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41 Cards in this Set
- Front
- Back
- 3rd side (hint)
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The social security program began during the administration of .. |
Franklin D. Roosevelt Harry S. Truman Dwight D. Eisenhower John F. Kennedy |
Franklin D. Roosevelt |
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Between 1939 and 1944 the US nation output .... |
Remained the same Nearly doubled Nearly tripled Nearly quadrupled |
Nearly doubled |
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The worst recession since WWII started in which year? |
1957 1973 1981 2007 |
2007 |
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The decade that had the most stagflation was the.... |
1940s 1950s 1960s 1970s |
1970s |
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The name of Andrew Carnegie is most closely associated with... |
Steel industry Rubber industry Meatpacking industry Chemical industry |
Steel industry |
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Which was a decade of high inflation and high unemployment? |
1920s 1950s 1960s 1970s |
1970s |
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The first automobile manufacturer to use a division of labor and to use a moving assembly line was... |
Henry Ford Henry Leland Henry Olds Andrew Carnegie |
Henry Ford |
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The US truly became a mass consumption society in... |
Early 1900s 1920s 1940s 1960s |
1920s |
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The US economy _______ operates on its production possibility curve. |
Always Sometimes Never |
Sometimes |
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In the US economy.... |
There is no need to economize We rarely have to economize Only the rich have to economize Nearly everyone has to economize |
Nearly everyone has to economize |
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The term "the affluent society" was coined by ... |
Michael Harrington John Kenneth Galbraith Karl Marx Adam Smith |
John Kenneth Galbraith |
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What is not an example of economic resource? |
Land Money Capital Labor |
Money |
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In order for the price mechanism to work, we need. . |
To have the government regulate each industry Many competing firms in each industry To have only a few firms in each industry None of the above |
Many competing firms in each industry |
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Hitler ' Germany was an example of a ________ economic system. |
Capitalist Fascist Communist Socialist |
Fascist |
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Adam Smith believed that the best way to promote the public interest was to... |
Have the government produce most goods and services Let people pursue their own selfish interest Wait for individuals to set out to promote the public interest Get rid of the price mechanism. |
Let people pursue their own selfish interest |
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Which statement is true? |
American industry is very competitive There is no competition in America industry In order to have competition you need to have many firms in an industry The electrical and natural gas industries are good examples of competition at work. |
In order to have competition you need to have many firms in an industry. |
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Private ownership of most of the means of production is common to... |
Capitalism and communism. Capitalism and fascism Capitalism and socialism Fascism and communism |
Capitalism and fascism |
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The main reason US farmers can produce more than farmers in China is that they .... |
Have more land Have more capital Have more labor Are better trained |
Have more capital |
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A person will do more good pursuing his own self interest than if he consciously set out to promote the public good was the view of ... |
Karl Marx John Maynard Keynes Mikhail Gorbachev Adam Smith |
Adam Smith |
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In a pure capitalist economy, "what to produce" is determined by ... |
Government central planning committees The price mechanism The credo:"each according to his ability , to each according to his needs" All of the choices are true. |
Price mechanism |
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If supply increases and demand remains unchanged, equilibrium quantity will ______ and equilibrium price will _______. |
Rise, fall Fall, fall Fall,rise Rise, fall |
Rise, fall |
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As price declibes, quantity demanded goes ______ and quantity supplied goes _______. |
Up,up Down, down Up, down Down, up |
Up, down |
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If market price is above equilibrium price, |
Quantity demanded is greater than quantity supplied Quantity supplied is greater than quantity demanded Quantity supplied is equal to quantity demanded |
Quantity supplied is greater than quantity demanded |
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As price rises, the quantity ______ rises. |
Demanded Supplied Demanded and supplied. |
Supplied |
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There is a surplus of quantity supplied over quantity demanded when ... |
Market price is above equilibrium Market price equals equilibrium price Market price is below equilibrium price |
Market price is above equilibrium price |
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The demanded curve slopes... |
Upward to the right Upward to the left Downward to the right Downward to the left |
Downward to the right |
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As price rises, quantity demanded .. |
Rises Falls Remains the same |
Falls |
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Americans generally spend more than _______ of their incomes on services . |
One Third One half Two thirds Three quarters |
Two thirds |
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People tend to spend more money the ______ the amount of credit available and the ______ the stock of liquid assets in the hands of consumers. |
Higher,higher Lower,lower Higher,lower Lower,higher |
Higher, higher |
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In 2009, C was closest to but under |
4 trillion 6 trillion 80 billion Over 10 trillion |
Over 10 trillion |
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Who holds this view: " .. we are consuming more than we are producing, borrowing more than we are saving and spending more than we are earning." |
Murray Widenbaum Thornton Veblen Benjamin Franklin Adam Smith |
Murray Weidenbaum |
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The APS in the US is generally |
Below .01 Between .01 and .07 Between .15 and .25 Between .7 and .75 |
Between .01 and .07 |
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The consumption function is associated with |
John Maynard Keynes Karl Marx Milton Friedman Adam Smith |
John Maynard Keynes |
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Each of these bus a category of C except |
Durables Nondurables Residential construction Services |
Residential construction |
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Which of these equations is correct? |
APC -APS =1 MPC + APS=1 MPC + MPS =1 1+MPC =MPS |
MPC + MPS =1 |
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The consumption function .. |
Is a relationship between annual consumption and annual disposable income in an economy
Will shift upward if aggregate household wealth declines
Implies that annual consumption in an economy will be zero Is disposable income is zero. zero. zero. Is a flat line with zero slope . |
Is a relationship between annual consumption and annual disposable income in an economy |
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Which statement is true? |
The US has a larger national output than any other country in the world We have had recessions about every three years since WWII. There were no recessions while Ronald Reagan was president . None of the statements are true. |
The US has a larger national output than any other country in the world |
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Which statement is true? |
Entrepreneurial ability is in short supply in the US Land labor and capital may be considered passive resources. The concept of opportunity cost is irrelevant when there is scarcity. None of these statements are true. |
Land labor and capital may be considered passive resources. |
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Which statement is true? |
The economic problem is limited to poverty. Scarcity is no longer an economic problem in the US If we all had more money there would be less scarcity. None if these statements are true. |
None if these statements are true. |
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In the graph shown above if marker price were $6, there would be a |
Surplus Shortage Surplus and shortage Neither |
Surplus |
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In the graph shown above at a price of $4.50 |
Surplus Shortage Both Neither |
Neither |
