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Economics EOC Review Flashcards | StudBud
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Economics EOC Review
Economics EOC Review
20 terms
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Final review for economics with financial literacy
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Which of the following is an example of human capital?
computers and software in an office
accountants knowledge of finances to do personal taxes
all resources needed to make a good or service
desks and chairs in a classroom
2
Which of the following would be an example of non-price competition?
buy one, get one free sale
summer closeouts
free extended warranty
buy one, get one half off sale
3
Which of the following people would not be counted in a nation's unemployment rate?
Someone unemployed for three years, not looking for work
New college graduate looking for work
Middle-aged manager looking for company with better benefits
Fired employee unable to find new job
4
The law of demand states:
As prices increase, quantity demanded will increase.
As prices increase, quantity supplied will increase.
As prices increase, quantity supplied will decrease.
As prices increase, quantity demanded will decrease.
5
Which of the following is NOT a characteristic of perfect competition.
ability to enter and exit the market freely
many buyers and sellers
knowledgable buyers and sellers
single seller and many buyers
6
Which of the following is NOT a question that results from the problem of scarcity?
What will we produce?
How will we produce it?
Who will get it?
Why will we produce it?
7
A woman with a Ph.D. in molecular biology who is currently working as a cashier is considered?
over employed
underemployed
not too smart
under-qualified
8
A country's gross domestic product includes all but which of the following?
business investments
foreign spending
consumption
government spending
9
Which of the following is NOT true if you buy a share in a corporation?
You could receive dividends for each share you own.
You become part owner of the company.
If the company fails, you're responsible for its liabilities
There is a chance you could lose your investment.
10
Which of the following systems uses money that derives its value from the government?
fiat money
commodity money
representative money
gold-standard system
11
The Consumer Price Index (CPI) is used to measure which of the following?
The changes in price over the course of one year
Cost of living for all U.S. consumers
Cost of living for consumers in urban areas
Cost of living for consumers in rural areas
12
Assume that cellphones and cases are complimentary goods. As demand for cell phones increase...
demand for cases will increase
demand for cases will decrease
demand for cases will not change
demand for cases will only slightly change
13
Which of the following items would have an inelastic demand?
PS4 games
shoes
cell phones
electricity
14
A decrease in demand (or a shift to the left) causes equilibrium prices to....
rise
fluctuate
stay the same
fall
15
How might the government deal with the problem of hyperinflation?
Allow less money into circulation
Print more money
Sell government bonds
Decrease government spending
16
Which of the following is a benefit for a limited liability partnership?
Partners always agree on how to split profits.
Unlimited liability applies to all partners
Partners always agree on business decisions.
Partners make it easier to obtain financing and capital.
17
Homer could eat a donut or work. He decides to eat a donut. Working represents?
marginal benefit
opportunity cost
trade-offs
marginal cost
18
Production costs fall as a company produces more of that item. This is referred to as...
economies of scale
economics
inverse relationship between price and cost
the falling price theory
19
What is a deductible for insurance?
The total amount in damages minus costs covered by victim.
The total amount in damages paid for an accident.
A monthly payment for insurance.
The amount you must pay before receiving coverage.
20
Which of the following statements is true?
There is an inverse relationship between risk and reward.
There is no relationship between risk and reward.
Kanye West is sane.
There is a positive correlation between risk and reward.
