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Econ Final Review
Econ Final Review
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Final vocab review for CP Econ
Flashcards
50 cards
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Practice quiz
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Questions
50
Answers
1
the 3 basic measures of the economy are
GDP, taxes, and spending
population density, interest rates, & inflation
inflation, unemployment, and fiscal policy
GDP, unemployment, & inflation rates
2
Machines used in production are called
goods & services
factory inputs
capital
labor capital
3
Currency not based on the value of some other good (like diamonds or gold) is called
commodity money
fixed exchange rate
floating exchange rate
fiat money
4
A good that can be used in place of another is called a
substitute
complement
debt
subsidy
5
All of the following are characteristics of a free market EXCEPT
freedom of enterprise
all of these are characteristics
freedom of work opportunities
freedom of consumption
6
All of the following are characteristics of a corporation EXCEPT
have unlimited liability
must be incorporated
may sell shares of stock
have a board of directors
7
Adam Smith was
the inventor of the 401 (k)
the first economist/ President
the father of the stock market
the father of modern economics
8
Ups and downs in the economy are called
cyclical unemployment
the business cycle
the recession cycle
the labor force
9
If someone is between jobs they are considered
structurally unemployed
seasonally unemployed
frictionally unemployed
cyclically unemployed
10
The U.S. is generally considered a ____ society due to our economic freedoms.
communist
Marxist
socialist
capitalist
11
Which equation below is correct?
CPI + GDP per capita = inflation rate
total revenue = price x quantity
profit= total revenue + total cost
supply + demand = equilibrium
12
Economic growth can be caused by
increased taxes
increased unemployment
increased population
increased prices
13
The Law of Demand says that consumers will
buy less at a lower price
buy more at a higher price
buy more at a lower price
not change their buying due to price
14
The graph shown illustrates
opportunities
Both production possibilities & opportunity cost
None of these
production possibilities
15
____ is an example of a price floor
TNSTAAFL
rent control
elastic goods
minimum wage
16
Inflation causes
all of these
increased prices
devalued currency
decreased purchasing power
17
When one large firm dominates the market, controlling prices, it is called a(n)
horizontal merger
oligopoly
vertical merger
monopoly
18
To be in demand for a good, you must be both _____.
Cautious and informed.
Wealthy and cheap.
Willing and able to buy.
Stingy and sly.
19
The total value of all goods and services produced in the country over 1 year is called
GDP per capita
GDP
none of these
GNP
20
Our country was in this phase of the business cycle in 1929
expansion
contraction/ recession
peak
trough
21
In the graph, a price ceiling is located
below a price of 60 and quantity of 500
above a price of 60 and below a quantity of 500
below a price of 60 and above a quantity of 500
above a price of 60 and quantity of 500
22
The equilibrium P & Q according to the graph are a price of __ & quantity of ___.
600, 50
P1, Q1
60, 500
500, 60
23
Things that shift the demand curve include:
tastes, substitutes, and subsidies
population, price, and tastes
complements, population, and expectations
taxes, input prices, and expectations
24
The Federal Reserve holds money in the form of deposits where?
Fort Knox
private banks
gold bricks
Federal Reserve banks
25
The economic system with the highest degree of control is called a _____ economy
free market
traditional economy
market economy
command economy
26
A debit card differs from a credit card in that
debit cards use money in your checking account
credit cards are more exclusive
debit cards build credit
debit cards are safer
27
The US buys cardboard from China after selling it waste paper. The US ___ cardboard.
recycles
exports
imports
sanctions
28
The strictest form of economic system is a ____ economy
mixed market
command
traditional
free market
29
When prices increase
quantity demanded increases
quantity supplied decreases
depressions begin
quantity demanded decreases
30
Income taxes are
progressive
illegal
proportional
regressive
31
When demand > supply, a _____ exists
equilibrium
shortage
surplus
laissez- faire
32
The ______ insures bank deposits up to $_____
FDIC, $250,000
Federal Reserve, $500,000
Federal Reserve, $50
FDIC, $1 million
33
Things of value (i.e. cars, homes, jewelry, etc.) are called
accounts
assets
commodities
fiat money
34
When valuable items such as gold are used as money, it is called
a fixed exchange rate
fiat money
near monies
commodity money
35
The economic indicator which measures output is called
labor force
GDP
unemployment rate
inflation
36
Lasting high prices is called
stagflation
deflation
stale inflation
anti- inflation
37
Equilibrium in the market is reached when
buyers win
supply and demand are opposites
sellers cheat
buyers & sellers agree on a price
38
Two goods used together are called
surpluses
substitutes
conjoined goods
complements
39
Consumers want buy ___, producers want to sell ____.
high, low
high, high
low, low
low, high
40
Demand is
downward sloping on a graph
what consumers are willing & able to buy
all of these
the consumer side of the economy
41
The organization created in 1913 by President Wilson to regulate our currency's value is called
The Clayton Anti- Trust Act
The New York Stock Exchange
The U.S. Treasury
The Federal Reserve
42
When prices increase, demand for ____ will most likely remain the same
luxuries
necessities
commodities
externalities
43
The 4 factors of production are
stock, bonds, investments, GDP
land, labor, capital, stock
labor, land, entrepreneurship, capital
land capital, business, entrepreneurship
44
How is inflation measured?
by measuring CPI changes
by subtracting unemployment rate from the labor force
by calculating GDP per capita
by dividing population by price change
45
The Federal Reserve conducts
monetary policy
the national bank orchestra
international policy
fiscal policy
46
Taxes on imported goods are called
tariffs
sin taxes
excise taxes
import taxes
47
All of the following are functions of money EXCEPT a ____.
store of value
medium of exchange
measure of value
determinant of value
48
The part of the business cycle with high unemployment is
peak
depression
trough
expansion
49
The Federal Reserve's most important job today is to
advise the President on monetary policy
cash checks
manage the nation's money supply
print dollar bills
50
where supply and demand intersect
both A & B
none of these
is called the market clearing price
is called equilibrium
