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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
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1
Which of the following is a determinant of demand?
all of the above
price of substitutes
price of complimentary goods
taste and preferences
2
The current national debt is approximately
700 Billion
None of the above - we do not have a national debt
30 Trillion
10 Trillion
3
The calculation of GDP would include
the sale of clothes made in Vietnam
the value of labor associated with household tasks
the sale of a used car
the income of a physician's assistant
4
How would the Fed react if consumer spending is declining, and economic indicators are pointing toward a contraction
raise taxes
lower taxes
decrease the IORB rate
Increase the IORB rate
5
____________________ is in charge of regulating the money supply in the United States
Chairman of the New York Stock Exchange
The President of the United States
The Federal Reserve System
Council of Economic Advisors
6
For the US Federal Government, the fiscal year begins
April 15th
January 1st
October 1st
July 1st
7
What business organization is owned by many people; treated by law as though it were a person?
Oligopoly
Corporation
Sole Proprietorship
General Partnership
8
Which term describes a person who consumes a good or service but does not pay for it?
Free-Rider
Volunteer User
Entrepreneur
Private Consumer
9
If a good is considered to be elastic consumers
have flexibility when buying
there is a decrease in the purchasing power of the dollar
will be no matter what the cost
must stretch their money to afford basic necessities
10
Which phase of the business cycle is represented by the number 4
Expansion
Peak
Trough
Contraction
11
The largest percent of the Federal Government's mandatory expenditures go to
social insurance programs
military
agriculture
education
12
What is an opportunity cost?
The price of an item
The value of all alternatives
What you sacrifice in an exchange to gain something
The value of the next best alternative
13
According to the Law of Demand, when the price of an item increases, the quantity demanded does what?
shifts
decreases
increases
stays at the same level
14
What is Gross Domestic Product (GDP)?
total dollar value of money borrowed over time
total dollar value of all final goods and services produced
total dollar value of all fiscal policy initiatives
total dollar value of the income earned by all Americans
15
The current Chairman of the Federal Reserve Board is
Nancy Pelosi
Janet Yellen
Jerome Powell
Joe Biden
16
Which fiscal policy approach SHOULD be used to respond to rising inflation?
decrease the IORB rate
lower taxes
raise taxes
increase the IORB rate
17
What index measures the change in price of specific group of goods & services used by average households?
Base Year
GDP Price Deflator
Consumer Price Index
Producer Price Index
18
How are scarcity and shortage different?
scarcity is temporary shortages are permanant
scarcity is permanent shortages are temporary
shortages increase prices scarcity decreases prices
scarcity decreases prices shortages increase prices
19
Which of the following is a type of economic system in which the government plays little to no role?
Mixed
Free Market
Command
Traditional
20
Sellers have no control over price in this type of market structure.
Monopolistic Competition
Perfect Competition
Oligopoly
Monopoly
21
Which of the following could cause the shift represented on the graph below
Increase in population
Increase in taxes
Decrease in price
Decrease in price of inputs
22
How is Monetary Policy used to stabilize the business cycle?
aims to influence the cost and availability of credit
expands the money supply
contracts the money supply
all of the above
23
If the price of a product is below its equilibrium price, the result is a
shortage
surplus
price floor
price ceiling
24
Breakfast cereal and soft drink companies work within which market structure?
Oligopoly
Perfect
Monopoly
Monopolistic
