See image for question.

Jim's opportunity cost is everything he gave up at job A

Monetary policy is defined as

decisions of the Federal Reserve system

A good example of the effect of education on income would be that

people w/ college degrees usually earn more money than other

Which would indicate that an economy is in a recovery phase of the business cycle?

increasing inflation, decreasing unemployment, increasingGDP

Which component of the Fed holds the most power in regards to day to day monetary policy?

the Federal Open Market Committee

Julio attends college after high school instead of getting a job. What is his opportunity cost?

wages he could have earned at the job

How does a corporation benefit from selling stock?

they can raise larger amounts of capital

Which group benefits the most when the US dollar depreciates?

citizens from other countries traveling in the US

When dealing with investments, as risk of losing money increases

the rate of return is usually higher

How are equilibrium price and quantity determined in most markets in the US economy?

consumer and producer interaction

In the market seen here, a gov't price of $5 would cause which situation and consequence?

price floor with a surplus of 40 widgets

When the Federal Reserve buys securities on the open market, they are hoping to

expand the money supply and increase GDP

Suppose the EU removes ALL trade barriers. What is MOST LIKELY to happen to the Euro?

Depreciate b/c Europeans will buy goods from other countries

Which group is MOST LIKELY to benefit if the US dollar appreciates against the Yen?

US investors buying Japanese stock

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Economics EOC Review 1

25 termsStudBud Administration3,061 plays

#Economics #EOC #Milestone review tied to the GA #standards: #SSEF1, #SSEF2, #SSEF3, #SSEF4, #SSEF5, #SSEF6 #SSEMI1, #SSEMI2, #SSEMI3, #SSEMI4 #SSEMA1, #SSEMA2, #SSEMA3 #SSEIN1, #SSEIN2, #SSEIN3 #SSEPF1, #SSEPF2, #SSEPF3, #SSEPF4, #SSEPF5, #SSEPF6

Flashcards25 cardsFPractice quizPHost liveL

Questions 25

Answers

1
See image for question.
Jim's opportunity cost is $50,000 he could have anther job
Jim has no opportunity cost b/c the jobs are different
Jim's opportunity cost is everything he is gaining at job B
Jim's opportunity cost is everything he gave up at job A
2
Monetary policy is defined as
buying and selling of currency in foreign exchange markets
decisions of the Federal Reserve system
taxing and spending decisions of the US government
interactions of buyers and sellers in the market
3
A good example of the effect of education on income would be that
people w/ college degrees usually earn more money than other
workers who learn to make high demand products are well paid
job applicants w/ high school diplomas get job interviews
employees who learn to perform high risk jobs are paid more
4
A major advantage corporation offer over sole-proprietorships is
the ability to set prices freely
total control of the company
ease of startup
limited liability
5
The consumer price index is used primarily to measure the
unemployment rate
inflation rate
production possibilities curve
economic growth of a country
6
Which would indicate that an economy is in a recovery phase of the business cycle?
increasing inflation, increasing unemployment, increasingGDP
decreasing inflation, increasing unemployment, decreasingGDP
low inflation, increasing unemployment, decreasing GDP
increasing inflation, decreasing unemployment, increasingGDP
7
Which component of the Fed holds the most power in regards to day to day monetary policy?
Congress and the President
the Federal Open Market Committee
the 12 district banks
the Board of governors
8
If the price of a product falls, which is true regarding demand?
demand increases
quantity demanded increases
demand decreases
quantity demanded decreases
9
If CPI for last 3 months has been 100, 101, 104 what conclusion you can make about the econ?
prices have increased
GDP is improving
unemployment has decreased
the PPC curve has shifted
10
Which economic situation is characterized by unlimited wants exceeding limited resources?
shortage
scarcity
specialization
surplus
11
Julio attends college after high school instead of getting a job. What is his opportunity cost?
his tuition and fees
wages he could have earned at the job
all the things he could have done in that time
the education he gains in college
12
How does a corporation benefit from selling stock?
it gives them limited liability
they can raise larger amounts of capital
they get larger profits
it eliminates the potential for conflict
13
In country A, everyone pays 10% income. This type of tax system is known as
sales
regressive
progressive
proportional
14
Which would cause a production possibilities curve to shift to the left?
a massive disease that wipes out 1/2 of the population
a huge population boom in a country
give up some of one good to produce another
a discovery of new resources
15
Which group benefits the most when the US dollar depreciates?
business in US that must repay $ to banks in other countries
foreign gov'ts that hold US Treasury bonds
citizens from other countries traveling in the US
US citizens traveling in other countries
16
When dealing with investments, as risk of losing money increases
more insurance is needed to protect the investment
more people take that risk
it is more likely the investment is short term
the rate of return is usually higher
17
The EU would be most likely get involved in a trade barrier that occurred in
two Asian countries
Mexico and the United States
two European countries
ECOWAS and South America
18
Which type of tax structure taxes people with higher incomes at higher percentages?
proportional
flat
regressive
progressive
19
How are equilibrium price and quantity determined in most markets in the US economy?
government sets the price
by a point on the production possibilities curve
by the law of demand
consumer and producer interaction
20
In the market seen here, a gov't price of $5 would cause which situation and consequence?
price floor with a surplus of 40 widgets
price ceiling with a shortage of 40 widgets
price floor with a shortage of 20 widgets
price ceiling with a surplus of 20 widgets
21
When the Federal Reserve buys securities on the open market, they are hoping to
reduce amt of money banks are required to hold in reserves
shrink the money supply and discourage inflation
encourage people to save more money
expand the money supply and increase GDP
22
Suppose the EU removes ALL trade barriers. What is MOST LIKELY to happen to the Euro?
Appreciate, b/c Europeans buy goods from other countries
No change b/c trade barriers do not affect exchange rates
Depreciate b/c Europeans will buy goods from other countries
Depreciate because Americans will want more European goods
23
Which group is MOST LIKELY to benefit if the US dollar appreciates against the Yen?
Tourists traveling from Japan to the US
US investors buying Japanese stock
US banks holding Japanese currency
Japanese businesses contracts to buy US goods
24
Which term belongs in the blank circle in the center of the diagram?
goods and services
money
government
resource market
25
Which financial inst. MOST LIKELY to require membership & offer low loan rates to its members?
bank
credit union
retail store
savings and loan

Economics EOC Review 1 Flashcards | StudBud

Economics EOC Review 1

25 termsStudBud Administration3,061 plays

Flashcards25 cardsFPractice quizPHost liveL

Questions 25

Answers

1
See image for question.
Jim's opportunity cost is $50,000 he could have anther job
Jim has no opportunity cost b/c the jobs are different
Jim's opportunity cost is everything he is gaining at job B
Jim's opportunity cost is everything he gave up at job A
2
Monetary policy is defined as
buying and selling of currency in foreign exchange markets
decisions of the Federal Reserve system
taxing and spending decisions of the US government
interactions of buyers and sellers in the market
3
A good example of the effect of education on income would be that
people w/ college degrees usually earn more money than other
workers who learn to make high demand products are well paid
job applicants w/ high school diplomas get job interviews
employees who learn to perform high risk jobs are paid more
4
A major advantage corporation offer over sole-proprietorships is
the ability to set prices freely
total control of the company
ease of startup
limited liability
5
The consumer price index is used primarily to measure the
unemployment rate
inflation rate
production possibilities curve
economic growth of a country
6
Which would indicate that an economy is in a recovery phase of the business cycle?
increasing inflation, increasing unemployment, increasingGDP
decreasing inflation, increasing unemployment, decreasingGDP
low inflation, increasing unemployment, decreasing GDP
increasing inflation, decreasing unemployment, increasingGDP
7
Which component of the Fed holds the most power in regards to day to day monetary policy?
Congress and the President
the Federal Open Market Committee
the 12 district banks
the Board of governors
8
If the price of a product falls, which is true regarding demand?
demand increases
quantity demanded increases
demand decreases
quantity demanded decreases
9
If CPI for last 3 months has been 100, 101, 104 what conclusion you can make about the econ?
prices have increased
GDP is improving
unemployment has decreased
the PPC curve has shifted
10
Which economic situation is characterized by unlimited wants exceeding limited resources?
shortage
scarcity
specialization
surplus
11
Julio attends college after high school instead of getting a job. What is his opportunity cost?
his tuition and fees
wages he could have earned at the job
all the things he could have done in that time
the education he gains in college
12
How does a corporation benefit from selling stock?
it gives them limited liability
they can raise larger amounts of capital
they get larger profits
it eliminates the potential for conflict
13
In country A, everyone pays 10% income. This type of tax system is known as
sales
regressive
progressive
proportional
14
Which would cause a production possibilities curve to shift to the left?
a massive disease that wipes out 1/2 of the population
a huge population boom in a country
give up some of one good to produce another
a discovery of new resources
15
Which group benefits the most when the US dollar depreciates?
business in US that must repay $ to banks in other countries
foreign gov'ts that hold US Treasury bonds
citizens from other countries traveling in the US
US citizens traveling in other countries
16
When dealing with investments, as risk of losing money increases
more insurance is needed to protect the investment
more people take that risk
it is more likely the investment is short term
the rate of return is usually higher
17
The EU would be most likely get involved in a trade barrier that occurred in
two Asian countries
Mexico and the United States
two European countries
ECOWAS and South America
18
Which type of tax structure taxes people with higher incomes at higher percentages?
proportional
flat
regressive
progressive
19
How are equilibrium price and quantity determined in most markets in the US economy?
government sets the price
by a point on the production possibilities curve
by the law of demand
consumer and producer interaction
20
In the market seen here, a gov't price of $5 would cause which situation and consequence?
price floor with a surplus of 40 widgets
price ceiling with a shortage of 40 widgets
price floor with a shortage of 20 widgets
price ceiling with a surplus of 20 widgets
21
When the Federal Reserve buys securities on the open market, they are hoping to
reduce amt of money banks are required to hold in reserves
shrink the money supply and discourage inflation
encourage people to save more money
expand the money supply and increase GDP
22
Suppose the EU removes ALL trade barriers. What is MOST LIKELY to happen to the Euro?
Appreciate, b/c Europeans buy goods from other countries
No change b/c trade barriers do not affect exchange rates
Depreciate b/c Europeans will buy goods from other countries
Depreciate because Americans will want more European goods
23
Which group is MOST LIKELY to benefit if the US dollar appreciates against the Yen?
Tourists traveling from Japan to the US
US investors buying Japanese stock
US banks holding Japanese currency
Japanese businesses contracts to buy US goods
24
Which term belongs in the blank circle in the center of the diagram?
goods and services
money
government
resource market
25
Which financial inst. MOST LIKELY to require membership & offer low loan rates to its members?
bank
credit union
retail store
savings and loan