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CWP Economics Quiz Flashcards | StudBud
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CWP Economics Quiz
CWP Economics Quiz
18 terms
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StudBud Administration
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91 plays
A Quiz I made for my Current World Problems Class to talk about the economy and Tariffs.
Flashcards
18 cards
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Practice quiz
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Host live
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Questions
18
Answers
1
What are Mr. Mitchell's dog's names?
Tina and Momo
Thor and Mochi
Tony and Mikey
Trig and Monster
2
Which combination typically indicates economic stress?
Low inflation + low wages + high cost of living
Low inflation + high wages + low cost of living
High inflation + high wages + low cost of living
High inflation + low wages + high cost of living
3
What is a potential positive effect of raising minimum wage?
Increased business profits
Reduced inflation
Increased purchasing power for workers
Lower consumer prices
4
When businesses cut corners on service quality, this is called...
Skimpflation
Inflation
Recession
Shrinkflation
5
When companies reduce product size but keep the same price, this is called...
Skimpflation
Cost-push inflation
Shrinkflation
Inflation
6
How do tariffs typically affect consumers?
Higher Prices
More product choices
Lower prices
No effect
7
Who is Joe?
Joe Pantoliano
Joe Mama
Joe Mangiello
Joe Biden
8
A tariff is a tax on imported goods
False
True
9
When prices are rising and the stock market is optimistic, this is called a...
Bear Market
Bull Market
Debt
Tariff
10
What typically causes demand-pull inflation?
Government regulations
Too many buyers chasing too few goods
Rising production costs
Decreased consumer spending
11
During periods of high inflation, which strategy helps businesses cope?
Increasing product sizes
Maintaining fixed prices
Adjusting pricing and inventory management
Lowering quality standards
12
Which term describes a declining market with falling stock prices?
Bear Market
Recession
Bull Market
Surplus
13
When supply exceeds demand, what typically happens to prices?
They multiply
They stay the same
They decrease
They increase
14
What is the primary purpose of tariffs?
Lower consumer prices
Reduce government revenue
Increase imports
Protect domestic industries
15
Why does fiat money have value?
It's made of precious metals
Banks create the value
It's backed by gold
Government decree and public trust
16
The ability to purchase goods and services with available money is called...
Supply & Demand
Purchasing Power
Inflation
Cost of Living
17
Which is an example of shrinkflation?
A cereal box with less cereal but same price
Higher prices due to increased demand
Reduced store hours
Lower quality service at restaurants
18
Which factor does NOT typically affect cost of living?
Local tax rates
Transportation costs
National park locations
Housing prices
