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Economics Final Review
Economics Final Review
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Economics Final Exam Review
Flashcards
37 cards
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Practice quiz
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Questions
37
Answers
1
The economic significance of the Sixteenth Amendment of the U.S. Constitution is -
The US govt was given the authority to collect income taxes
African Americans were now citizens, and could be taxed
Alcohol is illegal so US govt couldnt collect tax on liquor
Women were allowed to vote, and had to pay poll taxes
2
A first step to beginning a savings program would most likely be to...
open a checking account
sign up for direct deposit
set financial goals
obtain credit
3
Which retirement investment options is usually offered as a benefit of employment?
401(k)
Mutual fund
College tuition reimbursement
Public bond
4
The basic idea of choice presents which of the problems in economics?
People get to buy what they want.
Businesses can sell what they want.
Decisions produce opportunity costs.
Governments can trade with who they want.
5
Which of the following economic philosophers is an Austrian who wrote "The Road to Serfdom"?
Adam Smith
Milton Friedman
John Maynard Keynes
Friedrich Hayek
6
Which method does a corporation primarily use to raise capital?
Sale of products
Investments
Donations
Selling shares
7
The Occupational Safety and Health Administration (OSHA) is an example of a govt agency that
ensure a safe and healthy workplace for everyone
truth in advertising, prevent obscenity on free television
regulates corp trading to protect investors
regulates airlines to provide the safest aerospace system
8
Which of the following accurately completes the graphic above?
Types of money
Characteristics of money
Federal Reserve notes
Functions of money
9
Which investment is considered the most secure in a retirement plan?
Public Bond
Mutual Fund
Junk Bond
Individual Retirement Account
10
The economic system in the United States is referred to as free enterprise, free market, or —
socialist
mixed
capitalist
command
11
Which Scottish economist advised a laissez-faire approach to government?
Milton Friedman
Friedrich Hayek
Adam Smith
John Maynard Keynes
12
Which has:One seller, Complete barriers to market entry, No differentiation between products
Monopoly
Pure competition
Oligopoly
Monopolistic competition
13
Paying rent instead of purchasing tickets to a concert is an example of
circular flow model
scarcity
opportunity cost
property rights
14
On a supply&demand graph, supply will decrease and shift to the left when which happens?
when the total cost of inputs decreases
when production taxes decline over a short period of time
when the number of firms leaving the industry increases
when there are fewer government regulations in place
15
Alyssa is planning to open a small tailoring business.Which represents capital needed to start?
Sewing machines
Dressmakers
Building space
Marketing team
16
One of the financial advantages of donating to charitable causes is that the donation can be...
used to fund investments
viewed as a capital gain
taken directly from a pay check
considered a tax deduction
17
Which type of bank account is not insured by the government?
Savings Account
Checking Account
Money Market Fund
Mutual Fund
18
Which conditions could explain the shift in the demand curve shown on the graph above?
Eating tomatoes was found to have more health benefits.
Surveys found that people are eating more cooked tomatoes.
Shoppers learned that cans of cooked tomatoes are spoiled.
Farmers harvested a bumper crop of tomatoes.
19
The most effective way to manage credit card debt is by...
finding a credit card with the lowest interest rate
paying off the balance each month
paying the minimum balance
working a part-time job to pay for credit
20
Unlike China, which of the following economic systems encourages competition?
Command
Capitalism
Communism
Combined
21
Which of the following would most likely cause the shift shown in the graph above?
The cost of parts for cell phones has gone up.
The cell phone company made a large profit this year.
A new, popular model of cell phone just came on the market.
Cellphone salesmen are working overtime to sell their phones
22
One of the primary functions of financial institutions in an economy is to —
provide access to capital for people and businesses
prepare taxes for individuals and businesses
offer tax breaks to businesses for investing
create investment portfolios for venture capitalists
23
Which of the following best completes the diagram?
Characteristics of Partnerships
Characteristics of Sole Proprietorships
Characteristics of Free Enterprise
Characteristics of Corporations
24
Which of the following is a basic characteristic of all economic systems?
Incentives
Distribution of goods and services
Entrepreneurs
Price controls
25
One result of competition in a free enterprise system is
lower prices for products
steady wages and incomes
improved safety conditions
fewer consumer choices
26
Economic systems that have govt control of the econ decision making process considered to be
communist
free market
efficient
choice based
27
What is one way the U.S. economy can be adversely affected when interest rates are lowered?
Amount of capital may be decrease
Prices may inflate
Unemployment may increase
Taxes rates may decrease
28
Scarcity is a basic economic problem because
resources are limited
governments limit production
people have trouble making choices
opportunity costs limit demand
29
When can Point F on the model above be attained?
Requiring workers to concentrate on their work
Limiting use of available resources
Introducing new technologies
Using all resources available today
30
Which of the following actions would improve a credit score?
Checking credit reports on a regular basis
Keeping credit card balances as high as possible
Consolidating credit card balances
Paying off all debts
31
In what way does the event of the headline affect the circular flow model?
Incomes for households and firms would increase.
Firms and households would incur higher expenditures.
Expenditures for households would decrease,but not for firms
Government expenditures and incomes would be offset.
32
The economic system in the United States is referred to as free enterprise, free market, or
socialist
mixed
capitalist
command
33
Based on the information in the graph, what is the equilibrium price of pizza?
$2.00
$5.00
$3.00
$4.00
34
5th Amendment reinforces the fundamentals of an econ based on principles of free enterprise by
requiring a trial in order for the govt to seize property
prohibiting the government from owning property
protecting the rights of individual property owners
promoting ownership of property for business purposes
35
NiftyToy Co. has decided to incorporate and sell stock in its corp. What action is accomplish?
Selling stock will raise money to help the corporation grow.
Selling stock will put the corp on the road to bankruptcy
Selling stock will raise expectations for more electric toys
Selling stock will lower consumer interest in the toys.
36
When David gets a job at the car wash, what is he doing?
selling his goods
buying his resource
buying his goods
selling his resource
37
With regard to food and clothing in ppc above, what does Point B represent?
A combination that can be attained if all resources are used
A combination that's impossible to get in current conditions
combo that can be had without all the country's resources
combination that can attained technological advance occurs
