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Econ Milestone Review Flashcards | StudBud
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Econ Milestone Review
Econ Milestone Review
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A review for the Economics Milestone
Flashcards
31 cards
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Practice quiz
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Questions
31
Answers
1
The balance between unlimited ______ and limited ______ is called scarcity.
services; goods
needs; resources
resources; needs
goods; services
2
Easy money supply policies ______ the money supply and economic growth.
maintain
increase
decrease
3
Which of the following is an example of a command economy?
Japan
Great Britain
North Korea
United States
4
A computer programmer develops a unique piece of software. The software is patented.
This is an example of perfect competition.
This is an example of a monopoly.
This is an example of monopolistic competition.
This is an example of an oligopoly.
5
A town known for severe weather has three storm window companies. Each claims the best windows.
This is an example of an oligopoly.
This is an example of a monopoly.
This is an example of perfect competition.
This is an example of monopolistic competition.
6
Inflation is measured by...
the Consumer Price Index.
the Supply Curve.
the Demand Curve.
the Gross Domestic Product.
7
Which of the following is an example of a market economy?
Great Britain
United States
North Korea
Japan
8
Expansionary policy is used when...
unemployment is high.
when supply is higher than demand.
inflation is high.
demand is higher than supply.
9
Who controls the money supply?
The Federal Reserve.
The government.
The consumers.
The banks.
10
Which of the following are included in GDP?
Government Spending
Consumer spending
Net Exports
Investment Spending
11
Tight money policies _______ the money supply and slow down the economy.
decrease
increase
maintain
12
What will shift the demand curve to the left or right? (More than one answer!)
Income
Change in the price of a substitute good
Price
Number of consumers
13
Contractionary policy is used when...
inflation is high.
unemployment is high.
demand is higher than supply.
supply is higher than demand.
14
Which of the following is NOT a need?
Phone
Water
Shelter
Food
15
A town is known for apple-growing. Prices depend on harvest. Many farmers are moving here.
This is an example of monopolistic competition.
This is an example of a monopoly.
This is an example of an oligopoly.
This is an example of perfect competition.
16
Suzy creates hand-made jewelry. Many other women in town sell jewelry displaying unique styles.
This is an example of oligopoly.
This is an example of perfect competition.
This is an example of a monopoly.
This is an example of monopolistic competition.
17
Madison and Davonee want to open a salon together. Their business is an example of a ....
Non-profit
Sole proprietorship
Partnership
Corporation
18
What will shift the supply curve left or right? (There is more than one answer!)
Expectations
Resource Prices
Taxes
Number of sellers
19
Andrea wants to start a stock broker business on her own. She should try to start a ....
Non-profit
Corporation
Sole proprietorship
Partnership
20
Which of the following ARE criteria for taxes?
Efficiency
Justice
Simplicity
Equity (fairness)
21
The United States is an example of a _________ economy.
Market
Traditional
Command
Mixed
22
Regarding a supply curve, which of the following is true?
When price increases, supply increases.
When demand increases, supply increases.
When demand increases, supply decreases.
When price increases, supply decreases.
23
What is monetary policy?
Government spending
Gross Domestic Product
The rise of prices of goods from one year to the next
Increasing/decreasing money supply to regulate the economy
24
This business type has unlimited life, limited liability, and a board of directors.
Corporation
Non-profit
Partnership
Sole proprietorship
25
A trade deficit occurs when...
a country imports more than it exports.
a country exports more than it imports.
26
A trade surplus occurs when...
a country exports more than it imports.
a country imports more than it exports.
27
Fiscal or monetary? The government buys 100 new jets.
Monetary
Fiscal
28
Which of the following is NOT one of the three basic economic questions?
How to produce?
For whom to produce?
What to produce?
Who are the consumers?
29
Regarding a demand curve, which of the following is true?
As supply increases, demand decreases.
As price increase, demand decreases.
As supply increases, demand increases.
As price increases, demand increases.
30
A point inside the production possibility curve is...
Inefficient.
the max amount of goods that can be produced.
Impossible.
31
Which of the following is NOT a type of tax?
Proportional Tax
Hospital Tax
Regressive Tax
Progressive Tax
