stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics Review Sections 1-5 Flashcards | StudBud
Explore
/
Economics Review Sections 1-5
Economics Review Sections 1-5
20 terms
·
StudBud Administration
·
534 plays
Review of Sections 1-5
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
One advantage of a sole proprietorship is
It has an unlimited life.
It is relatively easy to set up.
It lives on forever.
It is difficult to set up.
2
Payment for the use of land or buildings is called
charity
rent
mortgage
loan
3
How does the government effect economic behavior?
redistribute income and regulate businesses
redistribute income and provide all jobs
stabilize income, prices, and employment
regulate businesses and sell stocks
4
Advantages of corporations include
limited owner liability
highly specialized management
subject to extensive government regulation
subject to extensive government taxation
5
The three major economic institutions are
households, businesses, government
households, government, corporations
countries, corporations, government
Chipotle, Five Guys, Core Eatery
6
How much interest would one pay to borrow $200 at 15% interest payable in 1 year?
$45
$40
$20
$30
7
The government tries to stabilize inflation, prices, and employment by
controlling all employment
setting interest rates
running all banks
setting tax rates
8
Study of ways individuals & societies allocate limited resources to satisfy unlimited wants is
budget
microeconomics
economics
macroeconomics
9
Which of the following are methods of resource allocation?
market system and need
queuing and tradition
brute force and welfare
planned systems and random selection
10
Societal decision-making is referred to as
macroeconomics
federal economics
world economics
microeconomics
11
How much interest would one pay to borrow $300 at 12% interest payable in 2 years?
$72
$36
$336
$312
12
Types of societal resources include
labor, land, capital, entrepreneurship
land, money, labor, entrepreneurship
land, money, capital, and entrepreneurship
none of the others
13
One disadvantage of a corporation is
It is easy to finance.
It has limited owner liability or loss.
It is difficult to set up.
It is relatively easy to set up.
14
One disadvantage of a partnership is
It has unlimited partner liability.
It is relatively easy to set up.
It has limited partner liability.
It is relatively simple to manage.
15
Payment for risk-taking or entrepreneurship is called
wages
interest
rent
profit
16
Which of the following newspaper headlines are macroeconomic issues?
Apple Will Release New IPad
U.S. Trade Deficit Widens
Federal Reserve Raises Interest Rates
Library Extends Hours
17
The United States government redistributes income by
organizing fundraisers to help charities
taxing only business and funding programs
taxing only individuals and funding programs
taxing individuals and businesses and funding programs
18
To divide among or distribute in shares is to
assign
confiscate
allocate
distribution
19
Which of the following newspaper headlines are microeconomic issues?
Mexico Devalues Currency
Congress Fights for Spending Cuts
ABC Has New Spring Line-Up
Ohio State University Raises Tuition
20
How much interest would one pay to borrow $150 at 10% interest payable in 3 year?
$15
$60
$30
$45
