Econmics Final Exam

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Which of the following is a negative aspect of corporation

Double Taxtion

Which of the following is the largest exspense of located goverment

Election Security

Nancy is a biologist who is working for 5 hours a week at Starbucks until she's can find a job doing what she loves which of the following best describes Nancy

Employed

Which of the following terms refers to the money that a bank is able to long following a deposit

Excess reserves

Which of the following refers to the cost of another nation's currency

Exchange rates

Which type of policy will lead to a trade surplus

Expansiory Monetary Policy

Which of the following appropriately best describes the trade balance for a nation

Exports-Imports

Everything that an individual can do with their unspent money represents the

Financial Sector

Gina is a steel worker who leaves her job because she thinks she can get a job working in a better factory what type of unemployment is Gina experiencing

Frictional Unemployment

What should replace the question expenditure model?

Goverment - G

In order to change behavior and economist would insit that _______ must change

Incentives

Money that is spent by households in the product market is _______ for business

Income

Which of the following is a largest category of revenue for the state government

Income Tax

Which of the following would be considered an Expansiory Fiscal Policy

Increase Spending

which of the following is not an action that can be taken by the federal reserve

Increase goverment spending

Which of the following is a problem with Fiscal policy

It can take too long to come to a solution

Which of the following is definition of market basket

It is a collection of goods and services that a normal household would be likely to purchase

Based on some scenario 2 after the government imposes the new tax what will likely happen on the text size of the economy

It will decrease in size

which of the following is not an adavantage of a sole proprietorship

Limited Liability

And undeveloped economy must have which of the following

Low Econmic Output

Which of the following is used to refer the total demand for goods and services in the economy (overall size of economy)

Markets

Which of the following is an example of discretionary spending by the US government

Military and defense

Which of the following is an attempt of the federal reserve to influence the economy and the trade balance

Monetary policy

Which the following is used to calculate maximum number of times money can be loan throughout an econmy

Money Mutpliyer

A popular model used to illustrate opportunity cost is

The Production possibilities curve

Which global organization attempts to promote growth through the sustainable development goals

The United Nations (UN)

Which of the following is appropriate definition of wealth

The assets of worth on by an individual or business

which of the following is not a major question of econmics

When to Produce

the study of econmics is inmportant because it enables us to make

become better decsion makers

consumption

diagram repsenting various combination of goods and/or services

A market econmy

does not provide for everyones basic needs

in the production possiblites frontier shown in this graph what could cause production to move from point b to point d

increased productivy

A US business buys new computers for its office workers from and us computer manufacture the value of transaction would be included in which category in the graph

invesetment sector

Which of the following is a Charctersitics of traditional economy

it discourages new ideas and new ways of doing things

according to the illustration what is the least comon form of business organzation of in the United States

joint ventures

What factor of production do these images illustrate

land

an advantage of corporation is that

owners have limited liability for debt

Barry Sanders brings $50 into the bank and the reserve requirement is a 20% what is the value of the REQUIRED RESERVE

$10

How much money is created in the following scenario Julian deposits 1500 at a bank with 15% reserve requirement

$1500

If Matthew Stafford deposits $2000 in the bank with a reserve requirement of 10% what will be the total economic impact of the deposit

$18,000

If Mr. Gotberg decides to take $1 to the bank and make it deposit well will be the total economic impact of his deposit if the reserve requirement is at 5%

$19

If Calvin Johnson takes his pay check of $5000 to the bank and the reserve requirement is 50% how much money will the bank have available to loan

$2,500

If Jake has the choice between studing for Econmics for 1 hour working for 1 hour at $6 per hour and working for his mother at $7 per hour and Jake chooses to study what is his opportunity cost

$7

If individuals in Australia are beginning to invest in the United States meaning they need to USD what will happen to the value of the US dollar

Apreciate

What will happen to the value of the US dollar of the federal reserve uses a contractionary policy such as selling bonds

Apreciate

A financial intermediary Responsible for holding savings and loaning funds is known as

Bank

What is one thing that the federal government could do to alleviate the stress from problem presented and scenario one

reduce spending

Which of the following is not an example of M1 money

savings accounts

if you were to graph this demand schedule the demand curve would

slope downward from left to right

opportunity cost

something we would like to have but is not necessary for survival

want

something we would like to have but is not necessary for survival

Good

tangible that is economically useful or that satisfies uneconomic want

what does the movement shown on this graph repsent

the inverse relationship between price and quantity demand

Study the graph suppose this nation starts with producing all millitary goods it then decides to produce a mix of civilian and milltary goods repsented by point B what repsents the cost in milltary goods given up

the vertical distance from point A to point x

Everything that is given up when a decision is made is known as which of the following

trade-off

Who is responsible for setting the reserve requirement

The Federal Reserve

The market basket in the base year was one million dollars and the current year the market basket is worth 1.7 million dollars calculate the rate of inflation

1.7%

View figure 1.1 above it represents the production possibility of gottbergland what is the opportunity cost of increasing coffee production from 6 to 10

4 coffee

View figure 1.1 above it represents the production possibilities of gotbergland What is the opportunity cost of the increasing taco production from 8 to 12

7 tacos

based on the table what is the market demand for burritos at a price of $5

8

Which of the following is considered a resource

A factory worker

Which of the following would cause on appreciation of the US dollar

An increase in the demand for American made products

need

Basic requirement for survival

Which of the following is most likely considered M2 money

Bonds

Look at chart 1.2 which country has the comparatives advantage in the production of tea

Both

Which of the following would be considered M1 money

Cash

Which of the following could be considered a undeveloped nation

Chad

Look at Chart 1.2 which country has absolute advantage in the production of coffee

Colombia

The United States dollar is considered this type of currency because it is controlled exclusively by government policy and has no real value

Commodity Backed Money

______ Is the driving force behind the free enterprise economy

Competition

McDonald's is considered which type of business

Corporation

If the federal reserve notices that unemployment is extremely high what is the one way they can speed up the economy attempt to alleviate the problems

Decrease Discount Rate

The demand for Europeans made goods is increasing what will happen to the value of the US dollar

Depreciate

Which of the following will happen to the value of the euro if The federal reserve decides to increase reserve requirement

Depreciate

If a nation's currency loses value it has

Depreciated

Which group is primary responsible for the federal budget process

President/Congress

Based on scenario 2 which type of tax was put in place

Regressive

The mill of money that the bank is required to keep in their fall is referred to as

Required Reserves

How can the federal reserve use open market operations to increase the money supply

Sell Bonds

Economics

Study of how people try To satisfy their needs through the careful use of scarce resources

Who is the owner of Corporation

The Board of Directors

Which of the following is considered "land" by the economic definition

The river that provides the factory with power

an example of market econmy is

United States

Look at chart 1.2 which nation should specialize in the production of coffee

United states

If the federal reserve enacts an Expansiory policy which the following is most likely to occur

Trade Surplus

How can a nation reach a point on a production possibilities curve that what was once unobtainable

Trading with other nations

They usefulness that a product provides to an individual is referred to as

Utility

Productivity

a measure of the amount of goods and services produced with a given amount

Scarcity

alternative choices made by consumers in marketplaces

which of the following choices could cause the movement shown in this graph

an decrease in the price of Blu-ray players a compliment to blu ray discs

an econmy at its production possiblites frontier is operating

at full potential

which group of people utilmately determines the products that a free enterprise econmy produces

consumers

what form of business organization does thisorganizational chart depcit

corporation

Unemployment That is directly related to swings in the business cycle

cyclical unemployment

For most products and services an increase in price results

demand for less of the product

which of the following choices best describes what this production possiblites frontier is depicting

econmic growth

free enterprise economy

economy in which consumers and privately owned businesses make the majority of the WHAT, HOW, and FOR WHOM decisions

according to this supply curve if the price of t-shirts decreases from $18 to $16 the quanity supplied will

fall from 1000 to 800

Which econmic system can change direction quickly and drastically dur to centralized decsion making

mixed

The united states can be described as having a

modified free enterprise system


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