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Macroeconomics Flashcards | StudBud
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Macroeconomics
Macroeconomics
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1
What is cyclical unemployment?
Losing your job due to a change in technology.
Losing your job because of a drop in the economy.
Looking for a job right out of college.
Losing your job because you don't have a college diploma.
2
What is structural unemployment?
Losing your job based on a recession.
It is nothing.
In between jobs.
Losing your job based on changes in technology.
3
What does the term "Peak" mean?
Period of recovery from a recession.
point where you can no longer go up.
It follows a recession.
The turnaround point where GDP stops decreasing.
4
What are the four factors of production?
Land, Labor, Capital, E-Commerce
Labor, Capital, Resources, Goods
Land, Labor, Capital, Entrepreneurship
Land, Labor, Commerce, Entrepreneurship
5
A "big" change in quantity demanded is called?
Elastic Supply
Elastic Demand
Inelastic Supply
Inelastic Demand
6
What is an opportunity cost?
A cost.
What you give up in order to gain something else.
Money
An even trade of goods and services.
7
When two or more people own a company, it is called?
Corporation
A job.
Partnership
Sole Propreitorship
8
In this equation, C + I + G + X, what does the "G" stand for?
Goods
Government
Government Spending
Gov't
9
What is an insurance premium?
Amount you pay a year.
The bracket your insurance is in.
Amount you pay every week.
Amount you pay a month.
10
If you go to the hospital for a broken arm, what insurance do you need?
Health
Flood
Life
Home
11
Sally buys a new car, where would her purchase be counted on GDP?
Imports
Government Spending
Consumer Spending
Exports
12
How can GDP be increased?
Consumers can buy less.
We can import more, and export less.
The Gov't can spend less money.
We can export more, and import less.
13
Which of the following would be a reason for unemployment to go up?
Recession
Trough
Expansion
Peak
14
A price floor creates a ...?
Surplus
Nothing
Increase in production of goods.
Shortage
15
Thousands of sellers selling SIMILAR products...
Oligopoly
Monopolistic Competition
Perfect Competition
Monopoly
16
What is an example of regressive tax?
Sales Tax
Shoe Tax
Income Tax
Property Tax
17
What does the term "inflation" mean?
Prices stay the same.
General decrease in price.
General rise in prices.
Prices drop.
18
What is the study of Macroeconomics?
The study of individual businesses.
The study of an entire economy as a whole.
The study of the economy in the United States.
The study of one business.
19
What do the letters "GDP" represent?
Growth Domestic Product
Gross Domestic Product
Gross Debt Program
Gross Domestic Program
20
What does GDP measure?
A Country's independence.
Deflation
Inflation
The value of goods and services produced in a year.
21
What three countries have the highest GDP?
China, Japan, Germany
U.S., France, Germany
Japan, German, U.S.
U.S, China, Japan
22
What is it called when the government imposes a maximum price limit on an item?
Price Intake
Price Ceiling
Price Cost
Price Floor
23
Thousands of sellers selling the same EXACT product...
Monopoly
Perfect Competition
Monopolistic Competition
Oligopoly
24
What are the three C's of credit?
Character, Capacity, Community
Collateral, Capacity, Cost
Capacity, Collateral, Character
Capacity, Collateral, Communication
25
This is occurs when GDP is declining.
Peak
Expansion
Depression
Contraction
26
This type of company is made up of stock holders.
Sole Propreitorship
Oligopoly
Partnership
Corporation
27
What is the study of Microeconomics?
An entire economy.
something that is microscopic.
the economy
Individual businesses
28
What is the unemployment rate for Douglas County?
7.4%
10%
6.6%
7.3%
29
Which of the following is more risky to invest in?
Stocks
Bonds
Savings Account
Real Estate
30
What will happen to the demand for Nike shoes, if the price of Reebok shoes increase?
Demand will decrease.
Demand will stay the same
Demand will not change.
Demand will increase.
31
Who runs a command economy?
The People
The government and the people
The government
Businesses of the country.
32
On the circular flow chart, where do producers buy their supplies?
Resource Market
Households
Product Market
Businesses
33
When prices increase, quantity decreases. What law is this?
Law of Demand
Law of Economics
Law of Supply and Demand
Law of Supply
34
Which of the following is an example of a progressive tax?
No Tax
Property Tax
Income Tax
Sales Tax
35
Who runs a Mixed Economy?
The Government
People, People, and more People
The People
The Government and its People.
