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Economics Test #1 (Review)
True or False? Medicare is income dependent.
What is ambush marketing?
Economics Test #1 (Review)
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Economics Test #1
Flashcards
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Questions
50
Answers
1
What is ambush marketing?
When a sponsor creates a "shocking" advertisement.
When a non-sponsor aligns themselves with a mega event.
When a sponsor activates during a mega-event.
When a company sabotages another company with a virus.
2
True or False? Medicare is income dependent.
True
False
3
Contradiction between the high value of a non-essential item and low value of an essential item
Value Transfer
Value Added
Determination of Value
Paradox of Value
4
Shift of an economy, or part of an economy, from private ownership to government ownership.
Globalization
Nationalization
Secularization
Privatization
5
In a modified free enterprise economy, people are subject to which of the following?
Frequent government intervention and regulation.
Social ownership.
None of the Above.
Some government intervention and regulation.
6
True or False? The European Union is the successor to the European Steal and Coal Community.
False
True
7
True or False? A market economy is an example of a "mixed economy."
False
True
8
What are "factor markets"?
Markets where prices are strictly based on past performance.
Markets where buyers' options are limited.
Markets where productive resources are bought and sold.
Markets where unproductive resources are sold cheaply.
9
The tribe relied on hunting and farming for food. What kind of economic system is this?
mixed economy
free market economy
command economy
traditional economy
10
What is "value"?
Affixed to a good or service.
All of the above.
Has monetary worth.
Determined by the market.
11
Which of the following is true about collectivization?
Forced common ownership of the factors of production.
All of the above.
Was used by the Soviet Union.
Used in Agriculture and Production.
12
Service is work or labor performed for whom?
The "greater good."
someone
society
government
13
Which of the following is NOT an example of capital?
equipment
land
factories
tools
14
There is little or no governmental control in a _________ economy.
free market economy
traditional economy
command economy
mixed economy
15
earnings - expenses = ________.
choice
profit
chance
price
16
Five-year-plans were used by whom to coordinate the development of agriculture and industry?
Soviet Union
China
Soviet Union and China
None of the above
17
True or False? The Great Recession occurred between 2004 and 2006.
False.
True.
18
"Perestroika" was a restructuring of which economy?
Polish
Croatian
Serbian
Soviet
19
"Capital-Intensive" specifically refers to capital in relation to _____.
labor
machinery
entrepreneurship
land
20
"Standard of living" is quality of life based on what?
The age-range of each population segment
Comparison to third world countries
Ownership of necessities and luxuries that make life easier
Income per capita
21
Economic system in which economic activity is the result of ritual, habitat, or custom.
Traditional Economy
Market Economy
Original Economy
Command Economy
22
True or False? The central planning authority in the former Soviet Union was known as Gosplan.
False
True
23
When did the Great Depression occur?
1932-1942
1930-1936
1921-1931
1929-1939
24
The type of economy that a country has is determined by the amount of ____________.
government involvement
judical review
economic interest
circular flow
25
Which of the following is true about a consumer good?
Copper is considered a consumer good.
Intended for final use by consumers.
Intended for final use by businesses.
Food is not considered a consumer good.
26
What needs to be included in a personal budget?
Most known outgoing expenses.
No known outgoing expenses.
All known outgoing expenses.
Some known outgoing expenses.
27
Which of these is NOT true about an economic model?
Simplified version of a complex concept or behavior.
Can be expressed as an equation.
Provides a complete explanation for economic phenomena.
Can be expressed in a figure.
28
Which of the following is NOT an economic system?
public market economy
command economy
free market economy
traditional economy
29
What do economic systems provide for?
People's wants
People's wants and needs
People's needs
People's wants, needs, and demands
30
Which of the following is NOT classified as a need (basic requirement for survival)?
Food
Clothing
Transportation
Shelter
31
In his seminal book, what is Jeffery Sachs' major or overarching goal?
Creating more factories overseas
The growth of technology
The end of poverty
Economic prosperity for the wealthy
32
A production possibilities curve represents some combinations of goods an economy can produce.
False.
True.
33
Measure of amt. of output produced in a specific time period with a given amt. of resources.
Gross Output
Efficiency
Operational Effectiveness
Productivity
34
Increase in a nation's total output of goods and services over time.
Economic Growth
Gross Domestic Product
Economic Efficiency
Gross National Product
35
True or False? Fixed income is income that increases over time.
True.
False.
36
Which of the following is NOT associated with human capital?
opportunity
abilities
motivation
health
37
True or False? Keiretsu is a business model characterized by isolated economic decisions.
False.
True.
38
Which of the answer chocies is not a characteristic of a market economy?
profit
consumer sovereignty
private property
public property
39
Everyone wants a widget and stores are selling out fast. This is an example of ____.
due process
circular flow
consumer sovereignty
opportunity cost
40
Which type of economy does the United States have?
free market economy
command economy
mixed economy
traditional economy
41
Which of the following is true about "profit motive"?
The driving force in improving material well-being.
Encourages improvement of people's material well-being
All of the Above.
Encourages improvement of organizations' material well-being
42
Role of consumer as ruler of the market in determining the types of goods and services produced
Consumer Autonomy
Consumer Sovereignty
Modified Consumerism
Pure Consumerism
43
True or False? Free enterprise is associated with privately owned business.
False
True
44
The former Soviet Union, where people lacked choices, was most like which economy?
mixed economy
command economy
free market economy
traditional economy
45
Certificates that could be used to purchase government-owned property during privatization.
Permit
Token
Voucher
License
46
Scarcity is an economic problem based on unlimited needs and limited wants.
True.
False.
47
A duck was given $9, a spider $36, & a bee $27. How much money would be given to a cat?
$32
$18
$24
$14
48
What is the name of Mr. Blevins' dog?
Solomon Spartacus Medici Blevins
Astro
Old Yeller
Ric Flair
49
Inflation is the rise in the general level of _____?
Supply
Prices
Marginal Utility
Demand
50
What is an example of a non-durable good?
Window cleaner
Sports equipment
Car
Computer
