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Economics Super Review
Economics Super Review
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1
The value of the next best alternative that could have been chosen but was not.
marginal utility
economic equity
opportunity cost
distribution of wealth
2
The United States, Canada, and Mexico are members of what trade block?
NAFTA
WTO
ASEAN
EU
3
According to the Law of Supply an increase in the price of goods or services will cause a
decrease in quantity supplied
increase in the quantity supplied
4
A recent college graduate that is looking for their first job is what type of unemployment?
Cyclical
Full-Employment
Structural
Frictional
5
The best example of a regressive tax in the United States which hurts low income earners
sales taxes
income taxes
Federal Income Tax
property taxes
6
This policy refers to taxes and spending by the government to influence the economy
Fiscal Policy
International Trade
Foreign Exchange Rates
Monetary Policy
7
A limit on the amount of imports
tariff
Quota
embargo
standard
8
The Federal Income Tax is an example of which type of tax
Excise
Progressive
Proporational
Regressive
9
The payment for land is
profit
rent
wages
interest
10
What is the basic problem of Economics that all nations face?
too many unskilled laborers
Scarcity
Too much government control
Too little government control
11
The Federal Reserve (which consists of the Board of Governor which sits on the FOMC) conducts....
monetary policy
fiscal policy
supply side economics
trade policies
12
What happens to the nation's money supply when the Federal Reserve sells government bonds
Money Supply decreases
Money Supply increases
13
A point INSIDE the production possibilities frontier/curve illustrates which of the following?
All the above
efficient production
unattainable production
underproduction or inefficient use of resources
14
Land, Labor, Capital, and Entrepreneurs are the four
determinants of demand
determinants of supply
productive resources (aka factors of production)
All of the above
15
Economic equity means
fairness
inefficiency
income inequality
productivity
16
When a person's job skills do not match the economy's needs is what type of unemployment?
full-employment
frictional unemployment
cyclical unemployment
structural unemployment
17
In which market structure does a firm have greatest control over its product's price?
Oligopoly
Perfect Competition
Monopolistic Competion
Monopoly
18
Which of the following is an example of cost-push inflation?
Increase in the Aggregate Supply of goods and services
Government demands more
increase in the cost of a factors or production
Consumers demand more
19
The Federal Reserve System which consists of the Board of Governors and the FOMC
Decreases Government Spending
conducts monetary policy which controls the money supply
Raises Taxes
Increases Government Spending
20
The best example of cyclical unemployment is
between jobs or entering the work force
out of work due to a recession
whose job skills do not match the economy's needs
out of work due to a seasonal downturn in business
21
Which of the following is NOT a basic economic question?
For whom to produce for?
How to produce?
When to produce?
What to produce?
22
An assembly line can increase a factory's productivity because it allows workers to
put in overtime hours on the job
use a wide range of knowledge
diversify their skills
focus on specific tasks
23
If the quantity demanded is greater than the quantity supplied than there is a....
shortage
surplus
24
If exports exceed imports than a country has a....
trade surplus
import deficit
import surplus
trade deficit
25
What happens to price levels and Real GDP when the Aggregate Supply curves shifts to the right?
Price goes down, GDP goes up
Price goes up, GDP goes down
Price and GDP goes up
Price and GDP goes down
26
In which market structure are products identical?
monopoly
monopolistic competition
perfect competition
oligopoly
27
Which of the following is the study of Macro-Economics?
private businesses
individual businesses
individual households
Fiscal Policy
28
A person who forms a business in order to make a profit
Land
Entrepreneur
Wealth
Capital Good
29
The three basic economics questions are answered by the government in this economic system
mixed
market
traditional
command
30
Definition of when a country imports more than it exports
Budget Surplus
Trade Deficit
Trade Surplus
Balance of Trade
31
When one country has the lowest opportunity cost for producing the good or service (reason for why countries trade)
comparative advantage
technological advantage
absolute advantage
None of the above
32
New Technology will
shift the demand curve to the left (decrease demand
shift the demand curve to the right (increase demand)
shift the supply curve to the right (increase supply)
shift the supply curve to the left (decrease supply)
33
What do price ceilings create?
opportunity cost
surpluses
Positive Externality
shortages
34
Which of the following situations would shift the demand curve to the right?
Decrease in population
Technology
increase in the cost for raw materials
Increase in consumer income
35
The social science studying the allocation of scare resources and goods
Law of Demand
Utility
Economics
Law of Supply
36
Which of the following by the Federal Reserve would increase the money supply?
sell bonds
increase the discount rate
decrease the reserve requirement
increase the reserve requirement
37
Movement along the production possibilities curve illustrates which of the following concepts?
law of supply
opportunity cost
law of demand
market clearing price
38
What is the unit of study in Micro-Economics?
individual businesses and households
Monetary Policy
Fiscal Policy
International Trade
39
A increase in the international value of foreign currencies will create
The U.S. will no longer want to be a member of NAFTA
A lower demand for U.S. Exports
A higher demand for U.S. exports
An embargo will be established
40
According to the "Law of Demand" an increase in the price for a good or service will cause
a decrease in the quantity demanded
an increase in quantity demanded
41
Which institution has the highest interest rates on loans and provides loans to people with bad credit?
Payday Lender
Credit Union
Commercial Bank
Consumer Finance Company
42
A corporation MOST often seeks to increase its profit and expand the size of its operations by
joining a monopoly
controlling the money supply
joining an oligopoly
issuing stock
43
Increase in GDP, decrease in unemployment, increase in sales, and increase in inflation
Recession
Depression
Contraction
Expansion
44
Individuals and Businesses answer the three basic economics questions in this economic system
Command
Market
Traditional
Communism
45
When the Federal Reserve lowers the discount rate what happens to Aggregate Demand?
Aggregate demand increases
No change- it effects the Aggregate Supply
Aggregate Demand decreases
The Aggregate Demand curve does not shift
46
A tax on imported goods
Standard
Embargo
Tariff
Quota
47
C+I+G+ F (X-M) is the formula for?
Simple Interest
GDP
Compound Interest
CPI
