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Intro to economics part 2 Flashcards | StudBud
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Intro to economics part 2
Intro to economics part 2
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1
What is the function of Money if you have $50 in your wallet
value of currency
medium of exchange
store of value
measure of money
2
opportunity cost
the cost, including tax, of a chosen item to purchase
a mandatory deduction from your paycheck to pay for direct deposit
the highest valued alternative given up when making a choice
the cost of purchasing a good or service
3
When the amount demanded is equal to the amount supplied it is called
a rarity
market clearing price
a depression
scarcity
4
The circular flow model is a visual illustration of how
business create inferior goods
the government works to keep inflation down
the exchange of resources between businesses and households
the way economies work to maintain prosperity
5
The invisible hand theory was developed by
Adam Smith
Karl Marx
Benjamin Franklin
John Locke
6
If the price of tacos increases
The demand will increase
the demand will decrease
fewer suppliers will provide tacos
The demand will be unchanged
7
when suppliers have more to sell than consumers are willing to buy, the result is
a boycott
an incentive
a surplus
a shortage
8
Which of the following would be an example of a good
a vist to the doctors
finacial advice
a haircut
a pair of scissors
9
Whenever we make a choice there is always
a winner and a loser
satisfaction
an opportunity cost
a profit
10
A place where stocks are bought and sold
stock market
stock portfolio
stock pens
stock clearing house
11
the graph represents
market clearing price
a demand curve
a supply curve
a recession
12
North Korea, China, and Cuba are examples of this type of economy
free market
mixed
command
traditional
13
in an exchange between two people
there is no benefit
both people lose
only one person can gain
both parties believe that they are benefiting
14
money spent to acquire goods or services
investment
debt
expense
loan
15
In an exchange between two people
both people believe that they are benefitting
One persons gain is the loss of the other person
there is no benefit or loss
both people lose
16
putting money into a venture in the hopes of increasing your money is called
risk taking
saving
stealing
gambling
17
transactions keep showing up on your credit cards that you don't remember making. You may be a victim of
consumerism
dementia
compulsive spending
identity theft
18
How might the decrease in the price of hamburgers effect the demand for hamburger buns
no change
demand would go down
demand shifts
demand would go up
19
When the stock market is doing well it is known as a
flea market
wet market
bull market
fish market
20
What is not a basic economic question that all societies must answer
what to produce
why to produce
for whom to produce
How to produce
21
The value of money
increases with the passage of time
can increase or decrease
decreases if you do not spend it right away
remains the same
22
the best way to invest in your own human capital is to
buy a house
skip your econ class
put money in the bank
continue your ediucation or training beyond high school
23
an economic term that refers to the encouragment of people to behave in a certain way
marginal cost
utility
scarcity
incentive
24
a means to increase productivity is
utilize inefficent management systems
utilize improved technology
hire uneducated workers
cut down on machinery down time by decreasing scheduled maintenace
25
Your rent or car payment is this type of expense
insurmountable
variable
infinite
fixed
26
what is the function of money if you pay $6.75 for a number 10 meal at Arby's
medium of exchange
measure of value
measure of money
store of value
27
what does a share of stock represent
a placement on the Dow Jones Industrial Average
a guarantee that a company will make money
the ability of a CEO to run a company
a fractional share of ownership of a company
28
the use of large stones as money lacks what quality
reconizability
stability
portability
durability
29
An economic system where trade and barter are the main form of exchange, and economic decisions are based on customs
command economy
mixed economy
traditional economy
free market economy
30
you and your friends rent an apartment. You purchase renter's insurance. This is an example of
transfer
avoidance
credit risk
acceptance
31
when the stock market slows and is not doing well it is known as a
sloth market
sick market
bear market
tortise market
32
Marquese decides to buy hot dogs for his cookout. He also buys ketchup. What type of good is ketchup to hot dogs
complementary
inferior
condiment
substitute
33
When interest on an account is added back into the orginal account it is called
exploitation
variable interest
compound interest
fixed interest
34
Grandparents like to reflect on how cheap things were in their day; the steady increase in prices over time is called
a total rip off
recession
inflation
the Wal-Mart effect
35
Demand for insulin is considered price inelastic because
it is a complementary good
it is a substitute
it is necessary
it lacks value
36
When buyers want to buy more then sellers are able or willing to supply, it results in
a surplus
a shortage
a competition
a stalemate
37
placing choices in order of importance is called setting
values
goals
priorities
markers
38
entrepreneurs are people who
look for long term employment in established companies to make a living
seek opportunities and avoid risk in hopes of making a profit
seek opportunities in black markets in the hopes of not getting busted
seek opportunites and take risks in hopes of making a profit
39
If the state sales tax is 8%, how much would you have to pay for a $10 purchase
$10.08
$10.80
$18.00
$10.00
40
the ability to buy goods now but to pay later is known as
credit
lay away
illegal
debt
41
the possibility of finacial loss is called
risk
gambling
opportunity cost
poor prior planning
42
One method of being a savvy consumer is to compare price, quality, and quanity of goods. This is know as
quality shopping
sectional shopping
bargan hunting
comparison shopping
43
when you invest in stocks you
make money when you sell your stocks for more than you paid
make money when the value of your stocks increase
make money the more stocks you buy
guarantee that you will have money for your retirement
44
In this type of economy, the government makes all the economic decisions
traditional economy
mixed economy
recessive economy
command economy
45
What provides consumers with information they need to make a choice
stock portfolio
weather
price
production possibilites frontier
46
This is an example of how consumers react to a change in prices
elasticity of supply
elacticity of substitutes
elactisity of demand
elasticity of markets
47
entrepreneurship
creates less demand for new products
promotes economic growth
should be discouraged in a free market economy
is a small factor of the economy
48
What is the Dow Jones Industial Average
a measurment of chemical production at Dow Chemical
a measurement of the grade point aveage of seniors
a measurment of how the American economy is doing
a measurment of electrical production of wind farms
49
There is no such thing as a free lunch (TINSTAAFL) means
The government will provide
There is a cost to everything
Work is for the little people
free is always better
50
What investment is the riskiest
bonds
piggy bank
savings account
stocks
