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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
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1
In the context of the Trilemma, President Trump's tariffs are an example of:
Democracy
Nationalism
Hyperglobalization
All of the above
2
When the stock market experiences a period of continued growth in stock prices, it is considered:
A bear market
Quantatative easing
A recession
A bull market
3
Why do some people think Amazon is acting like a monopoly?
Their stock price is high
They refuse to engage in predatory pricing
The continue to increase their market share in many industries.
They sell of their businesses to smaller companies
4
The Federal Reserve is considered a:
Central bank
Credit union
Commerical bank
Hedge fund
5
Progressive taxes are best defined as...
Taxes that require higher income earners to pay less
Taxes that a levied at the federal level
Taxes that require higher income earners to pay more
Taxes that are levied at the state level
6
The main difference between liability & comprehensive insurance is:
There is no differences, it's just a marketing technique
Comprehensive only covers the party that is at fault
Comprehensive covers both parties regardless of who is at fault
Comprehensive only covers the party that is not at fault
7
Specie currency gets its value from....
Legal backing by a government
Human capital
Blockchain technology
Precious metals like gold and silver
8
If you wanted to put your money in a low-risk & low-reward investment, you'd most likely:
Buy stocks
Use a savings account
Use a mutual fund
Buy crypto currency
9
Someone who has a good credit score most likely:
Does not have any debts
Uses the max about of credit on all cards
Has filed for bankruptcy
Has a good payment history
10
According to the 50-30-20 Budget strategy, how much of your income should go to needs like housing and food?
30
50
100
20
11
Which of the following is NOT a common tool used for personal budgets?
Spreadsheet
Phone App
Pen/Paper Notebook
Stock portfolio
12
The Federal Reserve controls:
Federal funds rate (interest rate)
The judicial branch (judicial review)
Fiscal poliy (budgets)
Credit union (consumer lending)
13
What is the foundation of economics?
Scarcity
Tariffs
Free Markets
Human Capital
14
When skilled workers leave their home countries for better job opportunities abroad, the home country experiences...
Brain drain
Outsourcing / Offshoring
Deregulation
A recession
15
Which of the following is NOT one of the 3 basic economic questions?
What currency will be distributed?
What goods/services should be produced?
Who consumes the good/services?
How should good/services be produced?
16
In the context of the Trilemma, the British exit from the European Union is an example of...
Hyperglobalization
All of the above
Democracy
Nationalism
17
In the context of the Trilemma, the World Bank providing loans to distressed countries is an example of...
Hyperglobalization
Democracy
Nationalism
All of the above
18
What branch of government establishes new taxes?
None of the above
Judicial
Executive
Legislative
19
When price goes UP, supply goes.......
CURVED
UP
DOWN
ELASTIC
20
This form is used to document your total earnings for the year:
W4
1090-I
W2
1040EZ
21
When a company opens factories in foreign countries to save money, they are engaging in...
The product market
Outsourcing / Offshoring
Nationalism
Tax evasion
22
When price goes DOWN, demand goes.......
DOWN
ELASTIC
UP
CURVED
23
If you have $3000 a month to cover your expenses and you end up with $400 left over, you have a...
Credit default swap
Default payment
Budget surplus
Budget deficit
24
If McDonald's merged with Wendy's, it would be considered a:
Monopoly
Horizontal merger
Differentiation strategy
Vertical merger
25
Supporters of deregulation believe that removing government regulations will lead to...
Higher taxes
Unionization
More profits for companies
Regulatory burdens
26
What type of card allows you to pay for goods straight from your checking account?
Identification card
Credit card
Business card
Debit card
27
Who controls resources in a "command economy"?
The government
The consumers
The United Nations
The producers
28
Workers use their paychecks earned in the FACTOR market to...
Provide labor in the product market
Purchase goods in the product market
Provide land in the product market
Purchase goods in the factor market
29
The HIGHER the interest rate:
The MORE money in circulation
The LESS monopolies
The MORE stocks being purchased
The LESS money in circulation
30
Grants and scholarships are different than student loans because...
You don't have to pay back student loans
You don't have to pay back grants/scholarships
Grants have interest rates
You can only recieve student loans from the government.
