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Econ Semester 1 Review Flashcards | StudBud
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Econ Semester 1 Review
Econ Semester 1 Review
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#wilde #econ #economics #blake #semester #semesterreview
Flashcards
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Questions
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Answers
1
What Economic System has no government involvement?
Traditional
Command
Centrally Planned
Free Market
2
A trade-off demands...
Opportunity Cost
Money
Sacrifice
Credit
3
Similarities between sole proprietorships and partnerships include:
Profits go to the employees
Pay Personal Income Tax
Liability is on employees
Liability is on the owners
4
If the supply of lumber falls because of a forest fire, the supply curve would...
Shift Right
Shift Left
Shift Down
Movement along the supply curve down
5
What is the point in which a supply curve and demand curve are same?
Ceteris Parabus
Equilibrium
Middlepoint
Middleton
6
Socialism is when...
the people control the means of production
central government controls all resources
wealth is evenly distributed
Businesses/Firms control the government
7
What do you need in order to grant you rights to operate a business?
A Patient
A patent
A license
A Franchise
8
What is demand?
Consumer Sovereignty
wanting something
Ability and desire to buy something
Buying Something
9
Which of the following is NOT a characteristic of a Free Market Enterprise/System?
Open Opportunity
Specialization
Profit Motive
Consumer Soverignty
10
The extra payment someone makes when purchasing consumer products
Income Tax
Property Tax
Sin Tax
Sales Tax
11
Which is not a factor of production?
Land
Goods
Capital
Labor
12
Which is an example of a 'means tested' program
Charities
Military
Medicare
Medicaid
13
The Fed is ran by
The Federal Government
Mr. Wilde
Board of Governors
The State
14
Which of the following is NOT a feature of monopolistic competition?
Many Firms
Some Variety of Goods
High Barrier to Entry
Low Barrier To Entry
15
Which is not one of the 3 basic economic questions?
Where to Produce?
What to Produce?
How to Produce?
Who to Produce For?
16
The USD, British Pound Sterling, and the Euro are examples of...
Fake News
Bartering
Fiat Money
Specie
17
Which of the following is an example of a price floor?
Shortage
Surplus
Rent Control
Minimum Wage
18
Which market structure would price be the key factor when competing?
Perfect Competition
Oligopoly
Avocado
Monopoly
19
The amount of a good or service that is available is known as...
Surplus
Supply
Demand
Equilibrium
20
If the demand for a product is high, what would be the amount for supply?
None
Little
High
Low
21
An outward shift in a production possibilities curve means...
Banks loaning more capital
Increase in Credit
Decrease in Stock Value
Increase in an economy's productive resources
22
Movement of a company's operations, or resources of production, to another country is called __
Outcasting
Outsourcing
Offshoring
Offguard
23
What is the opposite of a household?
A Factor Market
Firm
A homeless person living in an abandoned building
A Farm
24
Which is not one of the three main economic systems?
Command
Barter System
Traditional
Free Market
25
Phrase meaning Consumer goods and/or Defense spending
Ceteris Parabus
Cost/Benefit Analysis
Democrat or Republican
Guns or Butter
26
True or False: A
Supply Schedule
shows the relationship between price and quantity demanded.
False
Sometimes
Always
True
27
What does skilled labor demand?
Special Abilities to do a task (specialization)
For you to have swag
Mr. Wilde
Advanced abilities, skills, and education
28
When measured elasticity is equal to 1
Unitary
Elastic
Inelastic
Plastic
29
What are the two types of corporations?
Mine & Yours
Publicly Held & Individually Held
Publicly Held & Closely Held
Closely Held & Individually Held
30
This is an example of globalization
Scarcity
Specialization
Offshoring
Unemployment
31
Which one of the countries has a command economy?
Spain
China
Nigeria
USA
32
To default on a home mortgage, the property would be put into...
Litigation
Witholding
Foreclosure
Auction
33
What is a labor union?
A group of friends
All the CEO's from a type of firm
A group who lobbies for workers
A group of strikers
34
When income increases, normal goods seem to be _______
cheaper
Superior
Inferior
more expensive
35
______ is a market that runs most efficiently when one firm provides all of the output
Franchise
Oligopoly
Perfect Competition
Natural Monopoly
36
Marginal revenue is...
total expenses for producing a good/service
additional income from selling 1more unit of a good/service
total costs divided by quantity produced
additional costs for making 1 more unit of a good/service
37
Moving a particular job within a firm by hiring from another firm is an example of?
Outsourcing
Derived Demand
Guest Workers
Offshoring
38
Who pays royalties?
Franchiser
Stocks
Multinational Corporations
Franchisee
39
What is a fixed cost?
cost that doesn't change based on production
additional income from selling a unit
cost that changes based on production
additional costs of producing one unit
40
What are goods that can be used in place of another?
Inferior Goods
Normal Goods
Complements
Substitutes
41
True or False: Does the demand determine how much supply there is of a product?
Maybe?
IDK
True Dat
False
42
What is an example of a franchise?
Office Depot
Subway
Green Bay Packers
Blake High School
43
A _____ is when less is supplied than is demanded
Inelastic
Elastic
Surplus
Shortage
