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Economics Final review Flashcards | StudBud
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Economics Final review
Economics Final review
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Answers
1
How does specialization encourage nations to engage in international trade?
allowing countries to focus on producing items inefficiently
allowing countries to focus on efficient production
allowing countries to produce less than ever
allowing countries to create more trade barriers
2
Because countries are interdependent:
wars and deaths are more common place
currency is unstable
countries do not have to trade for goods and services
changes in one country's economy influences other economies
3
What are the three key economic questions?
Where, when and why goods are produced?
Who will buy goods?
How do consumers get what they want?
What should be produced, how, and for whom?
4
How can a budget help you achieve financial security?
expanding borrowing limits
increasing chance of unexpected expenses
helping choose stocks and bonds
increasing financial awareness
5
Which economic system blends a market system with elements of central planning?
Command
Mixed
Market
Traditional
6
Expansionary fiscal policy is:
increasing the reserve requirement
increasing government spending and decreasing taxes
decreasing the reserve requirement
decreasing government spending and increased taxes
7
Characteristics of a sole proprietor are:
limited control and return a percentage to parent company
two owners and limited liability
greatest share of revenue and sells stocks
entrepreneurial mindset and unlimited liability
8
What are disadvantages of trade?
poor working conditions
low pay
more products
decreased debt
9
Not having enough resources to satisfy every want and need is:
trade off
scarcity
shortage
opportunity cost
10
What is an export?
neither
A good sent to another country
a good brought in from another country
both
11
how do you promote financial stability?
using credit and insurance wisely
buying stocks
starting a business
added debt
12
What type of tax structure is the sales tax?
regressive
proportional
progressive
none of these
13
The temporary situation where demand exceeds supply is:
labor
shortage
scarcity
trade off
14
of all types of unemployment, this is the worst:
frictional
seasonal
cyclical
structural
15
What does the term market structure describe?
structure of the board of directors
profitability of business
ownership structure
the amount of competition in the market
16
What type of structure is the income tax?
proportional
all of these
progressive
regressive
17
What is opportunity cost?
sum total of fixed costs that are part of the business decision
making trade offs
the next best alternative that has to be given up
using factors of production
18
What item has inelastic demand?
medicine
shirts
phone case
hot cheetos
19
What do you call the resources used to produce?
cost benefit
factors of production
PPC
trade offs
20
Why is it important to pay bills on time?
guarantee financial success
avoid paying taxes
lower the standard of living
Promote financial health
21
This is when consumers react to an increase in price by purchasing a lower priced item that is similar.
supply effect
substitution effect
demand effect
income effect
22
What is an import good?
something brought into a country from another country
something sent out to another country
something that is more expensive than something else
something that is a cheap low grade good
23
What are the factors of production?
labor
capital, technology
entrepreneurship
land
24
What are advantages of trade?
reducing poverty
introducing military conflict
introducing child labor and unsafe practices
creating jobs
25
What is the result of greater worker productivity on economic growth?
lower wages
fewer goods and services
less efficient production
more efficient production
26
How are economies changing in recent decades?
moving to more command economy
leaving free markets for command economies
less reliance on technology
moving from central planning to free market
27
What is the total dollar value amount of all final goods and services produced within a nation for a single year?
Annual Percentage Rate APR
Gross Domestic Product GDP
Internal Revenue Service IRS
Consumer Price Index CPI
28
What is the increase in the price that impacts real income?
substitution effect
price alternative
income distribution
income effect
29
What is the result to consumers when interest rates increase?
consumers would spend more money
business could borrow more money
ability to borrow less money
ability to borrow more money
30
Contractionary monetary policy would consist of:
decreasing the reserve requirement
increased government spending
decreased government spending
increasing the reserve requirement
31
What is the total dollar value of final goods?
gpp
IRS
CPI
GDP
32
what do you call an outline of spending?
cost and benefit
credit
budget
opportunity cost
33
How is a society's economic system determined?
none of these
How much GDP they have?
How much IRS they have?
How the three questions are answered?
34
What is law of demand?
price goes up, demand goes down
supply goes up
supply goes down with demand
price goes up demand goes up
35
What are the characteristics of an oligopoly?
one seller with total control of price
many sellers and no barriers to entry
many sellers and no price control
few sellers and high barriers to entry
36
What is an examination of the trade-offs and opportunity costs of decision?
diminishing marginal utility
increasing marginal returns
cost benefit analysis
decision making curve
37
When the GDP drops for 6 months what is happening in the economy?
recession
inflation
trough
expansion
38
Advancements in technology help:
economic growth
lower incomes
economic decline
economic contraction
39
What item has elastic demand?
medicine
water
new shoes
electricity
40
What type of business accounts for the greatest share of revenue?
joint venture
sole proprietor
partnership
corporation
41
What is the law of supply?
price goes down and demand goes up
price goes up demand goes up
price goes up supply goes up
price goes up supply goes down
42
Some causes of inflation are:
high demand
too much money in circulation
low supply
not enough money in circulation
