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NCFE Economics Review Flashcards | StudBud
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NCFE Economics Review
NCFE Economics Review
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Review for the North Carolina Final Exam in Civics and Economics.
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Corporations raise money for expansion by:
Selling shares of stock to the public
Selling parts of their company to foreigners
Borrowing from private lenders
Borrowing from the government
2
North Carolina is strong in all of the following industries EXCEPT:
Banking
Aerospace
Research and technology
Agriculture
3
Stimulating the economy by lowering interest rates and increasing spending is an example of:
Loose money policy
Depression
Tight money policy
Recession
4
This isn't a question. It's a statement.
Change your passwords.
Change your passwords.
Change your passwords.
Change your passwords.
5
NAFTA and ASEAN are examples of:
Humanitarian Aid Networks
Free trade agreements
International Intelligence Cooperatives
New Deal Programs
6
Which of the following is NOT a factor of production?
Entrepreneurship
Labor
Capital
Stock
7
Command economies (communism) have characteristics of:
Anti-trust legislation
Government control over the economy
Consumer driven production
Laissez faire
8
The illustration helps to show:
How the economic cycle starts with incomes
How money circulates between businesses and households
Why savings is so important in budgeting
Investment is the most important part of economic systems
9
Which of the following is a characteristic of a traditional economy?
Competition
Central control of banks
Bartering
Modern factories
10
If the price of Pepsi rises, demand for Coke _______ because it is a ______________.
rises; complement
falls; substitute
falls; complement
rises; substitute
11
Which of the following can lead to a low credit score?
Not having utilities in your name
All of these
Not having a credit history
Late payments on bills
12
Rent, mortgage, and car payments are examples of:
Marginal expenses
Fixed expenses
Variable expenses
Opportunity expenses
13
Which of the following is NOT an advantage of a sole proprietorship?
Limited liability
You keep the profit
You make the decisions
Easy to start
14
Monetary policy is controlled by the ______ and impacts _________.
Fed; money supply
government; money supply
Fed; spending
government; spending
15
When supply meets demand for a given product, it is said to be at:
A circular flow
A surplus
At equalibrium
A shortage
16
Which point in the business cycle is marked by recession?
Expansion
Peak
Contraction
Trough
17
If I choose choose pizza for dinner, which is most likely to be the opportunity cost?
Going shopping for clothes
Choosing tacos for dinner
Studying for an exam
Getting extra sleep
18
Anti trust laws are designed to stop:
Insider trading
Gambling
Corporations
Monopolies
19
Which of the following is NOT a purpose of money?
Medium of exchange
Predictor of prices
Store of value
Measure of value
20
What is the minimum credit score for receiving the best interest rates?
800
700
850
720
21
Consumerism refers to the movement to:
Create more shopping opportunities
The rise in the desire for material goods
Educate consumers on their rights and responsibilities
Expansion of the number of goods available
22
Which of the following is a characteristic of a 'bear' market?
Stock market rising
High consumer confidence
High unemployment
Rising GDP
23
If the government gives subsidies to wheat farmers, the _______ curve for wheat will shift ____
supply; left
demand; left
demand; right
supply; right
24
Sales tax is an example of a ____________ tax.
Income
Corporate
Progressive
Regressive
25
Which statement(s) about credit cards is true? (Can be multiple answers)
Credit cards are a revolving loans from a bank or store
Should be paid off every month
Deducts cash from your checking account right away
Payments should be spread out over time
26
If demand is NOT responsive to changes in price, an item is referred to as:
Inelastic
At equalibrium
A substitute
Elastic
27
Mixed economies typically feature:
No privately owned companies
"The Invisible Hand" of the market
A dictator is in charge
Some sort of economic safety net
28
Which of the following is NOT identified with free market capitalism?
Low level of government involvement
Competition
Karl Marx
"The Wealth of Nations"
29
The concept that there are unlimited wants and needs but limited resources:
Opportunity cost
Scarcity
Circular flow model
Equilibrium
30
The Gross Domestic Product measures:
The total amount traded to other countries in a year
The value of all goods and services produced in a year
The annual amount of imports for a country
The annual amount of exports from a country
