Test Answers on Economics Flashcards

Key Concept 3.3. Increased Economic Productive Capacity

Invasions- with invasions people were driven off of the land and their urban setting and form of social class is destroyed and replaced with the conquering groups beliefs and powers(EX: English Farmers in the 1500’s) Disease- with any large population, people are forced together. People that are in abundance and in tight quarters are more […]

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Macroeconomics Ch. 1

In the 1970s, our economy suffered from ________. Inflation and stagnation There were no recessions during the administration of ______. Bill Clinton Our longest uninterrupted economic expansion took place mainly in the decade of the ______. 1990s In the 1990s our economy has generated more than _______ million additional jobs. 20 What set off the […]

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Macro Economics ch. 1-12

In the early 19th century, the US suffered from a scarcity of labor-relative to land True/False: Our economy has had an unemployment rate below 5% since the early 1940’s. false True/False: There was a great deal of stagflation in the 1970’s. true Each of the following were elements of the New Deal EXCEPT a balanced […]

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ECON Exam 2 PLA’S

The two key factors that cause labor productivity to increase over time are.. the quantity of capital per hour worked and the level of technology Potential real GDP is.. the level of GDP attained when all firms are producing at capacity What is human capital? The knowledge and skills workers acquire from education and training […]

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Macroeconomics Final

Economics is the science of scarcity A PPF is more likely to be a downward-sloping curve that is bowed outward than a downward-sloping straight line because most resources are better suited for the production of some goods than others An increase in the number of sellers of a product will _________ the product’s market equilibrium […]

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Triángulo Aprobado 1 – Los Temas Económicos

los envíos mailings la cifra figure, number el promedio average el decrecimiento decrease el incremento increase el resultado result, outcome a pesar de in spite of, despite mientras tanto meanwhile, in the meantime el papel role la brecha gap lograr to attain, to achieve la sabiduría knowledge, wisdom ampararse to take shelter, to seek advice […]

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Social Effects of WW1: political, social, economic

British Deaths 1 million Total dead 10 million Country with most deaths Germany 2 million Country with least deaths USA with 50,000 Most civilians death were caused by what diease Spanish Influenza – 15 million deaths Women in Workforce in France increase 47% in 1918 Women in Workforce in Britain increase 37% in 1918 Women […]

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Ch. 3 Economics

an economic system in which privately owned businesses have the freedom to operate for a profit with limited government intervention free enterprise act of buyers and sellers freely and willingly engaging in market transactions; a characteristic of capitalism and free enterprise voluntary exchange fundamental feature of capitalism, which allows individuals to own and control their […]

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ch 9 economics

capital gains profits from the sale of an asset held for 12 months incidence of tax the final burden of the tax progressive tax a tax that imposes a higher percentage rate of taxation on persons with higher incomes. 16th amendment Amendment to the United States Constitution (1913) gave Congress the power to tax income. […]

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Microeconomics chapter 10

Market failure can be caused by externalities The difference between social cost and private cost is a measure of the cost of an externality Internalizing a positive externality will cause the demand curve to shift to the right The term market failure refers to a market that fails to allocate resources efficiently. Positive externalities result […]

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Economics Chp 3

Interest group A private organization that attempts to influence public officials to act or vote in ways that will benefit the groups members. Free Rider A person who consumes a good or service but does not pay for it. Gross domestic product The total value of all goods and services produced in a particular economy. […]

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Chapter Two Business Law

Ethics the study and practice of decisions about what is good or right. The best alternative in a situation. Ethics guides us when considering what is the right choice in situations. The bottom line is that it has to be legal. Business Ethics the application of ethics to special problems and opportunities experiences by business […]

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Economics Review practice test

When manufactured goods are used to produce other goods and services, they are called capital goods. true A nondurable good lasts for less than five years when sued on a regular basis. false, three The paradox of value occurs when some necessities have little value, while some non-necessities have a much higher value. true Economic […]

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Chapter 9 Business Law – Test 2

Crime wrong against society proclaimed in a statute and punishable by a fine and/or imprisonment – or in some cases, death. Burden of Proof the duty of proving a disputed charge Beyond a reasonable doubt The standard that must be met by the prosecution’s evidence in a criminal case: that there is no other logical […]

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Economic Goals

∗∗How does achieving one economic goals interfere with the achievement other economic goals?∗∗ … ∗∗How are the six economic goals valued in different economic systems?∗∗ … What are the six economic goals 1) Economic Security 2) Economic Stability 3) Economic Growth 4) Economic Freedom 5) Economic Efficiency 6) Economic Equity Economic Efficiency wise use of […]

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The Final Insurance

Which of the following types of coverage is best used to protect the beneficiary, and to provide a living benefit for the policyowner? Permanent. Permanent insurance is designed not only to provide the beneficiary a death benefit if the insured dies, but also to provide the insured/owner a build up of cash value from which […]

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Analyze the Econ Ch 14 Essay

Revenue Income received by government Tax base Income, property, good, or service that is subject to tax Progressive tax A tax in which percentage paid increases as income increases Incidence of a tax Final burden of a tax Equity One characteristic of a good tax Regressive tax A tax in which the percentage paid decreases […]

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Wheeler-Economics-9

sin tax a relatively high tax designed to raise revenue and reduce consumption of a socially undesirable product such as liquor or tobacco incidence of tax the final burden of the tax tax loopholes exceptions or oversights in the tax law that allow some people and businesses to avoid paying taxes individual income tax tax […]

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Chapter 7 Essentials of Business Law

contract a legally enforceable agreement that is created when two or more competent parties agree to perform or to avoid performing, certain acts that they have a legal right to do and that meet certain legal requirements. tangible personal property personal property that can be moved. Offer a proposal made by one party (the offender) […]

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Chapter 7 – Business Law

Promise A declaration that binds the person who makes it (the promisor) to do or not to do a certain act (pg. 193) Promisor A person who makes a promise (pg. 193) Promisee A person to whom a promise is made (pg. 193) Contract A set of promises constituting an agreement between parties, giving each […]

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RMI social insurance

Which of the following statements is (are) true with respect to the characteristics of social insurance programs? Social insurance benefits are based on individual equity rather than social adequacy. Social insurance benefits are available only if a means (needs) test is satisfied. Unemployment insurance benefits are paid during periods of All of the following benefits […]

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