ECONOMICS EXAM – Flashcards

What is one cause of scarcity?

The primary purpose of a conclusion in an informative essay is to

Total output is a synonym for

Which economic indicators are used to measure the global economy? Check all that apply.

Which organization created a shared economy?

Corporate taxes are a type of

Why do most nations use fiat money today?

Demand-pull inflation occurs when

Economists use GDP to measure

What is true of the M1 category of money?

Which is an example of comparative advantage?

What is one example of a closed economy?

It costs Cool Clothes Company $15 to produce one pair of jeans, but they needed to discontinue production of shirts to focus on jeans. The $15 and discontinuation of shirt production are represented by which of the following sets of terms?

Embargoes, quotas, and standards are tools that countries use

Gross domestic product (GDP) is the value of goods and services produced in a country annually. It can best be described as measuring an economy's

Jacob is considering buying a new car. Which nonrenewable resource should influence the decision?

Read the format of an outline for an informative essay. 1. _____________________ A. Thesis statement 2. Subtopic body sentence A. Evidence B. Evidence 3. Subtopic body sentence A. Evidence B. Evidence Which item would best fill in the blank space?

A mixed-market economy is one in which

Which are indicators that economists use to measure how an economy grows? Select all that apply.

According to the law of demand, as prices increase, demand

The graph below shows the value of the US dollar versus the Canadian dollar. According to the graph, the American dollar was the strongest during which month?

Which is the best definition of hyperinflation?

If Country A is an agricultural country and Country B has many cities and factories, it would make sense for

How do trade agreements help the countries involved?

If it becomes less expensive to travel overseas from the United States, American tourists are benefiting from the fact that

President Roslin of Country XYZ knows that a new policy is needed to help solve the problem of rising unemployment in her nation. Her next step is to

Look at the following chart. Producer A's opportunity cost would be

The law of supply states that as the price of a good declines, the quantity supplied of that good

The higher a country's gross domestic product (GDP), the more likely it is that the country

When the government injects money into the economy, consumers may have more purchasing power, which may result in

If expansionary taxation policies are left unchecked, which is the most likely result?

Businesses can use globalization to their advantage by

Why is the slow growth that can result from a contractionary policy a positive effect?

Which factors influence changes in consumer demand? Check all that apply.

The Fed's aim in responding to a recession is to decrease

When does government regulate producers in a mixed-market economy?

Banks that offer low interest rates to people with good credit

Which best describes an opportunity cost?

The graph shows the price of a good compared to the quantity demanded. This graph demonstrates how

What is the best definition of profit?

A low trough is indicative of

Which occurs during disequilibrium? Check all that apply.

When artists pass away, the supply of their paintings most likely becomes (blank).

In a free market system, price controls can include both floors and (blank)

The graph shows a point of equilibrium. What is the price at which equilibrium is achieved?

A regulatory agency that attempts to limit risk in the banking system is

A certificate of deposit pays a higher interest rate than a savings account because the money is

What do the indicators used by economists reveal about the economy?

When it spends money on education, a government is trying to

The chart shows the marginal cost of producing apple pies. This chart demonstrates that the marginal cost