What do the economic systems of other countries have in common with the economic system of the United States?

They face the same basic problems More test answers on https://studyhippo.com/personal-financial-lit/

What are the 3 big economic questions that all economic systems must answer?

1. What goods are being produced? 2. How should they be produced? 3. How should they be distributed? More test answers on https://studyhippo.com/economics-economic-institutions/

Which concept is essential to the study of economic systems?

answers : factors of production More test answers on https://studyhippo.com/global-regents-multiple-choice-qsss/

What are the four most common economic systems in the world?

Market, mixed, command, traditional More test answers on https://studyhippo.com/civics-and-economics-practice-test/

What are the two general types of economic systems that exist today?

market systems and command systems. More test answers on https://studyhippo.com/microeconomics-chapter-2-test-answers/

All economic systems are concerned with which of these same problems?

What, how, how much, and for whom to produce More test answers on https://studyhippo.com/personal-financial-lit/

Nations use economic systems to determine what?

how to use their limited resources effectively More test answers on https://studyhippo.com/economic-systems-power-point/

what lies at the heart of the differences between economic systems?

the question of who gets to consume which goods and services More test answers on https://studyhippo.com/economics-chapter-2-study-guide-3/

What are the different types of Economic Systems?

-Traditional Economy -Market Economy (free enterprise) -Command Economy -Mixed Economy More test answers on https://studyhippo.com/economic-systems-power-point/

Economic Systems test questions and answers | Get Access To Economic Systems Flashcards and exam tests

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Circular Flow Model Demand For Beef Economic Systems Principles Of Economics: Macroeconomics Principles Of Economics: Microeconomics

Final Exam Econ – Flashcards 70 terms

Jaxon Wilson

70 terms

Preview

Final Exam Econ – Flashcards

question

Suppose that college tuition is higher this year than last year and that more students are enrolled in college this year than last year. Based on this information, we can best conclude that

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despite the increase in price, quantity demanded rose due to some other factor changing

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If the price of movies on VHS rises while the price of movies on DVD remains the same, the law of demand predicts that consumers will

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substitue movies on DVD for movies on VHS

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Tuition and fees for four year colleges in the United States have risen by an average of 5.9 percent in 2006. One cause for the increase in price has been an increase in emand for college education. In the standard model, what could be a possible explanation for the increase in the demand for college education

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Income in the US has risen

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Suppose farmers can use their land to grow either wheat or corn. The law of supply predicts that an increase in the market price of wheat will cause

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farmers to substitute wheat for the production of corn

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Suppose when you are offered 5 dollars an hour to work in the capus library, you choose not to work, but when you are offered 8 dollars an hour you accept a part-time position. Your behavior can best be explained by the fact that your supply of labor curve is

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down-ward sloping

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the distinction between supply and the quantity supplied is best made by saying that

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supply is represented graphically by a curve and quantity supplied as a point in that curve

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In 2004 Argentina imposed a 20 percent tax on natural gas exports to be paid by suppliers

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supply of natural gas exports to shift to the left

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which would be expected to cause an increase in the supply of fax machines

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a decrease in the cost of manufacturing fax machines

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the more the current price exceeds the equilibrium price the

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greater the resulting surplus will be

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when the wage rate paid to labor is above equilibrium the

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number of workers seeking jobs exceed the number of jobs available

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if the price in market is above its equilibrium level, there will be a

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surplus and downward pressure on price

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if supply and demand intersect at a price of 5$ then a reduction in price from 6$ to 5$ will cause an increase in quantity

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demanded a decrease in quantity supplied and the alleviation of a surplus

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The firm is producing an output of 24 and has total costs of 260 its marginal cost

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cannot be determined

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the difference between the short run and the long run in the cost model is that

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in the short run at least one input factor of production is fixed in the long run all inputs are variable

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if marginal cost is less than average variable cost then average variable cost will

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decrease as output rises

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the marginal cost curve intersects the

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average variable cost curve at its minimum point

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the marginal cost curve intersects the average goal cost when average variable costs are

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rising

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the average variable cost curve is a mirror image of the

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average product curve

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at the very high levels of output, total cost tends to

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increase at an increasing rate

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the total satisfaction one gets from one's consumption of product is called

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total utility

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When marginal utility is zero total utility is

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at its maximum

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If the total utility curve is a straight line, the marginal utility curve would be a

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flat line with a slope of zero

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you're maximizing utility when

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(MU of X)/(P of X) = (MU of Y)/(P of Y)

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The absolute value slope of the indifference curve given the law of diminishing marginal rate of substitution

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declines as one moves to the right

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If the price of machinery increase, the isocost line will rotate

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in and become flatter

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An isoquant is a curve that represents combinations of

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factors of production that produce equal amounts of output

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Isoquants slope down because

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as less of one input is used, more of another must be used if output is to remain constant

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the marginal rate of substituion is the rate at which

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inputs must be substituted for one another in order to keep output constant

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an isocost line is a line that represents combinations of

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factors of production that cost the same amount

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If the law of diminishing marginal productivity holds true, then eventually both the marginal cost curve and the average cost curve must begin to be

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upward sloping

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the minimum point of the average variable cost curve is reached at the output level at which

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average product is maximized

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other things equal when the average productivity falls

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average variable cost must rise

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marginal cost curve should go through

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the minimum points of the AVC and ATC curves

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the average fixed cost curve appears

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always downward sloping

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Effective rent controls

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cause the quantity of rental occupied housing demanded to exceed the quantity supplied

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If the demand for agricultural output is highly inelastic, an improvement in the technology used int eh agricultural industry will most likely cause a

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large drop in the price of agricultural output combined with a small increase in quantity

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If supply is highly elastic demand shifts to the right

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price will hardly change at all; quantity will rise significantly

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for complements

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cross price elasticity of demand is negative

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If macaroni and cheese is an inferior good then falling incomes will tend to

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put upward pressure on its price and quantity

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If the supply curve is perfectly elastic the burden of tax on suppliers is borne

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entirely by the consumers

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If demand is perfectly inelastic, the burden of a tax on suppliers is borne

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entirely by the consumers

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The distance between the demand curve and the price the consumer has to pay for a product given quantity demanded is referred to as

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consumer surplus

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a per unti tax on coffee paid by the seller causes the

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supply of coffeee curve to shift upward by the amount of the per unit tax

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when supply is inelastic consumers face

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significant price increases when demand increases

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If elasticity of demand is greater than one

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a rise in price lowers total revenue

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When workers are paid higher wages production costs

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rise, supply shifts leftward and product prices rise

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if the price of air conditioners falls there will be

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an increase in the quantity demanded of air conditioners

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compared to last year fewer oranges are being purchased and the selling price has decreased. this could have been caused by

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a decrease in demand

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the supply of leather jackets would be expected to increase as a result of

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a decrease in the cost of producing leather jackets

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Which is not one of the three central coordination problems of the economy given in the book

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whether

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the marginal benefit from consuming another unit of a good

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equals the increase in total benefits from consuming the unit

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When your wages rise the

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opportunity cost of an hour of leisure increases

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Which cannot be determined using a production possibility table

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what combination of outputs is best

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because you can get more of one good by giving up some of another good the shape of a production possibility curve is

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downward sloping

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to graphically demonstrate the principle of increasing marginal opportunity cost the production possibility curve must be

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bowed out

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countries gain from trade by producing

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the goods they can produce at the lowest opportunity cost

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two countries that specialize their production along the line of comparative advantage and the trade with one another will be able to

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both produce and consume more

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An increase in demand for a good is most likely to cause

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movement down along the supply curve as price changes

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If demadn and supply both increase this will cause

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an increase in equilibrium quantity, but an uncertain effect on the equilibrium price

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An increase in quantity and an indeterminate change in price are consistent with a

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rightward shift in supply and demand

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an effective price ceiling is best defined as a price

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imposed by gov't below equilibrium price

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When an effective price ceiling is removed we would expect the price of the good to

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increase and the quantity demanded to decrease

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Price elasticity of demand is the

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percentage change in quantity of a good divided by the percentage change in the price of that good

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demand is said to be elastic when the

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percentage change in quantity demanded is greater than the percentage change in price

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If quantity demanded changes infinitely when the price changes the demadn

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is perfectly elastic

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along a straight line demand curve total revenue is the highest when elasticity of demand is

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one

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cross-price elasticity of demand is defined as the

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percentage change in demand divided by the percentage change in the price of another good

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for necessities income elasticity is any value

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between 0 and1

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for substitutes

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cross price elasticity of demand can be any positive value

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If there were decreasing marginal opportunity costs the production possibility curve would be

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bowed in

STUDY

Cultural Geography Economic Systems History of Europe Indo European Language Family Traditions And Values World Geography

Chapter 12 Europe: Cultural Geography – Flashcards 24 terms

Sarah Adrian

24 terms

Preview

Chapter 12 Europe: Cultural Geography – Flashcards

question

Define: Ethnic Group

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groups of people with a shared ancestry, language, customs, and often religion.

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List: 4 factors that created Europe's diversity.

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migration, cultural division, conflict, and changing borders

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Define: refugee

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people who flee to a foreign country for safety.

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Describe the similarities among Europeans.

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Europeans value the importance of the past, the cultural achievements of their ancestors and take pride in their families.

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True or False: The most populous nations in Europe are France and Italy.

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False: The most populous nations in Europe are Germany and Vatican City.

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Why did Europeans and guest workers clash?

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Europeans and guest workers often competed for jobs, housing, and social services.

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Define: feudalism

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a system at which monarchs gave nobles land in exchange for loyalty

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Define: Welfare state

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a country that offers extensive human services to its citizens

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Which features do the regions of Europe share in order to support large populations?

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Favorable climate, fertile soil, mineral resources, and inland waterways (access to clean water)

question

Describe the industrial revolution.

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The Industrial Revolution was a time of power driven machinery and new methods of production in the 1700s; Sparked by the Enlightenment (time of questioning tradition, authority and beliefs); New and reasonable ways to boost the industries of Europe and the rest of the world. Brought an increased volume and variety of manufactured goods; Improved standard of living for some, Grim employment and living conditions for the poor and working classes; Brought about Industrial Capitalism, profits for middle and upper class.

question

When did urbanization in Europe begin?

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1700s

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Northern Europe includes the relatively ethnically diverse and densely populated ___________.

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United Kingdom

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Large numbers of _________________________ settled in Great Britain at the end of World War II.

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Refugees

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A system in which monarchs or lords gave land to nobles in return for pledges of loyalty was known as

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Feudalism

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Industrial and social changes in Europe in the 1800s led to _____________, an economic system in which owners used profits to expand their companies.

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Communism

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Who invaded Britain in the Middle Ages after the Romans left?

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Germanic Angles, Saxons, and Jutes

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Foreigners who work on a temporary basis in a country other than the ones in which they are citizens are called

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Guest workers

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Which two countries are most densely populated in Western Europe?

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Netherlands & Belgium

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After World War II, which country was divided between communism and non-communist governments?

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Germany

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Which artistic painting style developed in the 1800s that captures immediate experiences of the natural world?

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impressionism

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What group of people held control of Spain for over 700 years?

answer

The Moors

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The division of a region into smaller regions that are often hostile with each other is called

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Balkanization

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Which empire fell in 1453 and came under control of the Ottoman Empire?

answer

Byzantine Empire

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Which two countries grew wealthy because of the trade routes and colonies they established?

answer

Spain and Portugal

STUDY

Economic Systems Economics Mixed Market Economy Political Economy Social Studies Supply And Demand Three Basic Economic Questions

Unit 4: Economic Systems in Europe – Flashcards 14 terms

Jose Escobar

14 terms

Preview

Unit 4: Economic Systems in Europe – Flashcards

question

1) What to produce? 2) How to produce? 3) For whom to produce?

answer

What are the 3 basic questions every economic system must answer?

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Most European countries have a mixed economy. UK is mostly market economy - Russia is mostly command economy - Germany is in the middle

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What type of economic system do most European countries have?

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A pure market economy is no government rule within the economy - citizens make all economic decisions. A pure command economy is total government rule - citizens have no economic choice.

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What does it mean when the economy is pure?

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No pure market economies because there would be no rules/policies that companies had to follow, companies could sell anything (drugs). No pure command economies because citizens were unhappy begin controlled by government.

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Do pure economies still exist?

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Command economy because Germany was communist (government controlled).

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What kind of economy did East Germany and Russia have when they were communist?

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Tariff Quota Embargo

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what are the 3 types of trade barriers?

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Human resources are the skills people have to produce goods and services. To invest in these resources a country must have educated, trained, and healthy workers.

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Think about human resources - how do countries INVEST in these workers?

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A country would spend money to have new factories, purchase new technologies, update machinery. Companies would then be able to produce more so the country's GDP would increase.

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Think about capital resources - when countries INVEST in these resources, what happens to the gross domestic product (GDP)?

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They are creating businesses - which creates job - which allows for more people to create/produce goods.

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Successful entrepreneurs tend to INCREASE a nations' GDP. Why?

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1) Countries that have a high literacy rate tend to be more economically advanced with better jobs. 2) Countries that have low rates tend to be less advanced and have low income jobs.

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How does literacy rate affect a country's development?

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they have better access to the resources in the educated developed nation.

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A literate person in a developed country is most likely to have healthcare, technology, and a high paying job because....

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The GDP increases because they are producing more within and not having to import these items. This helps the countries wealth.

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Think about Natural Resources - when countries INVEST in these resources, what happens to the gross domestic product (GDP)?

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high literacy rate better jobs higher standard of living quality healthcare high life expectancy commercial farming (farming to feed thousands)

answer

Characteristics of Developed Nations

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low literacy rate low income jobs low standard of living poor healthcare low life expectancy subsistence farming (farming to survive)

answer

Characteristics of Underdeveloped Nations

STUDY

Economic Systems Human Rights Laissez Faire Capitalism Socialism And Communism United States Government-Comprehensive

American Gov. Comparative Government and Economic Systems Unit Test – Flashcards 15 terms

Henry Smith

15 terms

Preview

American Gov. Comparative Government and Economic Systems Unit Test – Flashcards

question

How does the role of the Department of Labor (DOL) in the economy differ from that of the Securities and Exchange Commission (SEC)?

answer

The DOL protects workers, while the sec oversees the stock market

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How do the realities of NAFTA today differ from the expectations presented in this speech?

answer

Many high-paying manufacturing jobs have been lost

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This chart shows the final six steps necessary to the passing of a federal budget. Why is the inclusion of step 15 such an important part of the process?

answer

It insures the ongoing operation federal agencies

question

Adam Smith's economy theory, in which all people are free to pursue their own private interests, is known as what?

answer

Laissez-faire capitalism, which features little government control

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According to this chart, what makes socialism unique from other economic systems?

answer

Although the state exerts strong control over the economy, individuals also make many important economic decisions

question

Which of the following issues is the subject of this political cartoon?

answer

The impact of government in a mixed economy

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What is the separation of powers between the legislative branch and the executive branch regarding the budget?

answer

Congress holds "the power of the purse" and the president initiates the budget process by submitting a budget plan

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Judging from the pattern shown on this graph, how will the public debt most likely change from 2013 to 2015?

answer

It will decrease by more than 2 percent

question

Constitutional limits on the federal government's taxing power would prohibit which of the following?

answer

A tax on the export of aircraft to the Philippines

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How has devolution affected the structure of the United Kingdom's government?

answer

Under devolution, Scotland, Wales, and Northern Ireland have their own parliaments and create some their own policy

question

Which of the following is a true statement of China's constitution?

answer

It is supposed reflect current governmental policies

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The graphic shows how key positions in the executive and legislative branches of the Russian government are chosen. How is the Russian prime minster chosen?

answer

The president appoints the prime minister, who must then be approved by the Duma

question

Imposing a tariff on imports from other countries in order to safeguard American industry is known as what?

answer

Protectionism

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Read the following sentence from the textbook that expresses a man idea of China's official policies. Then chose the statement that offers evidence that supports the main idea

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Capital punishment is the penalty for a long list of crimes in China

question

What factors described described here would qualify Somalia as an example as a failed state?

answer

Somalia's government is unable to protect its citizens or defend itself from attack, so there is no stability

STUDY

Economic Systems Great Plains Region Human Environment Interaction State Income Tax Supply And Demand

Texas Geography | unit 1 – Flashcards 60 terms

Adam Howard

60 terms

Preview

Texas Geography | unit 1 – Flashcards

question

What is the key city of the coastal plains?

answer

Houston

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what is the key city of the North central plains?

answer

Fort Worth

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What is the key city of the great plains?

answer

Amarillo

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What is the key city of the mountains & basins region?

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El paso

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What is the climate in the coastal plains region?

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Wet & mild

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What is the climate in the North central plains region?

answer

mild, but less precipitation

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what is the climate in the great plains region

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dry, warm in the day, cold at night *droughts are a problem*

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what is the climate in the mountains and basins region?

answer

very dry, little water, hot

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what is the most important economic resources for the *coastal plains* region?

answer

*oil/fossil fuel, lumber*, farming, soil

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what is the most important economic resources for the *north central plains* region?

answer

cattle, soil, farming, *pecans, peaches, wool.*

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what is the most important economic resources for the * great plains region*

answer

wool, wheat, grass cattle

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what is the most important economic resources for the * mountains & basins region*

answer

cotton

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what region lies along the coast & border of Mexico

answer

The coastal plains region

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what type of climate does the gulf of Mexico create?

answer

a mild climate

question

name some major cities in the coastal plains region

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houston, dallas, San antonio, Galveston, brownsville, austin

question

places can be apart of multiple______

answer

regions

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Define *relative location*

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the position of a place in *relation* to other places Ex: Texas is north of Mexico

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Define *Absolute Location*

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- *exact* position of a place on earth - uses longitude & lattitude aka " *Global Address*

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places vs region

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*places*: are locations with specific physical and human characteristics, (ex: dallas) *regions*: are *multiple places or *areas* that share physical & human characteristics, Ex: (coastal plains)

question

Name some Human Characteristics

answer

-language -politics - music - religions -architecture - culture or "way of life"

question

Definition of Human Characteristics

answer

Things such as language, religion, political systems, economic systems, and population distribution are examples of *human characteristics.*

question

Movement/ human sytems

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-movement of people, goods, and ideas, effect the *geography of the world* - creates " cultural diffusion" (blending culture through movement)

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what effects the geography of the world?

answer

movement of people, goods, and ideas, effect the *geography of the world*

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what does the geography of the world create?

answer

Cultural diffusion

question

what shapes the earth's surface?

answer

-physical features such as *rivers, volcanoes, glaciers, and hurricanes* *they interact with and shape the earth's surface*

question

what are some examples of human environment interaction?

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- air pollution - recycling - cutting forests -damming rivers - paving roads - chemical dumping

question

people live mostly in what region of Texas?

answer

the coastal plains region

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Examples of Physical Characteristics

answer

- landforms - plants -climate - animals

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define physical characteristics

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physical characteristics include landforms, climate, soils, and hydrology.

question

the place you live in develops your?

answer

society & culture

question

what factors influence patterns of settlement & development of diverse society?

answer

- climate, for example if it's too cold they may not want to move there - land for farmers to farm - fertile or dry land for crops -physical characteristics (landform, climate, plants, animals) - water for plants to live off for better vegetation - landforms; ex: lake

question

definition of anamorphic

answer

density of how many people live in a certain area

question

what are some push factors that would cause people to move?

answer

- bad government - no jobs - high tax, people might not be able to afford the tax - harsh climate - poverty - crime - natural disaster

question

what are some pull factors that would cause people to move?

answer

- good jobs that pay a good income -good education, a good school system - colleges - mild climate

question

what does the *Texas triangle* refer to?

answer

dallas, san antonio, houston, austin

question

What have you noticed about the population in Dallas? what are some problems with an increased population?

answer

- it is growing, which contributes to more traffic - more people creates more cultural diffusion and diverse cultures - pricing is increasing in housing due to demand - there could be lack of infrastructure, from a big population, so we will need to keep up with the infrastructure - poverty and crime rate can rise, - hunger will rise from poverty - opinions on the government can change from different cultural beliefs.

question

what are some positive effects of people moving to Texas?

answer

- diverse or different types of jobs - more job opportunities - more infrastructure - new cultures - more communities for people to live in & socialize

question

define infrastructure

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the basic physical & organizational structures or facilities Ex: building, roads, power supplies, airport

question

{level 4}how does climate and other geographic resources effect what *crops &animals* are raised in different *regions of Texas*

answer

- if it rains a lot in a certain region, there will be more fruits & vegetables - it's hard to grow crops in dry regions like the mountains and basins region so they use quaffer and rivers to irrigate their crops - in the rockier regions of Texas, ranchers use goat for mohair.

question

{level 4} how has Texas developed technology to use for the states natural resouces?

answer

Energy resources are important because they supply fuel to run automobiles, heat, homes, and the power industries. Texans have.. - drilled oil wells in almost every region and built *refineries* to process the oil, ex: spindle top in Beaumont. thousands of texans depend on a job in the *oil industry*. - build windmills for wind energy

question

how do you think future scientific discoveries & technology innovations will effect the use of natural resources?

answer

- they could help us by getting the resources to us faster - help conserve usage - it could tell us how much we should use, in order to conserve and that way we can determine how much we should use and ration.

question

define poverty

answer

*lower social economic class* for example: homeless, starving, no job

question

Define escarpment

answer

cliff of a plateau

question

name the only natural lake in Texas

answer

caddo lake

question

highest point in texas

answer

*Guadalupe peak* in the mountains & basins region

question

how do most people live *like* in Texas?

answer

Most people live in the coastal plains region, in the major cities for diverse jobs. they may like this region because the climate is mild, and wet. there is great entertainment in cities like football, basketball, and concerts good land for farming and ranching some people work in the oil industry

question

what is the most important economic activity in the north central plains?

answer

agriculture; specialize in crops such as peaches and pecans

question

which is the largest wool producing region in Texas?

answer

The North Central Plains Region

question

The great plains region is called " a sea of grass" and was once home to?

answer

heard of buffalo, & nomadic native americans

question

Describe the Texas Panhandle

answer

- amarillo - not good for farming, therefore irrigation is used - flatlands contrast the Canadian breaks & palo duo canyon - *grazing cattle is common*

question

which is the westernmost region and is sparsely populated?

answer

Mountains & basins region

question

where does 2/3 of the population live, in the mountains and basins region

answer

El Paso

question

which region in texas has strong economic ties to mexico?

answer

Mountains & basins region

question

what makes the mountains & basins region unique to the rest of texas?

answer

climate, landforms, and culture

question

all of Tx mountains are found in what region?

answer

Mountains & Basins Region

question

{ level 4 } with so many people moving to Texas, which region will see the biggest population growth in the next 50 years?

answer

the *north central plains region* will see more growth because it's so close to the coastal region. Fort worth their key city is close to Dallas. they also have great natural resources such as pecans and peaches. this is the largest wool producing region in Texas. there is lots of land to build more cities for people to live in, and it's great for farming. They could also create solar energy panels to get electricity naturally so they can use it in this region. a lot of farmers will be able to get jobs related to farming here at an affordable costs. they can also save money by using solar energy for their house. in addition more people can get jobs from the oil industry as people drill oil & natural gasses there

question

How did sunbelt growth start?

answer

after ww2, many military manufacturing jobs were moving from the northeast to the south & west

question

the term sunbelt was not used until the

answer

1970's

question

what are some reasons people decided to move to settle in the south

answer

air conditioning, climate, landforms, resources

question

summarize the " sunbelt"

answer

after world war 2, many military manufacturing jobs were moving down to the south and west from the northeast. growth also occurred from Mexicans and other latin americans moving up north. this term describes states from florida in the east to California in the west. people also moved here because of cheap air conditioning, it was cheaper and there were few labor unions .new types of business & industries, and industries like aerospace. Growth in the sunbelt has slowed today but people are moving down to Texas because of jobs & no state income tax. New Yorkers and Californians can make up to 9% and 11% more of their income by moving to Texas.

STUDY

Economic Systems Figurative Language Literary Elements Second World War Tell Tale Heart Time And Space

Code Talker figurative language and Literary Elements – Flashcards 15 terms

Ruth Blanco

15 terms

Preview

Code Talker figurative language and Literary Elements – Flashcards

question

Personification

answer

We heard the whining sound coming from the sky (pg. 92)

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Hyperbole

answer

With all the sand we ate I figured we were ten pounds heavier (pg. 92-93)

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Alliteration

answer

It may be closer to the truth than what your commanding officer says (pg. 86)

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Simile

answer

The Japanese are so stealthy they are like mice (pg. 107)

question

Alliteration

answer

Him fella bomb fall too far to hurt we. I hear him coming long time (pg. 119)

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Personification

answer

It is that same game that ancient animals played in the night (pg. 122)

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Hyperbole

answer

I am a plucked turkey (pg. 59)

question

External Conflict

answer

Ned wanted to be enlisted his dad said ¨Son, we are proud of you but, your mother and I both think you are not old enough.¨ (pg. 43)

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1st person point of view

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Grandchildren you have asked me about this medal of mine. (pg. 1)

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Flashback

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I knew him when we were both young men (pg.1)

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Style

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"NO SIR!!" (pg.63)

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Antagonist

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The snapping sound of Japanese .25 caliber rifles. (pg. 1)

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Oxymoron

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Unlocked. (pg. 70)

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Onomatopoeia

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Clicking. (pg. 71)

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Metaphor

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He smiled, and became a little embarrassed. (pg. 87)

STUDY

19th Century Buying And Selling Economic Systems Economics Political Economy

Chapter 2 Worksheets – Flashcards 43 terms

Donna Chou

43 terms

Preview

Chapter 2 Worksheets – Flashcards

question

Societies embrace various economic systems to deal with the fundamental problem of _______________.

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scarcity

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The way the 19th century Inuit divided the "spoils of the hunt" demonstrates a ______________ economy.

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traditional

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In a ______________ economy, production questions are answered by the government.

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command

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In a ______________ economy, questions of what, how, and for whom to produce are answered by buying and selling activity of individuals.

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market

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___________________ is a system in which government owns and controls some, but not all, productive resources.

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Socialism

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Which statement describes a disadvantage of a command economy?

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Nothing stops the government from producing things that people don't need or want.

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How is the principle of "There's No Such Thing As A Free Lunch" illustrated in a socialist economy?

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Socialist economies tend to offer extensive government services but have high tax rates.

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Which of the following is a disadvantage of a market economy?

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It sustains a high degree of uncertainty.

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Which of the following states an advantage of a traditional economy?

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Everyone knows exactly what their function is.

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What kind of economy offers uniformity in wages regardless of individual productivity?

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command and socialist economies

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(T/F) Mixed economies can evolve when societies with different kinds of economies interact.

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True

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(T/F) Mixed economies work to the degree that they embrace democracy.

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False

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(T/F) There is always some degree of government involvement in a mixed economy.

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True

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(T/F) Socialist economies include aspects of both command and free-enterprise systems.

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True

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(T/F) Communist countries like North Korea and Cuba are examples of mixed economies.

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False

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Which of the following statements best describes the communist ideal?

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a classless society in which everyone works for the common good

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Why did Sweden move from socialism to a more mixed economy in the 1980s?

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Its citizens objected to the nation's high rate of taxation.

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Which of these is an accurate statement about mixed economies today?

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There are more mixed economies in the world than any other kind.

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Who did Karl Marx believe would be the beneficiaries of socialism?

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workers

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Which of the following describes a move away from capitalism?

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economic reforms following the Great Depression in the United States

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gross domestic product on per person basis

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GDP per capita

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central planning authority in the former Soviet Union

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Gosplan

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fundamental restricting of the Soviet economy, introduced by President Mikhail Gorbachev

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perestroika

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independent Polish labor union founded in 1930 by Lech Walesa

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Solidarity

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independently owned group of Japanese business firms united to regulate competition

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keirestsu

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Which country is an example of a capitalist country?

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Singapore

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What is the main difference between Japanese capitalism and capitalism in the United States?

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Japan's government is highly involved in day-to-day business management.

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What conclusions can be drawn about capitalism from South Korea's economic growth in the late 20th century?

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Capitalism can restore a damaged economy.

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Which of these statements apply to present-day Sweden?

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Its unemployment rates are relatively low.

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Which statement describes why the people in a nation with a command economy might resist a shift to a free market economy?

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People who hold political power are threatened by fundamental changes.

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system in which economic activity is the result of ritual, habit, or custom

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traditional economy

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efficient way of allocating resources and producing and distributing goods and services in a society

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economic system

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economic system in which a central authority makes the major economic decisions

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command economy

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system in which economic activity is driven by supply, demand, and the price system

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market economy

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economic system in which private citizens own and use resources to make a profit

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capitalism

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conversion of state-owned property to individual ownership

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privatization

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comprehensive, centralized economic strategy for achieving rapid industrialization, used by the Soviet Union and China

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Five-Year Plan

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Chinese strategy used to quickly revolutionize industrial agriculture and production

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Great Leap Forward

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economic shift from private ownership to government ownership

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nationalization

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economic sector in which goods and services are sold illegally

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black market

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How are economic transactions shaped in a traditional economy?

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Elders and ancestors make certain that things are done in specific ways.

question

Which of the following lists economic systems in order from least to most flexible?

answer

command, socialism, free market

question

Which of the following could raise the cost of production in a command economy?

answer

a large and inefficient bureaucracy

STUDY

Buildings And Equipment Economic Systems Economics Human Capital Refers To Microeconomics Is Concerned With Principles Of Economics: Microeconomics Resources Are Scarce

Chap 1 Macro ECO – Flashcards 199 terms

Cindy Krause

199 terms

Preview

Chap 1 Macro ECO – Flashcards

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1) All economic questions are about A) how to make money. B) what to produce. C) how to cope with scarcity. D) how to satisfy all our wants.

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2) All economic questions arise because we A) want more than we can get. B) want more than we need. C) have an abundance of resources. D) have limited wants that need to be satisfied.

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3) Economics is best defined as the study of how people, businesses, governments, and societies A) choose abundance over scarcity. B) make choices to cope with scarcity. C) use their infinite resources. D) attain wealth.

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4) Scarcity is a situation in which A) people cannot satisfy all their wants. B) most people can get only bare necessities. C) people can satisfy all their wants. D) some people can get all they want and some cannot.

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5) Economists point out that scarcity confronts A) neither the poor nor the rich. B) the poor but not the rich. C) the rich but not the poor. D) both the poor and the rich.

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6) Scarcity is A) our inability to satisfy all our wants. B) a situation that exists during economic recessions but not during economic booms. C) eliminated by choices. D) an economic problem only for poor people.

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7) When an economist talks of scarcity, the economist is referring to the A) ability of society to employ all of its resources. B) ability of society to consume all that it produces. C) inability of society to satisfy all human wants because of limited resources. D) ability of society to continually make technological breakthroughs and increase production.

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8) Fundamental economic problems basically arise from A) the fact that society has more than it needs. B) turmoil in the stock market. C) the unequal distribution of income. D) our wants exceeding our scarce resources.

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9) Scarcity exists because A) society and people are greedy and wasteful. B) our wants exceed the resources available to satisfy them. C) of the inefficient choices we make. D) poor people need more food and other goods.

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10) Scarcity can be eliminated through A) the use of market mechanisms. B) exploration that helps us find new resources. C) wise use of our resources. D) None of the above because scarcity cannot be eliminated.

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11) As an economic concept, scarcity applies to A) both money and time. B) money but not time. C) time but not money. D) neither time nor money.

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12) In every economic system, choices must be made because resources are ________ and our wants are ________. A) unlimited; limited B) limited; unlimited C) unlimited; unlimited D) limited; limited

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13) The problem of "scarcity" applies A) only in industrially developed countries because resources are scarce in these countries. B) only in underdeveloped countries because there are few productive resources in these countries. C) only in economic systems that are just beginning to develop because specialized resources are scarce. D) to all economic systems, regardless of their level of development.

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14) Scarcity requires that people must A) cooperate. B) compete. C) trade. D) make choices.

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15) People must make choices because A) most people enjoy shopping. B) of scarcity. C) there are many goods available. D) None of the above answers is correct.

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16) An incentive A) could be a reward but could not be a penalty. B) could be a penalty but could not be a reward. C) could be either a reward or a penalty. D) is the opposite of a tradeoff.

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17) An inducement to take a particular action is called A) the marginal benefit. B) the marginal cost. C) opportunity cost. D) an incentive.

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18) Economics is best defined as A) how people make money and profits in the stock market. B) making choices from an unlimited supply of goods and services. C) making choices with unlimited wants but facing a scarcity of resources. D) controlling a budget for a household.

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19) The study of economics A) focuses mainly on individual consumers. B) arises from the fact that our wants exceed available resources. C) recognizes that scarcity does not affect rich nations. D) deals mainly with microeconomics.

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20) Economics is best defined as the science of choice and how people cope with A) differences in wants. B) differences in needs. C) scarcity. D) different economic systems.

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21) Economics is the study of A) the distribution of surplus goods to those in need. B) affluence in a morally bankrupt world. C) the choices we make because of scarcity. D) ways to reduce wants to eliminate the problem of scarcity. Answer: C

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22) The study of the choices made by individuals is part of the definition of A) microeconomics. B) positive economics. C) macroeconomics. D) normative economics.

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23) In part, microeconomics is concerned with A) how a business firm decides upon the amount it produces and the price it sets. B) changes in the economy's total output of goods and services over long periods of time. C) factors that explain changes in the unemployment rate over time. D) the Federal Reserve's policy decisions.

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24) The study of the decisions of individual units in the economy is known as A) macroeconomics. B) microeconomics. C) the study of incentives. D) ceteris paribus study.

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25) Studying the determination of prices in individual markets is primarily a concern of A) positive economics. B) negative economics. C) macroeconomics. D) microeconomics.

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26) The analysis of the behavior of individual decision-making units is the definition of A) microeconomics. B) positive economics. C) macroeconomics. D) normative economics.

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27) Which of the following is a microeconomic topic? A) How a trade agreement between the United States and Mexico affects both nations' unemployment rates. B) Comparing inflation rates across countries. C) How rent ceilings impact the supply of apartments. D) How a tax rate increase will impact total production.

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28) Which of the following questions is NOT a microeconomic question? A) Can the Federal Reserve keep income growing by cutting interest rates? B) How would a tax on e-commerce affect eBay? C) What is Britney's opportunity cost of having another baby? D) Does the United States have a comparative advantage in information technology services?

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29) Which of the following is an example of a microeconomic decision? A) an individual deciding how to allocate the time he or she has for work and leisure B) a small shoe factory deciding how much leather to purchase for the next quarter's production need C) a multinational company deciding where to relocate its world headquarter D) All of the above answers are correct.

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30) Which of the following is a microeconomic topic? A) The reasons why Kathy buys less orange juice. B) The reasons for a decline in average prices. C) The reasons why total employment decreases. D) The effect of the government budget deficit on inflation.

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31) Which of the following questions is a topic that would be studied by microeconomics? A) Why did production and the number of jobs shrink in 2009? B) Will the current budget deficit affect the well-being of the next generation? C) How will a lower price of digital cameras affect the quantity of cameras sold? D) What is the current unemployment rate in the United States?

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32) An example of a question that might be explored in microeconomics is to determine A) the number of workers employed by Intel. B) savings by the household sector. C) why the U.S. economy has grown more rapidly than the Japanese economy. D) the total employment within the U.S. economy.

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33) In part, microeconomics is concerned with the study of A) unemployment and economic growth. B) the Federal Reserve's policies. C) the effect government regulation has on the price of a product. D) national output of goods and services.

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34) The branch of economics that deals with the analysis of the whole economy is called A) macroeconomics. B) marginal analysis. C) microeconomics. D) metroanalysis.

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35) Macroeconomics is concerned with A) individual consumers. B) government decision making concerning farm price supports. C) economy-wide variables. D) the effects on Ford Motor of a strike by the United Auto Workers.

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36) Macroeconomics differs from microeconomics in that: A) macroeconomics studies the decisions of individuals. B) microeconomics looks at the economy as a whole. C) macroeconomics studies the behavior of government while microeconomics looks at private corporations. D) macroeconomics focuses on the national economy and the global economy.

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37) Which of the following is a macroeconomic decision or concept? A) the price of oil B) how many television sets to produce C) the unemployment rate for the entire economy D) the unemployment rate for each firm

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38) Which of the following questions is a macroeconomic issue? A) How many more pounds of cookies will a consumer purchase if the price of cookies decreases? B) What effect would a cure for Mad Cow Disease have on the market for beef? C) What is the future growth prospect for an economy? D) How many workers should the owner of a business hire?

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39) In broad terms the difference between microeconomics and macroeconomics is that A) they use different sets of tools and ideas. B) microeconomics studies decisions of individual people and firms and macroeconomics studies the entire national economy. C) macroeconomics studies the effects of government regulation and taxes on the price of individual goods and services whereas microeconomics does not. D) microeconomics studies the effects of government taxes on the national unemployment rate.

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40) Which of the following is a macroeconomic issue? A) How a rise in the price of sugar affects the market for sodas. B) How federal government budget deficits affect interest rates. C) What determines the amount a firm will produce. D) The cause of a decline in the price of peanut butter.

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41) Which of the following is a macroeconomic issue? A) The purchasing decisions that an individual consumer makes. B) The effect of increasing the money supply on inflation. C) The hiring decisions that a business makes. D) The effect of an increase in the tax on cigarettes on cigarette sales.

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42) Macroeconomic topics include A) total, nationwide employment. B) studying what factors influence the price and quantity of automobiles. C) studying the determination of wages and production costs in the software industry. D) the impact of government regulation of markets.

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43) The fact that wants cannot be fully satisfied with available resources reflects the definition of A) the what tradeoff. B) scarcity. C) the big tradeoff. D) for whom to produce.

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44) Studying the effects choices have on the individual markets within the economy is part of A) scarcity. B) microeconomics. C) macroeconomics. D) incentives.

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45) Economics can be defined as the social science that explains the ________. A) choices made by politicians B) choices we make when we trade in markets C) choices that we make as we cope with scarcity D) choices made by households

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46) Scarcity is a situation in which ________. A) some people are poor and others are rich B) something is being wasted C) we are unable to satisfy all our wants D) long lines form at gas stations

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47) Microeconomics is the study of ________. A) the choices that individuals and businesses make B) all aspects of scarcity C) the global economy D) the national economy

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1) When an economy produces more houses and fewer typewriters, it is answering the ________ part of one of the two big economic questions. A) "what" B) "how" C) "where" D) "for whom"

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2) When firms in an economy start producing more computers and fewer televisions, they are answering the ________ part of one of the two big economic questions. A) "when" B) "for whom" C) "what" D) "where"

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3) If Taco Bell decides to produce more tacos and fewer burritos, Taco Bell is answering the ________ part of one of the two big economic questions. A) "what" B) "why" C) "when" D) "scarcity"

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4) When a farmer decides to raise hogs instead of cattle, the farmer is answering the ________ part of one of the two big economic questions. A) "what" B) "for whom" C) "how" D) "why"

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5) When a country decides to produce fewer bombers and more public housing projects, it is answering the ________ part of one of the two big economic questions. A) "how" B) "what" C) "defense" D) "for whom"

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6) When a firm decides to produce more electric cars and fewer gas guzzlers, it is most directly answering the ________ part of one of the two big economic questions. A) "how" B) "scarcity" C) "what" D) "for whom"

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7) U.S. producers decide to produce more compact cars and fewer SUVs as the price of gasoline rises. Producers are answering the ________ part of one of the two big economic questions. A) "what" B) "how" C) "when" D) "how many"

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8) Which of the following statements is correct? A) The United States produces more goods than services. B) The United States produces more services than goods. C) The percentage of people producing goods in the United States has steadily increased over the last 60 years. D) The United States produces an equal amount of goods and services.

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9) In the U.S. economy, which of the following statements is true? A) More goods are produced than services. B) More services are produced than goods. C) Production is divided evenly between goods and services. D) The economy is too complex to determine the proportion of production that is devoted to producing

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10) The largest part of what the United States produces today is ________ such as ________. A) goods; food and electronic equipment B) goods; education and entertainment C) services; trade and health care D) services; textbooks and computers

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11) When China builds a dam using few machines and a great deal of labor, it is answering the ________ part of one of the two big economic questions. A) "what" B) "how" C) "where" D) "for whom"

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12) When a textile company keeps track of its inventory using a computer and its competitor uses a pad of paper and a pencil, they are both answering the ________ part of one of the two big economic questions. A) "what" B) "how" C) "for whom" D) "where"

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13) When a California farmer decides to harvest lettuce using machines instead of by migrant workers, the farmer is answering the ________ part of one of the two big economic questions. A) "how" B) "for whom" C) "scarcity" D) "what"

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14) An art museum decides to offer tours by having visitors listen to cassette tapes rather than have tour guides. The museum is answering the ________ part of one of the two big economic questions. A) "scarcity" B) "what" C) "why" D) "how"

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15) The fact that people with higher incomes get to consume more goods and services addresses the ________ part of one of the two big economic questions. A) "for whom" B) "when" C) "where" D) "how"

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16) Which of the following is NOT a factor of production? A) the water used to cool a nuclear power plant B) the effort of farmers raising cattle C) the wages paid to workers D) the management skill of a small business owner

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17) Which of the following are considered factors of production used to produce goods and services? I. Land II. Labor III. Capital IV. Entrepreneurship A) I and II only B) I and III only C) I, II and III only D) I, II, III and IV

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18) Which of the following is correct? Factors of production are A) land, labor, the price system, and capital. B) the inputs used to produce goods and services. C) the fundamental source of abundance. D) only land and labor.

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19) Factors of production include A) the economic system. B) land, labor, capital and entrepreneurship. C) labor and capital (not land, which is fixed). D) only capital, land, and labor.

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20) Factors of production include all of the following EXCEPT A) machines made in past years. B) money. C) entrepreneurship. D) a wheat field that is not irrigated.

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21) Factors of production are grouped into four categories: A) land, labor, capital, entrepreneurship. B) land, labor, capital, money. C) land, capital, money, entrepreneurship. D) labor, capital, money, entrepreneurship.

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22) Which of the following is NOT a factor of production? A) vans used by a bakery company for deliveries B) a person developing a production schedule for a new product C) 175 shares of Microsoft stock D) wilderness areas that have yet to be developed

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23) Keeping in mind economists' definition of factors of production, which of the following is NOT a factor of production? A) money B) low-skilled labor C) coal D) an engineer

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24) Which of the following is NOT a factor of production? A) mineral resources B) a university professor C) an apartment building D) 100 shares of Microsoft stock

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25) The income earned by the people who sell the services of the factor of production ________ is called ________. A) capital; rent B) entrepreneurship; wages C) land; profit D) entrepreneurship; profit

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26) Which factor of production earns profit? A) land B) human capital C) money D) entrepreneurship

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27) Which factor of production earns most income in the United States? A) capital B) labor C) money D) entrepreneurship

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28) Which of the following best defines capital as a factor of production? A) The gifts of nature that businesses use to produce goods and services. B) The knowledge and skills that people obtain from education and use in production of goods and services. C) Financial assets used by businesses. D) Instruments, machines, and buildings used in production.

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29) In economics, the term "land" means A) only land that is used in agricultural production. B) land, mineral resources, and nature's other bounties. C) land that is devoted to economic pursuits. D) land used for agricultural and urban purposes.

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30) A natural resource, such as fishing territories, is considered an example of A) both land and labor. B) land, labor, capital and entrepreneurship. C) land only. D) only capital.

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31) The "gifts of nature" are included as part of which factor of production? A) labor B) land C) capital D) entrepreneurship

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32) Copper falls into which factor of production category? A) land B) labor C) capital D) entrepreneurship

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33) Overtime worked by a JCPenney associate is considered ________ and earns ________. A) labor; wages B) entrepreneurship; profit C) human capital; interest D) labor; profit

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34) The term human capital refers to A) labor resources used to make capital equipment. B) buildings and machinery. C) people's knowledge and skill. D) entrepreneurship and risk-taking

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35) Human capital is A) all capital owned by individuals, but not by corporations or governments. B) all capital owned by individuals or corporations, but not by governments. C) machinery that meets or exceeds federal safety standards for use by humans. D) the skill and knowledge of workers.

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36) Joy is training to become a chef. The skills she is obtaining from her training and education will increase Joy's ________. A) human capital B) physical capital C) entrepreneurship D) None of the above answers are correct.

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37) Which of the following is NOT an investment in human capital? A) a business student takes a seminar in using a laptop computer B) a student purchases a laptop computer C) a computer science student learns how to repair a laptop computer D) a computer science student takes a course on programming a laptop computer

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38) Samantha goes to college to become an engineer. This is an example of an A) investment in physical capital. B) investment in human capital. C) increase in entrepreneurship. D) increase in labor.

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39) In economics, the term "capital" refers to A) the money in one's pocket. B) buildings and equipment. C) mineral resources. D) consumer goods.

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40) Human resources that perform the functions of organizing, managing, and assembling the other resources are called A) physical capital. B) venture capital. C) entrepreneurship. D) productive capital.

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41) The economic resource that organizes the use of other economic resources is called A) labor. B) capital. C) entrepreneurship. D) land.

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42) Entrepreneurs do all of the following EXCEPT A) organize labor, land, and capital. B) come up with new ideas about what and how to produce. C) bear risk from business decisions. D) own all the other resources used in the production process.

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43) Entrepreneurs directly do all of the following EXCEPT A) create new ideas about what and how to produce. B) make business decisions. C) face risks that arise from making business decisions. D) decide for whom goods and services are produced.

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44) Differences in income are most directly related to which of the following economic question? A) What goods and services are produced? B) In what quantities are various goods and services produced? C) How are goods and services produced? D) Who consumes the goods and services that are produced?

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45) The fact that some people can afford to live in beautiful homes while others are homeless, is most directly an example of an economy facing the ________ part of one of the two big economic questions. A) "for whom" B) "when" C) "how" D) "why"

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46) The fact that a rock star earns $5 million a year while a teacher earns $25,000 annually is most directly an example of an economy answering the ________ part of one of the two big economic questions. A) "when" B) "for whom" C) "how" D) "why"

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47) One economist says that raising taxes on gas would be in the social interest. What does this economist mean? A) Higher taxes on gas would benefit society as a whole. B) Raising taxes on gas would benefit most of the people. C) Higher taxes on gas would benefit everyone. D) Both answers A and C are correct.

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48) An outcome is considered efficient if A) it is not possible to make someone better off without making anyone else worse off. B) it is the best available choice for an individual. C) it results in fair shares for everyone involved. D) it is possible to make someone better off without making anyone else worse off.

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49) Suppose Company A's profits increase by $10 million and nobody is made worse off. The CEO of Company A keeps all $10 million for herself. This situation A) is definitely efficient. B) is definitely not in the self-interest of Company A. C) is definitely not in the social interest. D) is definitely fair.

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50) The Occupy Wall Street movement advocates A) a shift away from market capitalism. B) a shift towards more market capitalism. C) centrally planned socialism. D) following the teachings of Adam Smith.

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51) An economic system in which the government decides what, how, and for whom to produce, directs workers to jobs, and owns all the land and capital is A) centrally planned socialism. B) market capitalism. C) mixed economy. D) supported by economists as the best system available.

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52) According to Adam Smith, A) government intervention in markets is not desirable because an invisible hand leads decisions made in pursuit of self-interest to unintentionally promote the social interest. B) politicians are well-equipped to regulate corporations and intervene in markets to improve market outcomes. C) when big corporations pursue their self-interest of maximum profit, they will inevitably conflict with social interest. D) in a market transaction buyers can either get what they want for less than they would be willing to pay or sellers can earn a profit, but both buyers and sellers can't gain simultaneously.

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53) The 2010 Patient Protection and Affordable Care Act (Obamacare) contains a provision that may require individuals to either purchase private health insurance or pay a tax. This is an example of A) a mixed economy. B) market capitalism. C) centrally planned socialism. D) the invisible hand.

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54) According to economists, A) market capitalism is the best system available and some government intervention and regulation can either help or harm the social interest. B) market capitalism is the best system available and any government intervention and regulation will inevitably harm the social interest. C) centrally planned socialism is the best system available since governments generally make decisions that are in social interest. D) centrally planned socialism and pure market capitalism are equally capable of promoting social interest, but a mixed economy is an undesirable compromise between the two that will harm social interest.

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55) Which of the following is NOT part of the first big economic question? A) What goods and services are produced? B) How are goods and services produced? C) For whom are goods and services produced? D) Why do incentives affect only marginal costs?

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1) In economics we learn that A) tradeoffs allow us to have more of everything we value. B) tradeoffs allow us to avoid the problem of opportunity cost. C) opportunity costs are all of the possible alternatives given up when we make a choice. D) None of the above answers is correct.

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2) Because we face scarcity, every choice involves A) money. B) the question "what." C) giving up something for nothing. D) an opportunity cost.

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3) The term used to emphasize that making choices in the face of scarcity involves a cost is A) substitution cost. B) opportunity cost. C) utility cost. D) accounting cost.

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4) The loss of the highest-valued alternative defines the concept of A) marginal benefit. B) scarcity. C) entrepreneurship. D) opportunity cost.

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5) Opportunity cost means the A) accounting cost minus the marginal cost. B) highest-valued alternative forgone. C) accounting cost minus the marginal benefit. D) monetary costs of an activity.

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6) The opportunity cost of any action is A) all the possible alternatives given up. B) the highest-valued alternative given up. C) the benefit from the action minus the cost of the action. D) the dollars the action cost.

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7) The opportunity cost of something you decide to get is A) all the possible alternatives that you give up to get it. B) the highest valued alternative you give up to get it. C) the value of the item minus the cost you paid for it. D) the amount of money you pay to get it.

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8) Opportunity cost is best defined as A) how much money is paid for something. B) how much money is paid for something, taking inflation into account. C) the highest-valued alternative that is given up to get something. D) all the alternatives that are given up to get something.

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9) Which of the following statements are correct? I. The "highest-valued alternative given up to get something" is the opportunity cost. II. Wealthy economies don't experience opportunity costs. III. Scarcity creates opportunity costs. A) I only B) I and II C) I and III D) I, II, and III

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10) Opportunity cost is defined as the A) total value of all the alternatives given up. B) highest-valued alternative given up. C) cost of not doing all of the things you would like to do. D) lowest-valued alternative given up.

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11) You have the choice of going on vacation to Florida for one week, staying at work for the week, or spending the week doing fix-up projects around your house. If you decide to go to Florida, the opportunity cost of the trip is A) working and doing fix-up projects. B) working or doing fix-up projects, depending on which you would have done otherwise. C) working because you would be giving up dollars. D) nothing

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12) The night before a midterm exam, you decide to go to the movies instead of studying for the exam. You score 60 percent on your exam. If you had studied the night before, you'd have scored 70 percent. What was the opportunity cost of your evening at the movies? A) 10 percent off your grade B) 60 percent C) 70 percent D) zero

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13) On Saturday morning, you rank your choices for activities in the following order: go to the library, work out at the gym, have breakfast with friends, and sleep late. Suppose you decide to go to the library. Your opportunity cost is A) working out at the gym, having breakfast with friends, and sleeping late. B) working out at the gym. C) zero because you do not have to pay money to use the library. D) not clear because not enough information is given.

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14) Fred and Ann are both given free tickets to see a movie. Both decide to see the same movie. We know that A) both bear an opportunity cost of seeing the movie because they could have done other things instead of seeing the movie. B) both bear the same opportunity cost of seeing the movie because they are doing the same thing. C) it is not possible to calculate the opportunity cost of seeing the movie because the tickets were free. D) the opportunity cost of seeing the movie is zero because the tickets were free.

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15) You have the choice of going to Hawaii for a week, staying at work for the week, or spending the week skiing. If you decide to go to Hawaii, the opportunity cost is A) the value of working and skiing. B) the value of working or skiing, depending on which you would have done rather than go to Hawaii. C) working, because you would be giving up a week's pay. D) None of the above if you enjoy the time spent in Hawaii.

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16) Today, Julie attended her 12:30 Economics class. If she hadn't gone to class, Julie would have gone out to lunch with friends. She had other options; she could have worked or slept in. Julie's opportunity cost of going to class is the A) income she gave up. B) lunch she gave up. C) sleep she gave up. D) income, pleasure, and sleep she gave up.

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17) Joe likes to sleep late in the mornings and play tennis in the afternoons. The opportunity cost of Joe attending his morning class for one hour is A) an hour of tennis given up. B) an hour of sleep given up. C) both the tennis given up and the sleep given up. D) nothing because he is paying for his class.

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18) John has two hours of free time this evening. He ranked his alternatives, first go to a concert, second go to a movie, third study for an economics exam, and fourth answer his e-mail. What is the opportunity cost of attending the concert for John? A) attending a movie B) studying for an economics exam C) answering his e-mail D) attending a movie, studying for an economics exam, and answering his e-mail

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19) You decide to take a vacation and the trip costs you $2,000. While you are on vacation, you do not go to work where you could have earned $750. In terms of dollars, the opportunity cost of the vacation is A) $2,000. B) $750. C) $2,750. D) $1,250

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20) The opportunity cost of attending college includes the cost of A) the tuition but not the job at which you would otherwise have worked. B) the highest valued alternative to attending college. C) the highest valued alternative to attending college plus the cost of tuition. D) tuition, books, and the lost wages for the hours spent studying.

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21) Misty has the option of purchasing one of three products: Brand A, Brand B, or Brand C. Each costs ten dollars. If she decides that Brand A meets her needs best, then the opportunity cost of this decision is A) Brand B plus Brand C. B) twenty dollars. C) Brand A. D) Brand B or Brand C, depending on which is considered the highest-value alternative forgone

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22) Which of the following is NOT an example of an opportunity cost? A) By spending Thursday night studying for an economics exam, a student was unable to complete a homework assignment for calculus class. B) Because David used all of his vacation time to paint his house, he was unable to visit the Caribbean last year. C) Because Mary is now being paid a higher wage, she can afford to buy a new car even though she is moving into a bigger apartment. D) By choosing to attend college, Jean was not able to continue working as an electrician; as a result, she gave up more than $85,000 in earnings while she was in college.

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23) From 8 to 11 p.m., Sam can either attend a basketball game, a hockey match or the symphony. Suppose that Sam decides to attend the hockey match and thinks to herself that if she did not go to the match she would go to the symphony. Then the opportunity cost of attending the hockey match is A) going to the symphony and the basketball game. B) going to the symphony. C) going to the basketball game. D) three hours of time.

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24) After you graduate, you have decided to accept a position working at the Bureau of Labor Statistics for $45,000.00 a year. The two other offers you received were working for Wal-Mart for $38,000 and working for Ernst and Young consulting for $42,000. Of these two offers, you would have preferred the job at Ernst and Young. What is the opportunity cost of accepting the position at the Bureau of Labor Statistics? A) the $45,000 you are paid for working at the Bureau of Labor Statistics B) the $42,000 you would have been paid working for Ernst and Young C) the $38,000 you would have been paid working for Wal-Mart D) the $42,000 you would have been paid working for Ernst and Young and the $38,000 you would have been paid working for Wal-Mart

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25) Bill Bonecrusher graduates from college with a choice of playing professional football at $2 million a year or coaching for $50,000 a year. He decides to play football, but eight years later, though he could continue to play football at $2 million a year, he quits football to make movies for $3 million a year. His opportunity cost of playing football at graduation was ________ and eight years later the opportunity cost of making movies was ________. A) $50,000; $2 million B) $2 million; $2 million C) $2 million; $3 million D) $50,000; $50,000

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26) During the summer you have made the decision to attend summer school, which prevents you from working at your usual summer job in which you normally earn $6,000 for the summer. Your tuition cost is $3,000 and books and supplies cost $1,300. In terms of dollars, the opportunity cost of attending summer school is A) $10,300. B) $6,000. C) $4,300. D) $3,300.

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27) The term "opportunity cost" points out that A) there may be such a thing as a free lunch. B) not all individuals will make the most of life's opportunities because some will fail to achieve their goals. C) executives do not always recognize opportunities for profit as quickly as they should. D) any decision regarding the use of a resource involves a costly choice.

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28) When the government chooses to use resources to build a dam, these sources are no longer available to build a highway. This choice illustrates the concept of A) a market mechanism. B) macroeconomics. C) opportunity cost. D) a fallacy of composition.

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29) Jill, an economics student, has already spent 5 hours cleaning her room. In deciding whether or not to continue cleaning for another hour, she applies the economic principle of A) scarcity. B) ceteris paribus. C) choosing at the margin. D) productivity.

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30) Marginal benefit is the benefit A) that your activity provides to someone else. B) of an activity that exceeds its cost. C) that arises from the secondary effects of an activity. D) that arises from an increase in an activity.

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31) A benefit from an increase in activity is called the A) marginal benefit. B) economic benefit. C) total benefit. D) opportunity benefit.

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32) The marginal benefit is the A) additional gain from one more unit of an activity. B) additional cost from one more unit of an activity. C) loss of the highest-valued alternative. D) additional gain from one more unit of an activity minus the additional cost from one more unit of the activity.

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33) In terms of dollars, the marginal benefit of working five days a week instead of four days a week is A) the wages received for the fifth day of work. B) the wages received for 5 days of work. C) the wages received for 4 days of work. D) None of the above answers is correct.

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34) Your employer has asked you to start working overtime and has offered to pay $18 per hour for every hour you work beyond forty hours a week. The wage rate for each of the first forty hours will continue to be the usual $15 per hour. In terms of dollars, what is the marginal benefit of working each hour of overtime? A) zero B) $3.00 C) $15.00 D) $18.00

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35) A student is studying for an exam 2 hours a day and is debating whether to study an extra hour. The student's marginal benefit A) depends on the grade the student earns on the exam. B) is the benefit the student receives from studying all 3 hours. C) is the benefit the student receives from studying the extra hour. D) is greater than the student's marginal cost.

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36) A student athlete is deciding whether to work out for an extra hour. Her marginal benefit from another hour of exercise A) is the benefit she gets from all the hours she's worked out all week. B) is the benefit she receives from exercising the additional hour. C) is less than the marginal cost of the additional hour. D) depends on the cost of the workout.

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37) Suppose that you are spending two hours a day studying economics, and your grade is 85 percent. You want a higher grade and decide to study for an extra hour a day. As a result, your grade rises to 90 percent. Your marginal benefit is the A) 5 point increase in your grade minus the opportunity cost to you of spending the hour studying. B) extra hour per day you spend on studying. C) 5 point increase in your grade. D) three hours per day you spend on studying.

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38) Marginal cost is the cost A) that your activity imposes on someone else. B) that arises from an increase in an activity. C) of an activity that exceeds its benefit. D) that arises from the secondary effects of an activity.

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39) A cost due to an increase in activity is called A) an incentive loss. B) a marginal cost. C) a negative marginal benefit. D) the total cost.

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40) Marginal cost is the A) cost of an increase in an activity. B) total cost of an activity. C) cost of an activity minus the benefits of the activity. D) cost of all forgone alternatives.

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41) Laura is a manager for HP. When Laura must decide whether to produce a few additional printers, she is choosing at the margin when she compares A) the total revenue from sales of printers to the total cost of producing all the printers. B) the extra revenue from selling a few additional printers to the extra costs of producing the printers. C) the extra revenue from selling a few additional printers to the average cost of producing the additional printers. D) HP's printers to printers from competing companies, such as Lexmark.

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42) A lawn service is deciding whether to add an additional employee to its summer crew. The marginal cost of hiring this worker depends on the A) total amount paid to only the new worker. B) total amount paid to all previously hired workers. C) the total amount paid to all the workers, both the new one and the previously hired workers. D) the additional revenue created by having an additional worker minus the cost of hiring the worker.

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43) If the marginal cost of an activity exceeds the marginal benefit, then A) the activity will occur because the high marginal cost means it must be highly valued. B) the forgone alternatives' costs must be increased. C) an alternative action will be selected. D) the person must concentrate on the activity's total benefits.

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44) A store remains open from 8 a.m. to 4 p.m. each weekday. The store owner is deciding whether to stay open an extra hour each evening. The owner's marginal benefit A) is the benefit the owner receives from staying open from 8 a.m. to 5 pm. B) depends on the revenues the owner makes during the day. C) must be greater than or equal to the owner's marginal cost if the owner decides to stay open. D) is the benefit the owner receives from staying open from 8 a.m. to 6 pm.

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45) Which of the following creates an incentive to increase the amount of an activity? A) an increase in the marginal cost of the activity and a decrease in the marginal benefit of the activity B) a decrease in the marginal cost of the activity and an increase in the marginal benefit of the activity C) constant marginal cost and constant marginal benefit of the activity D) None of the above create an incentive to increase the amount of an activity.

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46) Suppose that the government of New York state promises to decrease taxes to a firm if it decides to stay in New York instead of moving to another state. This policy on the part of the state constitutes ________, to make the ________ of the firm remaining in New York. A) an incentive; marginal benefit exceed the marginal cost B) an incentive; marginal cost exceed the marginal benefit C) a command; marginal benefit exceed the marginal cost D) a command; marginal cost exceed the marginal benefit

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47) Jed had an exam score of 50 percentage points. There is an extra credit assignment that Jed can complete that will raise his exam score by 20 percentage points. Jed has determined that the extra credit assignment will take 10 hours of his time. Jed will complete the assignment he values the A) 20 percentage points more than the 10 hours of his time. B) 10 hours of his time more than the 20 percentage points. C) 70 percentage points more than the 10 hours of his time. D) wants a higher score.

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48) From 8 P.M. to 10 P.M.., Susan can attend a movie, study, or talk with friends. Suppose that Susan decides to go to the movie but thinks that, if she hadn't, she would otherwise have talked with friends. The opportunity cost of attending the movie is A) talking with friends and studying. B) studying. C) talking with friends. D) two hours of time.

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49) When the government hires people to serve in the army, these people are no longer available to do other work. This choice illustrates the concept of A) an incentive. B) a social interest/private interest conflict. C) opportunity cost. D) marginal benefit.

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50) When the government chooses to spend the tax dollars that it collects on homeland security, its choice ________. A) involves a tradeoff of other goods and services such as education for more homeland security B) illustrates that scarcity does not always exist C) involves no tradeoff because the defense is necessary D) primarily affects who gets the goods and services produced

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51) Making a choice at the margin means ________. A) letting someone else choose for you B) waiting until the last minute to make a choice C) deciding to do a little bit more or a little bit less of an activity D) making a choice by comparing the total benefit and the total cost

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52) Suppose that for the past two months, you have studied economics one hour a day. You now decide to study economics two hours a day. For the past two months, ________. A) your marginal cost of studying economics for an hour must have exceeded its marginal benefit B) the marginal cost of studying economics must have fallen C) your marginal benefit from studying economics an hour must have been greater than its marginal cost D) the opportunity cost of studying economics must have risen.

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1) In economics, positive statements are about A) the way things ought to be. B) the way things are. C) macroeconomics, not microeconomics. D) microeconomics, not macroeconomics.

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2) A positive statement is A) about what ought to be. B) about what is. C) the result of a model's normative assumptions. D) valid only in the context of a model with simple assumptions.

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3) A positive statement is A) about what ought to be. B) about what is. C) always true. D) one that does not use marginal concepts.

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4) Which of the following are true regarding "positive" statements? I. They describe what "ought to be." II. They describe what is believed about how the world appears. III. They can be tested as to their truthfulness. A) I and II B) II and III C) I and III D) I, II and III

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5) Positive and normative statements differ in that A) positive statements can be tested, whereas normative statements cannot. B) normative statements can be tested, whereas positive statements cannot. C) normative statements depict "what is" and positive statements depict "what ought to be." D) normative statements never use the word "should."

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7) Which of the following is a positive statement? A) An unemployment rate of 9 percent is a national disgrace. B) Unemployment is a more important problem than inflation. C) When the national unemployment rate is 9 percent, the unemployment rate for inner-city youth is often close to 40 percent. D) Unemployment and inflation are equally important problems.

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6) Positive economic statements A) prescribe what should be. B) are related only to microeconomics. C) can be tested against the facts. D) cannot be tested against the facts.

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8) Which of the following is a positive statement? A) The United States should fight inflation even if it raises unemployment. B) What to do with Social Security is the most important economic issue today. C) A 5 percent increase in income leads to a 3 percent increase in the consumption of orange juice. D) Because they decrease productivity, labor unions should be eliminated.

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9) Which of the following is a positive statement? A) People buy more of a good or service when its price falls. B) The distribution of income is fair. C) The government ought to provide health care to everyone. D) Corporations should be more socially responsible.

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10) Which of the following is an example of a positive statement? A) Government should not redistribute income. B) Business firms ought to contribute more to charities. C) Households are the primary source of saving. D) The foreign sector should be more tightly controlled.

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11) Which of the following is an example of a positive statement? A) We should cut back on our use of carbon-based fuels such as coal and oil. B) Increasing the minimum wage results in more unemployment. C) Every American should have equal access to health care. D) The Federal Reserve ought to cut the interest rate.

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12) Which of the following is a positive statement? A) Taxes should be lower because then people get to keep more of what they earn. B) My economics class should last for two terms because it is my favorite class. C) A 10 percent increase in income leads to a 4 percent increase in the consumption of beef. D) Given their negative impact on productivity, the government should eliminate labor unions.

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13) Which of the following is a positive statement? A) Our planet is warming because of an increased carbon dioxide buildup in the atmosphere. B) A minimum wage of $7.50 per hour is a shame for a rich country like the United States. C) Both of these statements are positive. D) Neither of these statements is positive.

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14) Which of the following is a positive statement? A) The government must lower the price of a pizza so that more students can afford to buy it. B) The best level of taxation is zero percent because then people get to keep everything they earn. C) My economics class should last for two terms because it is my favorite class. D) An increase in tuition means fewer students will apply to college.

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15) Which of the following is a positive statement? A) Low rents decrease the amount of housing landlords make available for rent. B) Low rents are good because they make apartments more affordable. C) Housing costs too much. D) Owners of apartment buildings ought to be free to charge whatever rent they want.

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16) When Al makes the statement, "The cost of living has increased 10 percent over the past 10 years," he is A) making a normative statement. B) making a positive statement. C) testing an economic model. D) facing the standard of living tradeoff.

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17) Which of the following is a positive statement? A) State lotteries are good methods to use for raising revenues. B) Increased prison sentences are the best way to reduce the crime rate. C) An increase in gas prices leads people to car pool more. D) Inflation is a more serious problem than is deflation.

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18) The statement "Managers with a college education earn $18 an hour while ski instructors who did not complete college earn $10" is A) a political statement. B) a positive statement. C) a normative statement. D) an ethical statement.

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19) The statement "An increase in the price of gasoline will lead to a decrease in the amount purchased" is A) a political statement. B) a positive statement. C) a normative statement. D) a scientific statement.

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20) The statement "The unemployment rate for teens is higher than that for adults" is A) a political statement. B) a positive statement. C) a normative statement. D) an ethical statement.

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21) Which of the following is NOT a normative statement? A) People buy more of a good or service when its price falls. B) The distribution of income is fair. C) The government ought to provide health care to everyone. D) Corporations should be more socially responsible.

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22) A normative statement concerns A) what is provable. B) what is correct. C) what is incorrect. D) a value judgment.

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23) Normative economic statements A) describe what ought to be. B) describe what is rather than what ought to be. C) describe the process of economic policy-making. D) deal with economic hypotheses that are not well-established laws.

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24) The statement that "peach ice cream is better than chocolate ice cream" A) can be tested using the scientific approach. B) is a normative statement. C) is a positive statement. D) provides a basis for predicting which type of ice cream will exhibit the most sales.

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25) The statement "Unemployment should be below 6 percent" is A) a positive statement. B) a normative statement. C) a prediction. D) an assumption.

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26) Statements about what ought to be are called A) positive statements. B) normative statements. C) assumptions. D) implications.

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27) Normative statements are statements about A) prices. B) quantities. C) what is. D) what ought to be.

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28) A normative statement is A) about what ought to be. B) about what is. C) always true. D) one that does not use marginal concepts.

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29) In economics, normative statements are about A) the way things ought to be. B) the way things are. C) marginal benefits, not marginal costs. D) marginal costs, not marginal benefits.

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30) Which of the following is a normative statement? A) The price of candy bars is $1.25 each. B) Candy bars are more expensive than newspapers. C) You should eat less candy. D) Popcorn and candy are sold in movie theaters

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31) Which of the following is a normative statement? A) The unemployment rate is too high. B) Forty percent of the public believes that the unemployment rate is too high. C) The unemployment rate rose last month. D) None of the above are normative statements.

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32) Which of the following is a normative statement? A) The United States has a comparative advantage compared to the European Union in the production of wheat. B) The main reason why the United States has a trade deficit with China is because China's trade practices are unfair. C) Both these statements are normative. D) Neither of these statements is normative.

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33) "Government should act to reduce poverty levels." A) This statement is a normative statement. B) This statement is a positive statement. C) This statement is an example of the fallacy of composition. D) This statement is an example of the post hoc fallacy.

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34) When Susan makes the statement, "The government should spend less money to take care of national parks," she is A) making a normative statement. B) making a positive statement. C) testing an economic model. D) not dealing with scarcity.

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35) "The rich should pay higher income tax rates than the poor" is an example of a A) normative statement. B) positive statement. C) descriptive statement. D) theoretical statement.

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36) Which of the following is a normative statement? A) Studying more hours leads to an increase in your GPA. B) An increase in tax rates means people work fewer hours. C) Taking extra vitamin C prevents catching a cold. D) States should require all motorcycle riders to wear helmets to reduce the number of riders killed.

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37) Which of the following is a normative statement? A) Low rents will restrict the supply of housing. B) Low rents are good because they make apartments more affordable. C) Housing costs are rising. D) Owners of apartment buildings are free to charge whatever rent they want.

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38) Which of the following is a normative statement? A) Next year's inflation rate will be under 4 percent. B) Consumers will buy more gasoline over the Christmas holiday even if the price of gas is 10 cents higher than it was during the Thanksgiving holiday. C) The government's cuts in welfare spending impose an unfair hardship on the poor. D) The current butter surplus is the result of federal policies.

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39) Economic models A) are essentially different from those used in other sciences. B) always use graphs. C) simplify reality. D) include all relevant facts.

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40) A good economic model A) describes every aspect of the economic world, with no exception. B) includes all those features of the world that can be described numerically. C) includes only those features of the world that are needed for the purpose at hand. D) should not include more than two variables.

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41) An economic model is A) a generalization that summarizes all the normative assumptions we make about a particular issue. B) a description of some aspect of the economic world that includes only those features of the world that are needed for the purpose at hand. C) a statement that describes how the world should be. D) a collection of facts that describe the real world.

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42) A normative statement is A) about what ought to be. B) about what is. C) always true. D) one that is based on an economic experiment.

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43) Which of the following is a positive statement? A) The government must provide health insurance so that the poor can obtain decent medical treatment. B) The government should spend more on education. C) My favorite dinner is pizza and soda. D) An increase in the price of pizza will lead fewer students to buy pizza

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44) An economic model includes A) only normative statements. B) no use of marginal concepts. C) all known details in order to increase its accuracy. D) only details considered essential.

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45) The statement that ________ is a positive statement. A) more students should study economics B) the price of gasoline is too high C) too many people in the United States have no health care insurance D) the price of sugar in the United States is higher than the price in Australia

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STUDY

Australia Circular Flow Diagram Cost Per Unit Economic Decision Making Economic Systems Goods And Services New And Improved

AP Economics Unit 1, Chapter 2: The Market System and Circular Flow – Flashcards 22 terms

Michael Seabolt

22 terms

Preview

AP Economics Unit 1, Chapter 2: The Market System and Circular Flow – Flashcards

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economic system

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a particular set of institutional arrangements and a coordinating mechanism to respond to the economizing problem

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command system

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a type of economic system in which the government owns most property resources, such as corporations, and economic decision making occurs through a central economic plan, with the division of output between capital and consumer goods centrally decided

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market system

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a type of economic system of private ownership of resources and the use of individualized self-interest to achieve individualized economic goals through work, competition, consumption, and production; economic decision making is widely dispersed and economic goals allow for entrepreneurs to flourish

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private property

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the private individuals and firms that own most of the property resources, encouraging investment, innovation, and economic growth

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freedom of enterprise

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the freedom of entrepreneurs and businesses to freely obtain and use economic resources to produce goods and sell them in chosen markets

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freedom of choice

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the freedom of owners to employ or dispose of property, money, and workers as they see fit; also, the freedom of consumers to buy whatever (legal) goods and services that they want

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self-interest

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each economic unit tries to advance its own particular goal by delivering something of value to others

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competition

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the freedom of choice exercised in the pursuit of monetary return, diffusing economic power and eliminating abuse of economic power; the regulatory mechanism of the market system

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market

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an institution or mechanism that brings buyers and sellers into contact

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specialization

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the use of resources of an individual, a firm, a region, or a nation to produce one or a few goods and services rather than a whole bunch of them

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division of labor

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the specialization of human beings, saving time and making use of differences in ability

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medium of exchange

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the function of money to make trade easier when you can't barter

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barter

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swapping goods for goods, requiring buyer and seller to have same wants

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money

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the convenient social invention to facilitate exchanges if goods and services, taking on a variety of forms

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consumer sovereignty

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the assertion that consumers lead the market system

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creative destruction

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the creation of new products and production methods that completely destroys the market positions of older firms with older ways of doing business, allowing for the rapid spread of new technologies

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invisible hand

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the phenomenonadvancement of public interests through private competition and self-interest in a market system

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the coordination problem

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the difficulty of planning and coordinating outputs of industries in command systems, due to chain reactions, sophistication of industries, and inefficiency

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the incentive motive

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the difficulty posed by the lack of incentives in command systems

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circular flow diagram

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simple economic model describing the flow of resources and products between businesses and households; the businesses expend costs from the resource market and obtaining revenue from the product market and the households expend factors of production into the resource market and obtaining products from the products market

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resource market

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place where resources or services of resource providers and bought and sold; households sell resources and businesses buy them

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product market

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place where goods and services are bought and sold; businesses sell resources and households buy them

STUDY

AP Microeconomics Circular Flow Diagram Cost Per Unit Economic Decision Making Economic Systems Economics Goods And Services

Economics Chapter 2 McConnell/Brue 18th edition – Flashcards 19 terms

Robert Lollar

19 terms

Preview

Economics Chapter 2 McConnell/Brue 18th edition – Flashcards

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Economic System

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set of institutional arrangements and a coordinating mechanism

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Command System

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A method of organizing an economy in which property resources are publicly owned and government uses central economic planning to direct and coordinate economic activities; command economy; communism

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Market System

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An economic system in which individuals, not the government control the production and distribution of goods and services; also called capitalism

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Private Property

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property owned by individuals or companies, not by the government or the people as a whole

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Freedom of Enterprise

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Ensures that entrepreneurs and private businesses are free to obtain and use economic resources to produce their choice of goods and services and to sell them in their chosen markets

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Freedom of Choice

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enables owners to employ or dispose of their property and money as they see fit

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Self-interest

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economic unit tries to achieve its own goal, usually deliver something of value to others

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Competition

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Contest between individuals for shared resources

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Market

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mechanism that brings buyers and sellers into contact

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Specialization

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Goods and services are produced in better quality, quantity and speed when people focus on producing a few things instead of making everything they want by themselves.

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Division of labor

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human specialization

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Medium of exchange

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money; makes trade easier by not having to barter

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Barter

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swapping goods for goods

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money

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social invention to facilitate exchanges of goods and services

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consumer sovereignty

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consumers are in charge, crucial in determining what goods and services are produced

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dollar votes

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when consumers spend their income on goods they are most willing and able to buy showing their wants in the market

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creative destruction

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the creation of new products completely destroys the market positions of firms wedded to existing products and older ways of doing business

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invisible hand

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Adam Smith's primary idea in WoN, people all guided by selfish acts but better off for everyone

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circular flow diagram

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chart showing movement of goods and services from markets to businesses to consumer households

STUDY

1940s And 1950s Economic Systems Free Market Economy Human Nature Public Assistance Programs Social Policy Supplemental Security Income

Chapters 1 and 2 Social Work – Flashcards 34 terms

Anthony Richie

34 terms

Preview

Chapters 1 and 2 Social Work – Flashcards

question

What is not what we would call a collective mind set?

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Individual experiences

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Liberals believe:

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History is progress and continuing change will bring continuing process

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Radicals take the view that:

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people are basically good and inherently industrious and creative

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Which is an important component of our concept of individual behavior?

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all of the above

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In relation to the family, conservatives believe

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the traditional family should be revered and policies should be devised to preserve it

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The inequality of social systems according to radicals:

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result of the group with greater power using this power to perpetuate its position of advantage

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Reactionaries believe

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gov't and economic system is inherently evil and should be active as minimally as possible

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In regards to gov't intervention with economic systems

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All of the above

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Which is a correct statement?

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Research data shows that the field of social work is not a liberal monolith

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The gap in prescription drug coverage in the medicare program is known as

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the doughnut hole

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Reactionary perspecive aka

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the far right

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Libertarian accurately represents

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reactionary perspective

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Adam Smith's wealth of nations is considered bible of

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Conservatives

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Fundemental difference among all parties

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attitude towards change

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All societies have based their social welfare on

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their views of human nature

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what is the stigma in relation to welfare

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society values willingness to work hard but welfare recipients are seen as dependent and lazy

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What is NOT a descriptive definition of social welfare

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an institution that emerged to handle dependence and facilitate interdependence

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What is NOT a social institution

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Social Roles

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What function does family support?

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Population, Socialization, mutual support

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Which is NOT description of how social welfare began

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Number of people with disabilities with viable job opportunities were increasing

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*What is a residual conception of social welfare?

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community care, a temporary, market-oriented system of mutual aid

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NOT example of people economically dependent

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Mental Health services

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service for someone unable to fulfill roles defined by themself

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supplemental nutrition assistance program

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*Unable to fulfill roles defined by others

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Advocacy, Liaison, and access

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RADICAL perspective of social welfare

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gov't should recognize peoples rights to more benefits

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SOCIAL EXCLUSION explanation of social welfare

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places emphasis on social processes in which some are unable to participate

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descriptive definitions of social welfare

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economic transfers outside the market system

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NOT considered within a definition of social welfare as transactions outside the economic marketplace

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services at a mental health clinic

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Status includes categories like:

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all of the above

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social welfare is the institution in society that manages dependency

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through the provision of opportunity

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social welfare is an "emergency backup system" is called

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residual conception

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institutional approach to social welfare:

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unemployment insurance

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well being is responsibility of govt

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welfare state

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people economically dependent would need

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supplementary security income

STUDY

19th And Early 20th Century AP United States History Crazy Horse And Sitting Bull Economic Systems History of the Americas Lewis And Clark Expedition Prince Henry The Navigator

ap us history unit 4 test – Flashcards 62 terms

Karen Combs

62 terms

Preview

ap us history unit 4 test – Flashcards

question

plains indians

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a member of one of the tribes of American Indians who lived a nomadic life following the buffalo in the Great Plains of North America

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populist party

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a former political party in the United States formed in 1891 to advocate currency expansion and state control of railroads

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gettysburg

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The most violent battle of the American Civil War and is frequently cited as the war's turning point, fought from July 1 - July 3, 1863.

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charles sumner

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senator from Massachusetts who was attacked on the floor of the Senate (1856) for antislavery speech; he required three years to recover but returned to the Senate to lead the Radical Republicans and to fight for racial equality. authored Civil Rights Act of 1875.

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preston brooks

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Responsible for beating radical republican Charles Sumner with his cane

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second great removal

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...

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tenant farmer

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a farmer who works land owned by someone else

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sharecropping

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system of farming in which works land for an owner who provides equipment and seeds and receives a share of the crop

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states' rights philosophy

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wanted weak federal government and strong state government wanted by the South

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antietam

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the first major battle in the American Civil War to take place on Northern soil. It was the bloodiest single-day battle in American history, with almost 23,000 casualties. After this "win" for the North, Lincoln announced the Emancipation Proclamation

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williams v. mississippi

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1898 - The Mississippi supreme court ruled that poll taxes and literacy tests, which took away blacks' right to vote (a practice known as "disenfranchisement"), were legal.

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homestead act

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Passed in 1862, it gave 160 acres of public land to any settler who would farm the land for five years. The settler would only have to pay a registration fee of $25.

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andrew johnson

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was elected Vice President and succeeded Lincoln when Lincoln was assassinated; was impeached but acquitted by one vote

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ex parte merryman

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A Supreme Court case that Chief Justice Taney's ruled that the suspension of habeas corpus was unconstitutional without an act of Congress. Lincoln openly defied the ruling by suspending it for the arrest of anti-Unionists during the Civil War. This shows how a president can sometimes overstep their power.

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roger b. taney

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Chief Justice of the Supreme Court when Dred Scott decision was made

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deflation

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prices were going down

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dawes act

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An act that removed Indian land from tribal possesion, redivided it, and distributed it among individual Indian families. Designed to break tribal mentalities and promote individualism.

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appotomax courthouse

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The place where Lee surrendered in April that ended the civil war.

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munn v. illinois

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1876; The Supreme Court upheld the Granger laws. The Munn case allowed states to regulate certain businesses within their borders, including railroads, and is commonly regarded as a milestone in the growth of federal government regulation.

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william t. sherman

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general whose march to sea caused destruction to the south, union general, led march to destroy all supplies and resoures, beginning of total warfare

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freedmen's bureau

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Organization run by the army to care for and protect southern Blacks after the Civil War

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vagrancy act

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...

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tenure of office

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passed by Congress in 1867 -stated that the president cannot fire any appointed officials without consent of Congress - Congress passed this act knowing that Johnson would break it - Johnson fired Stanton without asking Congress, thus giving Congress a reason to impeach him

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national farmers alliance

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similar to grange movement. they called for Gov. regulation of the railroad and reduction of high tariff to encourage trade.

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henry grady

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managing editor of Atlanta Constitution; leading advocate of a "New South;" promoted industrial development with Atlanta as its center of growth.

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ocala platform

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Demanded, among other things, the abolition of national banks, a graduated income tax, free and unlimited coinage of silver, the establishment of sub treasuries where farmers could obtain money at less than 2 percent on nonperishable products, and the election of U.S. senators by a direct vote of the people.

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13th amendment

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abolished slavery

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14th amendment

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Declares that all persons born in the U.S. are citizens and are guaranteed equal protection of the laws

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15th amendment

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citizens cannot be denied the right to vote because of race, color , or precious condition of servitude

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compromise of 1877

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Unwritten deal that settled the 1876 presidential election contest between Rutherford Hayes (Rep) and Samuel Tilden (Dem.) Hayes was awarded the presidency in exchange for the permanent removal of federal troops from the South.

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omaha platform

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the 1892 platform of the Populist party repudiating laissez-faire and demanding economic and political reform

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copperheads

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Most extreme portion of the Peace Democrats. They openly obstructed the war through attacks against the draft, against Lincoln, and the emancipation. Based in Ohio, Indiana, and Illinois. There was really no victory for this group.

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salmon p. chase

answer

...

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debt peonage

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cant get outta debt

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burke act

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all American males between twenty-one and thirty-five years of age registered for the draft. The government selected men through a lottery system. If drafted, a man served for twelve months. According to the Burke-Wadsworth Act's provisions, drafted soldiers had to remain in the Western Hemisphere or in United States possessions or territories located in other parts of the world.

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wabash v. illinois

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1886 - Stated that individual states could control trade in their states, but could not regulate railroads coming through them. Congress had exclusive jurisdiction over interstate commerce.

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booker t. washington

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African American progressive who supported segregation and demanded that African American better themselves individually to achieve equality.

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w.e.b. dubois

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He believed that African Americans should strive for full rights immediately. He helped found the Niagara Movement in 1905 to fight for equal rights. He also helped found the NAACP. graduated harvard

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radical republicans

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Political party that favored harsh punishment of Southern states after civil war

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mississippi plan

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In 1875, the Democrats put this plan together. They armed their members, ended Rep meeting, patrolled voter registration places & marched through black areas

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knights of labor

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1st effort to create National union. Open to everyone but lawyers and bankers. Vague program, no clear goals, weak leadership and organization. Failed

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plessy v. ferguson

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supreme court ruled that segregation public places facilities were legal as long as the facilites were equal

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granger laws

answer

(GC) , Grangers state legislatures in 1874 passed law fixing maximum rates for freight shipments. The railroads responded by appealing to the Supreme Court to declare these laws unconstitutional

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atlanta compromise

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argument put forward by Booker T. Washington that African-americans should not focus on civil rights or social equality but concentrate on economic self-improvement.

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kkk act

answer

Third of Enforcement Acts to protect Black voters that outlawed the characteristic actions of the KKK - forming conspiracies, wearing disguises, resisting law officers, and intimidating government officials

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whiskey ring

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During the Grant administration, a group of officials were importing whiskey and using their offices to avoid paying the taxes on it, cheating the treasury out of millions of dollars.

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dorthea dix

answer

Tireless reformer, who worked mightily to improve the treatment of the mentally ill. Appointed superintendant of women nurses for the Union forces.

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southern farmers' alliance

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organized in 1889 by Charles W. Marcune and William Lam, wanted to restore democracy, proclaimed "Equal rights to all, special privledges to none".

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pap singleton

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set up African American settlements in Kansas

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black codes

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laws denying most legal rights to newly freed slaves; passed by southern states following the Civil War

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interstate commerce commission

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government agency organized to oversee railroad commerce

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winfield scott

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mexican war hero and briefly commanded union army

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orville babcock

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Grant's personal advisor who was involved in the "Whiskey Ring"

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henri jomini

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two basic principles of strategy - concentrate against fractions of the enemy force at a time and to strike at the most decisive objective. Theory used

question

10% plan

answer

This was Lincoln's reconstruction plan for after the Civil War. Written in 1863, it proclaimed that a state could be reintegrated into the Union when 10% of its voters in the 1860 election pledged their allegiance to the U.S. and pledged to abide by emancipation, and then formally erect their state governments. This plan was very lenient to the South, would have meant an easy reconstruction.

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wade-david bill

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president could appoint governor to conquered states, if majority pledged allegiance talk of constitution without slavery and old southern leaders would commence,, allowed former Confederate states to return to the Union when the majority of its voter had sworn an oath of loyalty to the US

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jay gould

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caused a financial panic in 1869 when he attempted to corner the gold market (1836-1892)

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wounded knee

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In 1890, after killing Sitting Bull, the 7th Cavalry rounded up Sioux at this place in South Dakota and 300 Natives were murdered and only a baby survived.

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anaconda plan

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Union war plan by Winfield Scott, called for blockade of southern coast, capture of Richmond, capture Mississippi R, and to take an army through heart of south

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jefferson davis

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President of the Confederate States of America

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samuel j. tilden

answer

was the Democratic candidate for the US presidency in the disputed election of 1876, the most controversial American election of the 19th century. got popular vote but lost to rutheford hayes

question

ida b. wells

answer

This person protested against lynching and spoke out in the newspaper Free Speech, asking the federal government for an anti-lynching law.

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