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Economics Unit 4 Flashcards | StudBud
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Economics Unit 4
Economics Unit 4
33 terms
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#oney, #macroeconomics
Flashcards
33 cards
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Practice quiz
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Questions
33
Answers
1
Ms. Amy buys ketchup for the Fast Food Friday- what kind of good is that?
Initial
Intermediate
Final
Quality
2
When the city pool, closes for the fall, what kind of unemployment?
Frictional
Cyclical
Seasonal
Structural
3
Ms. Oney buys all the seniors cars as a graduation present- what kind of good is that?
Final
Intermediate
AWESOME!
Initial
4
Purchasing a prom dress from eBay, what kind of good is it?
Commodity substitution effect
New good
Outlet substitution effect
Quality change effect
5
In the circular flow model, government sends what to households?
Resources
Taxes
Expenditures
Goods and services
6
What is a tariff?
Blockade of goods from entering the country
Limitation of goods into a country
Political manipulation of the economy
Tax on imported goods
7
In the circular flow model, what does the resource market send to the government?
Goods & Services
Income
Resources
Expenditures
8
You purchase a new iphoneX from the Apple store, what kind of good is it?
Quality
Final
Inital
Intermediate
9
Why does the US have a quota on beef?
Because only cows can grow in America
Because of mad cow disease
Protect US businesses from exported products
Because Trump wants to go towards a vegan diet in the US
10
During the 2008 recession, private jet company laid off workers, what kind of unemployment?
Seasonal
Structural
Cyclical
Fictional
11
What is NOT factored into the computation of GDP?
Investments
Expenditures
Overseas investment profits
Exports
12
What is an example of a good that might NOT be subject to a sin tax?
Parks
Alcohol
Candy
Tobacco
13
If you quit your job, it's what kind of unemployment?
Cyclical
Seasonal
Frictional
Structural
14
In a circular flow model, businesses' send what to the resource market?
Taxes
Revenue
Expenditures
Goods and Services
15
What is it called when you purchase Pepsi instead of Mountain Dew?
Quality change effect
Commodity substitution effect
Outlet substitution effect
New good effect
16
What is the Phillip's Curve?
When Mr. Phillips makes tests easier because he's nice
Inflation rate and exports
Inflation rate and unemployment rate
Extra credit Ms. Oney needs to be beat Phillips' in math
17
What type of effect happens when you go from a rotary phone to a smart phone?
Outlet substitution
Quality change
Commodity substitution
New good
18
When you buy tires and then sell your priceless antique, the tires are what kind of good?
Final
Upgrade
Intermediate
Initial
19
What is a rare condition that has both inflation & unemployment going up at the same time?
Structural theory
Cost-push theory
Stagflation
Demand-pull theory
20
What shows the relationship between real GDP & the unemployment rate?
Stagflation
Quota
Phillip's Curve
Okun's Law
21
When a secretary loses their job because they have no computer experience- type of unemployment
Cyclical
Seasonal
Fictional
Structural
22
In a circular flow model, what doe households send to the product market?
Income
Resources
Taxes
Expenditures
23
What type of inflation theory, that is a result of the govt. mismanaging the economy?
Structural theory
Demand-pull theory
Stagflation
Cost-push theory
24
In the circular flow model, households send what to the government?
Good and services
Income
Expeditures
Taxes
25
What would be factored into the US GDP?
Apple software plant in Dallas, Texas
German BMW dealership in Lewisville, Texas, USA
Pepsi distribution plant in India
Pizza Hut in Pisa, Italy
26
What is NOT an example of a merit good?
Parks
Pollution
Library
Museum
27
What is the purpose of the circular flow model?
To track the amount of debt a person owes
To figure out if communism works
shows flow of money in the economy
Emphasize the need for government control of economy
28
What effect is it when you buy old DVDs at Goodwill?
Outlet substitution effect
New good
Commodity substitution effect
Quality change effect
29
What type of effect is going from a 24" plasma flat screen TV to a 40" plasma flat screen TV?
Quality change effect
Commodity substitution effect
Outlet substitution effect
New good
30
What 2 reasons are why the US would put an embargo on a country?
Political & military
Military & health
Health & Political
Culture & religion
31
In a circular flow model, what do businesses send to the government?
Expeditures
Taxes
Resources
Income
32
Quantity theory suggests that more money that exists in circulation _____
The lower the unemployment rate
The higher personal utility is
The less it's worth
The higher the GDP
33
Mr. Wirz buys slinkys for her class to use, what kind of good is it?
Intermediate
Quality
Initial
Final
