also known as

Accepted Answer

Normal goods

Question 34

Land, labor and capital

Accepted Answer

factors of production

Question 35

All of these are needs except

Accepted Answer

mobile phones

Question 36

The next best alternative to a choice you make

Accepted Answer

opportunity cost

Question 37

The factors of production are

Accepted Answer

Land, Labor and Capital

Question 38

A measure of how consumers react to a change in price

Accepted Answer

elasticity of demand

Question 39

All of these are examples of complimentary goods except...

Accepted Answer

Staples and trash bags

Question 40

Human knowledge, skills and experience

Accepted Answer

human capital

ECONOMICS FINAL 2019

Questions 40

ECONOMICS FINAL 2019

Questions 40