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35 Cards in this Set
- Front
- Back
Is this an example of the effect of an increase or a decrease in the price of resources.
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Increase.
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Is this a change in supply, or a change in quantity supplied?
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Change in supply.
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Does this represent an increase or decrease in disposable income.
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Decrease.
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Is this a change in demand, or a change in quantity demanded?
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Change in Demand
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What type of government intervention does this graph show?
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Price Floor
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What type of government intervention does this graph show?
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Price ceiling
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What does this graph show?
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Change in quantity supplied.
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This is an example of...
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a supply curve.
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What does this graph show?
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Change in quantity demanded
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This is an example of...
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a demand curve.
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The three main factors of production
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land, labor, and capital
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The developer of the ideas of socialism and communism
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Karl Marx
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The developer of the idea that the government must interfere in the economy to regulate the business cycle
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John Maynard Keynes
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The type of economic system that the Amish follow.
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traditional economy
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The type of economic system that best describes the North Korean economy.
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command economy
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The type of economic system that best describes the U.S. economy.
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market economy
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If country A can produce more of a given product using the same amount of materials than country B then country A would have
a. An absolute advantage b. A bit of an advantage c. A slight advantage d. A comparative advantage |
a. An absolute advantage
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What is a reason for establishing a tariff?
a. It increases economic efficiency b. To preserve high paying jobs in a country c. To increase the number of goods available to consumers d. To decrease the prices on goods consumed by consumers. |
b. To preserve high paying jobs in a country
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Under the flexible exchange rate system, the international value of the United States dollar compared to other currencies is determined by the
a. Amount of gold held by the treasury b. Foreign demand for goods and services in the U.S. c. Current budget deficits in the U.S. d. The level of consumer spending in the U.S. |
b. Foreign demand for goods and services in the U.S.
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Which would increase if a country imported more than it exported?
a. Value of the dollar b. Government Debt c. Personal Debt d. Current Account Deficit |
d. Current Account Deficit
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Which fiscal policy would lead to the most long term economic growth?
a. Increase productivity b. Increase taxes c. Increase Consumer spending d. Increase Interest Rates |
a. Increase productivity
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Which of the following is a monetary policy?
a. Decreasing taxes to stimulate the economy b. Increasing government spending to stimulate the economy c. Increasing taxes to fight inflation d. Buying bonds to fight inflation |
d. Buying bonds to fight inflation
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If a country was in a recession what action would an economist advocate for?
a. Increase taxes and government spending b. Increase taxes and decrease government spending c. Decrease taxes and increase government spending d. Decrease taxes and government spending |
c. Decrease taxes and increase government spending
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Which of the following would most likely occur during a period of recession?
a. Interest rates would increase b. Unemployment rates would increase c. Prices on goods would increase d. The price of gas would increase |
b. Unemployment rates would increase
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Which is an example of a progressive tax?
a. A tax that imposes a higher percentage rate of taxation on people with higher incomes. b. A tax that imposes a higher percentage of taxes on people with lower incomes c. A tax that imposes the same rate on everyone d. A sales tax on goods and services |
a. A tax that imposes a higher percentage rate of taxation on people with higher incomes.
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In which of the following phases of the business cycle would an economy experience increased unemployment and decreased consumer spending?
a. Recession b. Boom c. Expansion d. Recovery |
a. Recession
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What is not one of the actual types of unemployment?
A. Technological Unemployment B. Varied Unemployment C. Seasonal Unemployment D. Frictional Unemployment |
B. Varied Unemployment
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All of the following are direct variables and accurate measure of economic performance EXCEPT:
A. Unemployment B. GDP C. Exchange Rates D. Taxes |
D. Taxes
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This type of inflation increases at a relatively intense rate. What is it called?
A. Galloping Inflation B. Intense Inflation C. Creeping Inflation D. Hyperinflation |
A. Galloping inflation
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When a firm is running under optimal conditions their:
A. Marginal benefits are greater than marginal costs B. Marginal benefits are less than marginal costs C. Marginal benefits are equal to marginal costs D. None of the above |
C. Marginal benefits are equal to marginal costs.
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When firms act, what is the main factor they consider before making a decision?
A. Revenue B. Costs C. Net Gains D. All of the Above |
D. All of the Above
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Income inequality can be attributed towards all of the following economic factors EXCEPT:
A. Monopoly B. Social Status C. Ability D. Education Levels |
B. Social Status
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This measure of GDP where the exact market value of all goods and services within a nation in one year is called:
A. Production Approach B. Income Approach C. Service Approach D. Income Approach |
A. Production Approach
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Income inequality is most accurately described using:
A. Quintile Comparison B. Ranking family income lowest to highest. C. Lorenz Curve D. Individual Income Comparison |
C. Lorenz Curve
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Which of the following statements is not true about inflation:
A. Inflation can decrease B. Inflation can only increase C. Inflation is a increase an increase in prices overtime D. Inflation can be both slow and fast |
A. Inflation can decrease
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