Test Answers on Economics Flashcards

Chapter 15 and 16 economics test

What would be an example of a contractionary fiscal policy ? Increasing taxes and decreased government spending Which parts of the federal government put together the federal budget ? Congress and the White House What would be an example of an expansionary fiscal policy ? Tax cuts and increased government spending What term describes a […]

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final economics

The fundamental problem of economics is: The scarcity of resources relative to human wants A consequence of the economic problem of scarcity is that: Choices have to be made about how resources are used. Opportunity cost may be defined as the: Goods or services that are forgone in order to obtain something else. At which […]

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economics 11-1, 11-3, 15-1

central bank bank that can lend to other banks in time of need federal reserve notes paper currency issued by the fed that eventually replaced all other types of federal currency run on the bank rush by depositors to withdraw funds from a bank before it failed bank holiday brief period during which every bank […]

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Economics – Unit 2: Economic Roles

A market _____. exists whenever buyers and sellers exchange goods and services Select the items that describe voluntary exchanges. trading money for a car Ben wants to sell his used couch to Pam. Ben and Pam will trade the couch for money, if both individuals expect to _____. gain The interaction between buyers and sellers […]

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Economics – Ch15 and Ch16

fiscal year 12-month period that can begin on any date fiscal policy the use of gov’t spending and revenue to influence the economy federal budget a plan for the federal gov’t’s revenues for the coming year Office of Management and Budget (OMB) gov’t office that manages the federal budget appropriations bill a bill that sets […]

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economics test study guide part 3

the law of supply states that as the price of a goods declines, the quantity supplied of that good ♥decreases according to the law of demand as price increases demand ♥decreases an effective claim in an argumentative essay essay a writer should ♥establish a focus for the reader to create the proper style for an […]

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Economics Final Exam Review Questions And Answers

Which of the following items is a want? a. water b. shelter c. a new entertainment system d. clothes c. a new entertainment system Which of the following was known as the father of economics? a. Thomas Malthus b. Adam Smith c. Grover Cleveland d. David Ricardo b. Adam Smith Which of the following terms […]

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Economics Unit 1 Definitions

economics study of how individuals, families, businesses, and societies use limited resources to fulfill their unlimited wants microeconomics deals with behavior and decision making by small units such as individuals and firms macroeconomics deals with the economy as a whole and decision making by large units such as governments scarcity people who do not and […]

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Sports Marketing, Chapter 9 – The Economics of Supply & Demand

What is a major challenge for marketers? Finding a balance between what producers are willing to produce and what customers are willing to buy Explain law of demand. When the price goes up less people will buy it, vice verse Explain law of supply. When the price goes up the more products will be made, […]

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economics of money, banking, and financial markets

security aka financial instrument; a claim on the issuer’s future income or assets asset any financial claim or piece of property that is subject to ownership bond a debt security that promises to make payments periodically for a specified period of time interest rate the cost of borrowing or the price paid for the rental […]

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Economics Unit 3, Ch 13

Hyperinflation an extreme and rapid rise in the price of goods and services Economic Indicators statistics that help economists judge the health of an economy Gross Domestic Product (GDP) the market value of all final goods and services produced within a country during a given period of time -Department of Commerce’s Bureau of Economic Analysis […]

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IB Economics, Market failure

Market failure when a market (using P mechanism) doesn’t allocate resources efficiently –> creating shortage or surplus externalities costs or benefits related to a good or service that FALLS ON OTHERS besides buyers and sellers of that particular good or service Public some form of social (rather than private) ownership rivalrous the use of something […]

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Economics: Gross Domestic Product (GDP)

Define GDP. market value of all goods and services produced in a country over a time period– 1 year. What’s ‘point of ? at GDP’? measure of economic well-being– sense of our standard of living The GDP of China is 7 trillion dollars, while the GDP in Canada is 2 trillion dollars. Why can’t we […]

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Chapter 4 5 6 7 Economics

Demand The desire to own something and the ability to pay for it. Law of Demand Consumers buy more of a good when its price decreases and less when its price increases. Substitution Effect When consumers react to an increase in a good’s price by consuming less of that good and more of other goods. […]

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Economics chapter 2

laws of economics the general rules or principles guiding the production, distribution, and consumption of goods mercantilism an economic system that advocates the building up of the state’s treasury with the goal of accumulating as much bullion as possible as possible; holds nation’s wealth lies in its stockpiles of precious metals trade balance the difference […]

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Economics Test 2 Test Questions

competitive markets buyers and sellers have little market power ex: market of specific agricultural products, wheat for example, where there are many farmers who each produce a very small fraction of the total production of wheat and many buyers who each consume a tiny portion of that production. Because no single buyer or seller can […]

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Unit 1 Economics Review (1-4, 10)

Scarcity Lack of resources. Limited resources for satisfying unlimited wants and needs. Factors of production all the economic resources needed to produce a society’s goods and services. Opportunity cost if we decide to use our resources (i.e. money) on one thing, we lose the opportunity to use it on something else at the moment in […]

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Economics Chapter 1-3 Answers

Economics Definition the study of how individuals and socities choose to use the scarce resources that nature and the previous generations have provided Three fundamental concepts opportunity cost, marganalism, the working of efficient markets Opportunity Cost the best alternative that we give up, all or nothing Marganalism the process of analyzing the additional or incremental […]

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Economics exam 3

Why is the demand curve downward sloping? When demand rises, this tends to cause prices to rise When demand rises, this tends to cause prices to fall When prices decrease, consumers tend to buy more When prices increase, consumers tend to buy more When prices decrease, consumers tend to buy more Which of the following […]

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IB economics HL Definitions

Scarcity A situation where unlimited wants exist but the resources available to meet them are limited Resource allocation The way that resources within an economy are split between their various uses Land Physical factor of produc Labour Human factor of production Physical and mental contribution of existing workforce Capital Factor of production that is made […]

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GED Economics Lesson 1 Basic Economic Terms

capital things that can produce income labor the work of human beings goods and services something sold for profit markets networks for buying and selling goods and services supply and demand how prices are determined in a market system free markey economy US economy for example inventory the amount of goods one hgas for sale

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