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NCFE Economics Review Flashcards | StudBud
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NCFE Economics Review
NCFE Economics Review
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Review for the North Carolina Final Exam in Civics and Economics.
Flashcards
30 cards
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Practice quiz
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Host live
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Questions
30
Answers
1
Which statement(s) about credit cards is true? (Can be multiple answers)
Should be paid off every month
Payments should be spread out over time
Deducts cash from your checking account right away
Credit cards are a revolving loans from a bank or store
2
Which of the following can lead to a low credit score?
All of these
Not having utilities in your name
Not having a credit history
Late payments on bills
3
Which of the following is a characteristic of a 'bear' market?
Stock market rising
Rising GDP
High unemployment
High consumer confidence
4
North Carolina is strong in all of the following industries EXCEPT:
Aerospace
Banking
Research and technology
Agriculture
5
If the price of Pepsi rises, demand for Coke _______ because it is a ______________.
falls; complement
rises; substitute
falls; substitute
rises; complement
6
Mixed economies typically feature:
No privately owned companies
"The Invisible Hand" of the market
Some sort of economic safety net
A dictator is in charge
7
This isn't a question. It's a statement.
Change your passwords.
Change your passwords.
Change your passwords.
Change your passwords.
8
Which point in the business cycle is marked by recession?
Contraction
Trough
Peak
Expansion
9
Which of the following is NOT a factor of production?
Entrepreneurship
Stock
Capital
Labor
10
Anti trust laws are designed to stop:
Monopolies
Insider trading
Corporations
Gambling
11
The concept that there are unlimited wants and needs but limited resources:
Circular flow model
Scarcity
Opportunity cost
Equilibrium
12
Corporations raise money for expansion by:
Borrowing from private lenders
Borrowing from the government
Selling parts of their company to foreigners
Selling shares of stock to the public
13
NAFTA and ASEAN are examples of:
Humanitarian Aid Networks
Free trade agreements
International Intelligence Cooperatives
New Deal Programs
14
The illustration helps to show:
Why savings is so important in budgeting
How money circulates between businesses and households
How the economic cycle starts with incomes
Investment is the most important part of economic systems
15
Sales tax is an example of a ____________ tax.
Regressive
Corporate
Progressive
Income
16
Which of the following is NOT a purpose of money?
Predictor of prices
Store of value
Measure of value
Medium of exchange
17
Rent, mortgage, and car payments are examples of:
Opportunity expenses
Fixed expenses
Variable expenses
Marginal expenses
18
Command economies (communism) have characteristics of:
Consumer driven production
Anti-trust legislation
Laissez faire
Government control over the economy
19
The Gross Domestic Product measures:
The annual amount of imports for a country
The value of all goods and services produced in a year
The annual amount of exports from a country
The total amount traded to other countries in a year
20
Stimulating the economy by lowering interest rates and increasing spending is an example of:
Recession
Tight money policy
Depression
Loose money policy
21
Consumerism refers to the movement to:
Expansion of the number of goods available
Educate consumers on their rights and responsibilities
The rise in the desire for material goods
Create more shopping opportunities
22
What is the minimum credit score for receiving the best interest rates?
700
850
800
720
23
If demand is NOT responsive to changes in price, an item is referred to as:
At equalibrium
Inelastic
A substitute
Elastic
24
Which of the following is NOT identified with free market capitalism?
Low level of government involvement
Competition
"The Wealth of Nations"
Karl Marx
25
If I choose choose pizza for dinner, which is most likely to be the opportunity cost?
Getting extra sleep
Choosing tacos for dinner
Going shopping for clothes
Studying for an exam
26
When supply meets demand for a given product, it is said to be at:
A circular flow
A surplus
At equalibrium
A shortage
27
If the government gives subsidies to wheat farmers, the _______ curve for wheat will shift ____
demand; right
demand; left
supply; left
supply; right
28
Monetary policy is controlled by the ______ and impacts _________.
government; spending
Fed; money supply
Fed; spending
government; money supply
29
Which of the following is NOT an advantage of a sole proprietorship?
You keep the profit
Easy to start
Limited liability
You make the decisions
30
Which of the following is a characteristic of a traditional economy?
Modern factories
Competition
Bartering
Central control of banks
