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Econ Final Review
Econ Final Review
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Final vocab review for CP Econ
Flashcards
50 cards
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Practice quiz
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Questions
50
Answers
1
Adam Smith was
the father of modern economics
the first economist/ President
the inventor of the 401 (k)
the father of the stock market
2
The Federal Reserve conducts
international policy
fiscal policy
monetary policy
the national bank orchestra
3
Income taxes are
progressive
illegal
regressive
proportional
4
When prices increase, demand for ____ will most likely remain the same
externalities
commodities
necessities
luxuries
5
The strictest form of economic system is a ____ economy
command
traditional
mixed market
free market
6
All of the following are characteristics of a corporation EXCEPT
must be incorporated
have unlimited liability
may sell shares of stock
have a board of directors
7
When demand > supply, a _____ exists
equilibrium
surplus
shortage
laissez- faire
8
The US buys cardboard from China after selling it waste paper. The US ___ cardboard.
recycles
imports
sanctions
exports
9
the 3 basic measures of the economy are
GDP, taxes, and spending
inflation, unemployment, and fiscal policy
population density, interest rates, & inflation
GDP, unemployment, & inflation rates
10
A debit card differs from a credit card in that
credit cards are more exclusive
debit cards build credit
debit cards use money in your checking account
debit cards are safer
11
Ups and downs in the economy are called
cyclical unemployment
the business cycle
the labor force
the recession cycle
12
Which equation below is correct?
CPI + GDP per capita = inflation rate
total revenue = price x quantity
profit= total revenue + total cost
supply + demand = equilibrium
13
Consumers want buy ___, producers want to sell ____.
low, high
high, high
low, low
high, low
14
____ is an example of a price floor
TNSTAAFL
elastic goods
minimum wage
rent control
15
The organization created in 1913 by President Wilson to regulate our currency's value is called
The New York Stock Exchange
The Federal Reserve
The Clayton Anti- Trust Act
The U.S. Treasury
16
When one large firm dominates the market, controlling prices, it is called a(n)
vertical merger
monopoly
horizontal merger
oligopoly
17
The Federal Reserve holds money in the form of deposits where?
gold bricks
Fort Knox
Federal Reserve banks
private banks
18
Inflation causes
increased prices
devalued currency
all of these
decreased purchasing power
19
The economic indicator which measures output is called
unemployment rate
GDP
labor force
inflation
20
Lasting high prices is called
deflation
stale inflation
stagflation
anti- inflation
21
Our country was in this phase of the business cycle in 1929
expansion
contraction/ recession
peak
trough
22
How is inflation measured?
by calculating GDP per capita
by dividing population by price change
by measuring CPI changes
by subtracting unemployment rate from the labor force
23
A good that can be used in place of another is called a
substitute
subsidy
debt
complement
24
All of the following are functions of money EXCEPT a ____.
determinant of value
medium of exchange
measure of value
store of value
25
Things that shift the demand curve include:
taxes, input prices, and expectations
population, price, and tastes
complements, population, and expectations
tastes, substitutes, and subsidies
26
The 4 factors of production are
stock, bonds, investments, GDP
labor, land, entrepreneurship, capital
land capital, business, entrepreneurship
land, labor, capital, stock
27
where supply and demand intersect
is called equilibrium
none of these
is called the market clearing price
both A & B
28
Two goods used together are called
conjoined goods
substitutes
surpluses
complements
29
Machines used in production are called
capital
goods & services
factory inputs
labor capital
30
The Federal Reserve's most important job today is to
manage the nation's money supply
cash checks
advise the President on monetary policy
print dollar bills
31
The graph shown illustrates
production possibilities
None of these
Both production possibilities & opportunity cost
opportunities
32
To be in demand for a good, you must be both _____.
Cautious and informed.
Stingy and sly.
Willing and able to buy.
Wealthy and cheap.
33
All of the following are characteristics of a free market EXCEPT
freedom of work opportunities
all of these are characteristics
freedom of consumption
freedom of enterprise
34
The Law of Demand says that consumers will
buy more at a higher price
buy less at a lower price
not change their buying due to price
buy more at a lower price
35
The economic system with the highest degree of control is called a _____ economy
command economy
traditional economy
market economy
free market
36
When prices increase
quantity demanded increases
depressions begin
quantity demanded decreases
quantity supplied decreases
37
In the graph, a price ceiling is located
above a price of 60 and quantity of 500
below a price of 60 and quantity of 500
below a price of 60 and above a quantity of 500
above a price of 60 and below a quantity of 500
38
The part of the business cycle with high unemployment is
trough
expansion
depression
peak
39
When valuable items such as gold are used as money, it is called
fiat money
commodity money
a fixed exchange rate
near monies
40
Economic growth can be caused by
increased population
increased unemployment
increased taxes
increased prices
41
Currency not based on the value of some other good (like diamonds or gold) is called
fiat money
fixed exchange rate
floating exchange rate
commodity money
42
The ______ insures bank deposits up to $_____
Federal Reserve, $500,000
Federal Reserve, $50
FDIC, $250,000
FDIC, $1 million
43
The total value of all goods and services produced in the country over 1 year is called
GNP
GDP
GDP per capita
none of these
44
Taxes on imported goods are called
import taxes
excise taxes
tariffs
sin taxes
45
The equilibrium P & Q according to the graph are a price of __ & quantity of ___.
600, 50
60, 500
500, 60
P1, Q1
46
The U.S. is generally considered a ____ society due to our economic freedoms.
capitalist
Marxist
communist
socialist
47
Equilibrium in the market is reached when
buyers & sellers agree on a price
supply and demand are opposites
buyers win
sellers cheat
48
Things of value (i.e. cars, homes, jewelry, etc.) are called
accounts
commodities
fiat money
assets
49
If someone is between jobs they are considered
structurally unemployed
cyclically unemployed
frictionally unemployed
seasonally unemployed
50
Demand is
all of these
the consumer side of the economy
what consumers are willing & able to buy
downward sloping on a graph
