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ECON Final Exam Review- Part 1 Flashcards | StudBud
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ECON Final Exam Review- Part 1
ECON Final Exam Review- Part 1
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Review guide for Exam
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
The United States economy is a ?
PURE free enterprise
modified private enterprise (MIXED ECON)
traditional system
command economy
2
The Eastern Shore Chamber of Commerce works to ….
earn dividends for members
protect its members from consumer complaints
promote the welfare of its members and community
aid members in negotiating with labor unions
3
GDP stands for?
Great Demand Product
Grand Domain Product
Gross Demand Product
Gross Domestic Product
4
The $ used to buy the tools and equipment for production is known as?
capital goods
wealth
factors of production
financial capital
5
The $ value of ALL final goods/services produced in a country in one year is the ?
GGP
ETA
GNP
GDP
6
Non-Profit Organizations may
pay dividends
pay income taxes
provide goods and services to members
issue stock
7
In a general partnership...
the business continues if one partner dies
partners must pay specific business taxes
partners are liable for the debt they invested
partners draw up legal papers called articles of partnership
8
What does a demand schedule show?
flux in demand that occurred over specific amt of time
the positive relationship between price & quantity demanded
flux in demand forecasted to occur next year
a listing quantity demanded at all prices in market
9
What is TOTAL COST?
fixed costs and overhead
all variable costs
fixed and marginal costs
sum of the fixed and variable costs
10
An advantage of a corporation is that….
owners have direct control over daily management
owners have LIMITED liability for debt
the government does not regulate them
owners pay fewer taxes than owners of other firms
11
All of the following are characteristics of allocation by RATIONING
except
?
lack of fairness
efficiency
diminished incentive for workers
high admin costs
12
Manufactured good
needed to produce other goods
and services are called?
capital goods
GDP
non-durable goods
consumer goods
13
The supply of a product decreases if...
the price of the product increases
the costs of inputs goes down
taxes on the product increase
more producers enter the market
14
Voluntary Exchange means?
no money was exchanged
neither buyer nor seller has made a profit
people freely engage in market transactions
only workers will benefit from the exchange
15
A popular model used to represent OPPORTUNITY COST is?
entrepreurship
paradox of value
factors of production
production possibilities frontier
16
Minimum wage is an example of a federal law that supports?
economic growth
full employment
economic equity
economic efficiency
17
Advertising, fashion trends, and new product introductions serve to
create consumer demand
create consumer needs
increase income effectiveness
minimize the income effect
18
A market economy
limits CHOICES of goods & services
does NOT provide for EVERYONE'S basic needs
offers a HIGH degree of certainty
permits extensive government intervention
19
An economy at its production possibilities frontier is operating at?
with slow economic growth
w/o division of labor
as a free enterprise economy
Full potential
20
In a Market Economy, a HIGH PRICE is a signal for?
producers to supply less and Consumers to buy more
Producers to supply more and Consumers to buy less
Producers to supply less & Consumers to buy less
government to intervene and protect Consumers
