Test Answers on Economics Flashcards

Key Concept 3.3. Increased Economic Productive Capacity

question Invasions- answer 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) question Disease- answer with any large population, people are forced together. People that are in abundance and in […]

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Macroeconomics Ch. 1

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

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Macro Economics ch. 1-12

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

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ECON Exam 2 PLA’S

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

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Flashcards on Macroeconomics Final

question Economics is answer the science of scarcity question 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 answer better suited for the production of some goods than others question An increase in the number of sellers of a product will […]

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Triángulo Aprobado 1 – Los Temas Económicos

question los envíos answer mailings question la cifra answer figure, number question el promedio answer average question el decrecimiento answer decrease question el incremento answer increase question el resultado answer result, outcome question a pesar de answer in spite of, despite question mientras tanto answer meanwhile, in the meantime question el papel answer role question […]

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Social Effects of WW1: political, social, economic

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

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Ch. 3 Economics

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

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ch 9 economics

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

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Microeconomics chapter 10

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

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Economics Chp 3

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

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Chapter Two Business Law

question Ethics answer 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. question Business Ethics answer the application of ethics to special problems and […]

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Economics Review practice test

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

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Chapter 9 Business Law – Test 2

question Crime answer wrong against society proclaimed in a statute and punishable by a fine and/or imprisonment – or in some cases, death. question Burden of Proof answer the duty of proving a disputed charge question Beyond a reasonable doubt answer The standard that must be met by the prosecution’s evidence in a criminal case: […]

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Economic Goals

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

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Analyze the Econ Ch 14 Essay

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

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The Final Insurance

question Which of the following types of coverage is best used to protect the beneficiary, and to provide a living benefit for the policyowner? answer 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 […]

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Wheeler-Economics-9

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

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Chapter 7 Essentials of Business Law

question contract answer 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. question tangible personal property answer personal property that can be moved. question Offer answer a proposal […]

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Chapter 7 – Business Law

question Promise answer A declaration that binds the person who makes it (the promisor) to do or not to do a certain act (pg. 193) question Promisor answer A person who makes a promise (pg. 193) question Promisee answer A person to whom a promise is made (pg. 193) question Contract answer A set of […]

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Econ chapter 20

question income inequality answer The unequal distribution of an economy’s total income among households or families. question Lorenz curve answer A curve showing the distribution of income in an economy. The cumulated percentage of families (income receivers) is measured along the horizontal axis and the cumulated percentage of income is measured along the vertical axis. […]

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