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Economics Final Exam Review Flashcards | StudBud
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Economics Final Exam Review
Economics Final Exam Review
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Econ final
Flashcards
52 cards
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Questions
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Answers
1
All of the following are determinants of supply EXCEPT
supplier expectations
availability of resources
buyer income
govt actions
2
Which of the following shows maximum production of consumer goods
B
F
G
D
3
All of the following are determinants of demand EXCEPT
income
price
preferences
number of buyers
4
What are the 4 stages of the business cycle ?
Peak, valley, growth, shrinkage
Top, bottom, up, down
Expansion, peak, contraction, trough
contraction, peak, growth, valley
5
Define Scarcity
A social science dealing with people's needs and wants.
A limited amount of resources compared to prices.
A fundamental problem in society.
Needs and wants outweigh the amount of resources available.
6
Which number is closest to our national debt?
20 trillion
40 Kabillion
14 trillion
30 trillion
7
Which of these graphs shows Demand-Pull Inflation?
D
B
C
A
8
All of the following are correlated with poverty EXCEPT
race
political affiliation
married or single status
history of family poverty
9
Required reserves that banks must keep is associated with
fiscal policy
income tax rates
monetary policy
regressive tax rates
10
Who is the current head of the Federal Reserve?
Kamala Harris
Janet Yellen
Ben Bernanke
Jerome Powell
11
Who regulates the Federal Reserve?
no one
various federal courts
congress
the president
12
Define macroeconomics
small scale
large scale
13
Which market structure has hundreds of companies that make similar products?
perfect competition
monopolistic competition
duopoly
oligopoly
14
What country does the U.S. owe the most money to?
India
Germany
Japan
China
15
A recession is when GDP is down for how many months?
3
9
6
12
16
How many full time employees does Google have?
24,505
100,300
61,814
47,100
17
What is inflation?
Prices go DOWN, value of Money goes DOWN
Prices go DOWN, value of Money goes UP
Prices go UP, value of Money goes DOWN
Prices go UP, value of Money goes UP
18
All of the following are factors of production EXCEPT
entrepreneurship
labor
government permits
land
19
What is it called when you pay for the right to use the name of an established company?
sole proprietorship
partnership
franchise
corporation
20
Human capital is
The skills, knowledge, and experience possessed by and individual
The knowledge, skills, and land possessed by an individual
The demand, knowledge, and skills possessed by an individual
The skills, knowledge and money possessed by an individual
21
All of the following are fiscal policy tools EXCEPT
lowering the discount rate
raising taxes
increase govt spending
govt can hire more workers
22
The first IPhone came out in what year?
2012
2007
2005
2010
23
Laissez faire is an economic term meaning what?
demand creates supply
supply equals demand
leave it alone
competition is good
24
A country's production possibilities will grow if it...
produces more guns than butter
makes more trade offs
lowers its opportunity costs
increases its resources
25
Which of the following shows unattainability
F
G
B
D
26
OPEC is a cartel that sells what?
diamonds
oil
drugs
gold
27
Which of the following is an example of a
positive
economic incentive?
sales
fines
fees
28
All of the following are negative externalities EXCEPT
traffic around a large mall
police violence against citizens
crime near a casino
oil spill in Alaska
29
Fiscal policy is controlled by
federal reserve
president only
president and congress
state governments
30
Which of the following is an example of a
negative
economic incentive?
fines
sales
coupons
31
A production possibility curve shows that all things in life involve
effort
energy
costs
a tradeoff
32
Define surplus.
Having more achievements than what you need.
Having more than what you need.
Having the best agriculture.
33
Which of the following best describes structural unemployment?
people between jobs
people working at jobs beneath their training
people who have no real skills at all
people not looking for a job
34
Who are hurt the LEAST by inflation?
balloons, egos , and bicycle tires
people living on fixed incomes
those who owe large amounts of money
lending institutions
35
Workers sometimes lack incentive to work hard or are lazy in which type of economic system?
Traditional Economy
Market/Capitalist Economy
Command/Communist Economy
Mixed Economy
36
In socialism most businesses are owned by _______.
a few rich people
private owners
the government
everyone
37
The law of demand says that as price goes down, _____ goes ______.
quantity supply goes down
quantity of demand goes down
quantity of supply goes up
quantity of demand goes up
38
Fiscal policy involves the manipulation of ____ to effect the economy.
bond availability
bank reserves
taxes/spending
interest rates
39
What is the Federal Reserve's goal rate for inflation?
2%
4-5%
-2%
0%
40
A person's credit score can go anywhere from ____ to ______.
350 to 800
300 to 850
250 to 800
300 to 800
41
Which of these graphs shows Cost Push?
D
A
C
B
42
What is the largest portion of the budget?
Medicare
social security
retirement benefits
national defense
43
The discount rate refers to
fiscal policy
stock market loans
monetary policy
social security benefits
44
All of the following debts can be discharged in bankruptcy EXCEPT
federal student loans
credit cards
very old past taxes
small personal loans
45
An example for oligopoly would be what industry?
restaurants
shoes
gas stations
soft drinks
46
What is the business cycle?
it shows how the economy changes
It measures changes in real GDP over time
it shows how businesses grow
Shows rising and falling rates of inflation
47
The law of supply says that as price goes up, _____ goes ______.
quantity of demand goes down
quantity supply goes down
quantity of supply goes up
quantity of demand goes up
48
The soft drink industry is a good example of a
duopoly
monopolistic competition
perfect competition
monopoly
49
A bull market is when the stock market is doing what?
going up
going down
spinning in circles
doing nothing
50
What did my true love get on the 7th day of Christmas?
sing birds
pipers piping
lords a leaping
swans swimming
51
Limited Liability means:
The owners have unlimited sources of finance
The owners are responsible for the business debt
The owners are NOT responsible for the business debt
The owners have limited sources of finance
52
Point B on the following production possibilities graph is considered...
impossible to reach with given resources
an increase in production
maximum efficiency with given resources
underutilization
