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Unit 6 Economics Test Review Flashcards | StudBud
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Unit 6 Economics Test Review
Unit 6 Economics Test Review
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Building on Economics Basics
Flashcards
24 cards
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Questions
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Answers
1
Pick two factors that determine if a person is counted in the unemployment rate:
The person is at least 18 years old
The person is looking for a specific type of job
The person is willing and able to work
The person is actively looking for a job
2
Which of these is the source of only federal tax revenue?
Payroll tax
Sales tax
Property tax
Income tax
3
What advantage does using money have over bartering (trading)?
Goods that are traded have little value
You don't have to have a good someone else wants
There is no advantage to using money instead of bartering
There are different types of money that can be exchanged
4
If you have a credit card you make monthly payments on, what kind of credit would it be (2 right answers)?
secured
unsecured
flexible
revolving
5
Public services, such as fire departments...
...are only made available at certain times.
...are unlimited and accessible to all.
...are usually eliminated due to lack of interest.
...can only be used by those who have the means to pay for their services.
6
A non-monetary positive incentive for entrepreneurs could be:
Working overtime to run the business
Assessing the risks of starting a business
Satisfaction of inventing something
Struggling to balance the budget
7
More interest will be earned on your savings account with:
Simple interest
Compound interest
8
How would a fast food company increase productivity?
Longer operating hours
New uniforms for employees
More advertising
State of the art grill
9
When prices of goods and services increase at a high rate, it is called:
Deflation
Inflation
Taxes
Tariffs
10
When productivity increases, what would also increase?
Tariffs
Interest rates
Taxes
Gross domestic product
11
What would be a likely effect on a person's income if he/she has little education or few skills?
They would earn a higher income.
The effect would be little to nothing.
They would earn a lower income.
Their income would fluctuate.
12
Which type of investment are stocks?
Cash
Ownership
Lending
Interest
13
A group of a few companies in the same industry competing for business is called a/an:
Reserve
Oligopoly
Monopoly
Competition committee
14
If the price of a stock falls but an investor thinks it will go up again, what should he do?
Buy the shares
Sell the shares
15
What flows from households to businesses in the circular flow diagram?
Land
Goods
Expenditures
Income
16
True or False: If home sales increase, interest rates for home mortgages will also increase.
True
False
17
If new US government programs begin without a budget to pay for them, what could happen?
Fewer services or higher taxes in the future.
Congress would not accept as many members.
The programs would run smoothly.
People would not take advantage of those programs.
18
Per capita GDP increases when what else increases?
Taxes
Inflation
Productivity
Bank loans
19
A car payment would be an example of what kind of expense?
Interest
Fixed
Variable
Lent out
20
If workers are laid of because of new technology, it is this type of unemployment:
Structural
Formal
Cyclical
Frictional
21
What is gross domestic product (GDP)?
The unemployment level in a country
Measure of wealth in a country
The taxation rate
Value of goods & services produced within domestic borders
22
What is an entrepreneur?
Someone who starts a new hobby
Someone who works for another person
Someone who manages people
Someone who starts their own business
23
You broke your phone and the producer wouldn't replace it. You call your credit card company for help. This is called...
purchase power
protection of purchases
building a credit line
bad luck
24
Identify a function of money (3 correct answers):
Medium of exchange
Unit of account
Unit of output
Store of value
