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US History 3 - economics unit Flashcards | StudBud
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US History 3 - economics unit
US History 3 - economics unit
40 terms
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StudBud Administration
A #economics Quiz to review the #basics
Flashcards
40 cards
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Practice quiz
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Questions
40
Answers
1
Things that make live easier or more enjoyable, but you can survive without them
wants
needs
2
Why are all goods and services scarce?
Because resources are limited
Because some items are inexpensive
Because things are expensive
Because people have too many needs
3
The amount of money that you ear at a job BEFORE paying taxes
net pay
Take home pay
gross pay
4
The thing you give up when you make a choice between two things
services
supply
good
opportunity cost
5
When do you get a W2?
When you quit a job
When you graduate from high school
When you get a new job
At the end of the year (if you worked a job)
6
Why do producers want to sell their goods at equilibrium price?
TO make sure that they have a shortage of products
To make sure that they have left over products
To make sure that they have just the right amount of product
7
If you have one dependent, the government will let you keep more of your money
True
False
8
When you go to buy an item, and that item is too expensive, you buy a similar item that is cheaper
substitution
dependant
trade-off
equilibrium
9
What are federal taxes used for?
Holmen fire Department
to fix Roads in Holmen
local police
National Defense
10
When do you have to fill out a W4?
When you get a promotion at work
When you file your taxes
When you graduate from high school
When you get a new job
11
Social Security, and Medicare are paid for with
state taxes
local taxes
payroll taxes
12
When you have to make a choice between two things
equilibrium
trade-off
exempt
13
If you claim one dependent on your taxes, what does that do for you?
You get less money taken out of your taxes
You have to pay more in taxes
You get more money taken out of your taxes
Nothing, you pay the same taxes whether you have a dependent or not.
14
If you take out a loan and have to pay interest to the bank, that is an example of
good interest
bad interest
15
Economy that is based largely on customs & beliefs
market
command
mixed
traditional
16
Economy = Gov't controls all economic decisions, very little real freedom.
traditional
command
habitual
mixed
17
Economy where the government controls the economy
market
traditional
command
mixed
18
Prices in a market economy are determined mostly by
The government
Supply and Demand (people)
tradition, habit, and custom
19
When do you fill out a W-4?
When you apply for a new job
When you get a new job
When you fill out your taxes
20
Things that you must have in order to survive (live)
goods
wants
services
needs
21
If you put money into a bank account and they pay you interest, this is an example of
bad interest
good interest
22
The amount of money you get to take home (after taxes)
hourly pay
net pay
gross pay
23
What does it mean when you claim exempt on your taxes?
you make less than 12,000 per year
you have no job
you have no dependents
24
A dependent is someone who relies on another person for financial support.
False
True
25
Something you can feel and touch
trade-off
want
service
good
26
When will you be able to keep the most money from your paycheck?
when you claim 1 dependent
when you claim 0 dependents
when you claim 2 dependents
when you claim 3 dependents
27
I have to make a choice of how to spend my money, The thing I do not pick is called the
Opportunity Cost
Scarcity
Demand
Land
28
If you worked at a car factory you would be a
consumer
producer
29
When you go to buy a car you are a
Consumer
Producer
30
The law of demand states that
As prices go up, demand goes down
As prices go down, demand goes down
As prices go up, demand goes up
31
Why are goods and services scarce?
because goods are hard to produce
because our resources are limited
because there are a lot of services
32
Saturday night you can go to a movie or go shopping. You decide to go shopping, so the movie is the _________.
state tax
opportunity cost
substitute
equilibrium
33
National defense is paid for with
local taxes
payroll taxes
state taxes
federal taxes
34
Economy that has a great deal of freedom to use your money as you want to
traditional
market
command
communist
35
Resources are limited but wants are unlimited =
Opportunity Cost
Scarcity
Demand
Supply
36
When the supply and the demand are the same
equilibrium
equalization
shortage
exempt
37
The law of supply says that
As the selling price goes up, supply will go up
As the selling price goes up, the supply will go down
As the selling price goes down, the supply will go down.
38
The work that people do
scarcity
goods
services
trade-off
39
Can a teenager file exempt on their taxes?
No, because they have no dependants
Yes, because they have no dependents
No, because they make too much money
Yes because they usually make less than $14, 600 a year
40
An economy with a lot of personal choice, but some government rules
mixed
market
traditional
command
