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Econ Final 2024 Flashcards | StudBud
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Econ Final 2024
Econ Final 2024
34 terms
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Mr. A quiz (mbhs)
Flashcards
34 cards
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Practice quiz
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Questions
34
Answers
1
35. Which savings vehicle will typically earn you the most interest?
A CD
A checking account
None of the above
A savings account
2
10. Supply is the amount of something you own and the ability to pay for it
True
False
3
11. The Law of Demand says...
None of the above are correct
The demand rises when there is greater supply of a good
When a good is priced lower, customers will buy more of it
That when people want a good they sould buy it
4
29. Who is likely to pay lower income taxes?
Both would pay the same in income taxes
Renters always pay more income tax than homeowners
A renter who pays $3,800 a month in rent
A homeowner who pays $3,200 per month on a mortgage loan
5
7. In Adam Smith in the book, “Wealth of Nations”, the free enterprise economy, is guided by an “invisible hand”
False
True
6
4. The key characteristics of the factors of production are:
capital
labor
All of the above are factors of production
land
7
8. The main problem & goal of a command economy are
The lack of resources & equity
People have little control & security/stability
People desiring the past & corporations
No answers are correct
8
18. The term used when an individual stops paying the outstanding balance on a loan
Default
Reduction
Fraud
Principal
9
34. Theoretically, the higher the individual credit score the lower...
the lower the interest a lender pays
the interest a borrower pays
the lower the principal gained for the lender
Both A+C are correct
10
6. The type of econ system that allows private ownership & there is little to no government intervention is called..?
a Traditional economy
a Socialist economy
a Free Market economy
a Command economy
11
21. A general increase in price while the product or service remains unchanged is called what?
Price spike
Stagflation
None of the above
All of the above
12
20. A recession & depression are basically the same thing with the exception that it's easier to recover from depression
True
False
13
44. A W-2 gives your employer the right to deduct taxes from your paycheck?
False
True
14
9. A spending category where the government planners are able to make choices is
Disposable
Individual
all the above
Discretionary
15
14. The point where demand & supply come together and the point of balance between price & quantity is called
Equality
Surplus
Shortage
Equilibrum
16
16. A specific type of loan that is used to buy real estate is called a....
CD
Mortgage
Bond
Rental
17
17. Debit cards entitle cardholders to buy goods/services based on the cardholder's promise to pay back in the future...
True
False
18
33. Which entity is considered the "watchdog" of the U.S. Stock Market?
The SEC
The NYSE + NASDAQ
The IRS
The NEP
19
5. All of these questions define what economic system a country has EXCEPT
How should goods and services be produced?
What should be produced?
Who should produce what?
None of the above
20
3. A trade-off involves a sacrifice that must be made to get a certain product or service
True
False
21
13. A method that a gov't used to affect supply that supports business or market, which often pays the producer...
a stock
interest
a bond
none of the above
22
15. The practice of the gov't no longer deciding what role each company can play in a market....
Destabilization
De-Capitalzation
Deregulation
All of the above
23
19. The dollar value of a ll final goods/ services produced within a country's borders in a given year is called what?
Gross Domestic Product (GDP)
National Revenue o Goods/Services (NRGS)
Domestic Gross Product (DGP)
National Income Product (NIP)
24
28. What kind of form must you have in order to file your taxes as an employee?
w-4
1095
all the above
w-2
25
45. Which of the following isn't a possible tax or deduction that could be withdrawn from your paycheck?
FICA Tax
all the above
State income
Retirement contributations
26
32. What type of investment typically tends to have the least liquidity?
A stock
A house
A car
A bond
27
22. Which federal taxes are taken out of most individuals' paychecks
Federal income
Medicare
Social Security
All the above
28
31. Which of the following are functions of money?
In functions as mediums of exchange
It requires a double coincidence of money
all of the above
Its value comes from the amount of gold in the U.S.
29
2. Economics is defined as..?
the study of financial depressions
none of the above
the study of how people make decisions to satisfy their needs and wants
All of the above
30
37. Which of the following drivers will pay the highest auto insurance premium?
Married couples
Individual over 65
Individuals between 18-65 yrs
Individuals under 18 yrs
31
38. Volatility in the financial sector is best defined as what?
all the above
prices remain unchanged for a short period of time
prices remain unchanged for a long period of time
a "downtown in the markets"
32
1. Things that simply decrease the quality of living are called?
None of the above
Wants
Fundamentals
Essential/Needs
33
30. Federal income taxes for employees are due every year on Jan. 31st
False
True
34
36. Bob needs a doctor. Appt. w/o insurance is $200. Bob's insurance pay $50 monthly + $20 co-pay. How much money is it?
$50
$70
$20
$150
