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Econ Final Review
| Question | Answer |
|---|---|
| 1. The situation in which some necessities have little value while some non-necessities have a much higher value is known as _______ | paradox of value |
| 2. Manufactured goods needed to produce other goods and services are called ________ | capital goods |
| 3. The study of economics is important because it enables us to | become better decision makers |
| 4. The dollar value of all final goods, services, and structures produced within a country’s borders in a single year is _______ | GDP |
| 5. What do entrepreneurs do? | start new businesses |
| 6. T/F Entrepreneurs play one of the most important roles in the economy? | T |
| 7. The minimum wage is an example of a federal law that supports | economic equity |
| 8. What is a multinational? | a for-profit company that works in multiple countries |
| 9. For most products and services, an increase in price results in | a. demand for less of the product. |
| 10. An increase in the price of milk causes a decrease in the demand for cereal. The two products are | complements |
| 11. If a modest price increase has little or no effect, the demand for the product is | elastic |
| 12. Consumers' willingness to replace a costly item with a less costly item is an example of | substitute |
| 13. When a customer's need for a product is not urgent, demand tends to be | inelastic |
| 14. Workers who have the skills to operate machines and who require a minimum amount of training are ____________ | semi-skilled labor |
| 15. Which of the following prohibits wage and salary discrimination for jobs that require equivalent skills and responsibilities? | Equal Pay Act |
| 16. The invisible barrier that hinders women and minorities from advancement up the corporate ladder is ______________ | glass ceiling |
| 17. What is the “incidence of a tax”? | whoever has to pay the tax has the incidence of a tax |
| 18. Ann earns $10,000 annually and pays a tax of $1,000. Jerome earns $60,000 during the same period and pays taxes of $20,000. The tax they both paid was a | progressive tax |
| 19. FICA includes taxes to pay for | Social Security and Medicare |
| 20. An example of discretionary spending is financing for ____________ | national defense |
| 21. The largest category of spending for most local governments is | educational spending |
| 22. Money that has an alternative use as an economic good is | commodity money |
| 23. Money loses its value when it | becomes too plentiful |
| 24. When money is easily transferred from one person to another, it is said to be | portable |
| 25. The North American Free Trade Agreement proposed free trade between the United States and | Mexico and Canada |
| value | worth that can be expressed in dollars and cents |
| economics | study of how people try to satisfy their needs through the careful use of scarce resources |
| capital | tools, equipment, machinery, and factories used in the production of goods and services |
| scarcity | condition of not having enough resources to produce all the things people want |
| opportunity cost | cost of the next-best alternative use of money, time, or resources when one choice is made rather than another |
| labor | people with all their efforts, abilities, and skills |
| Social Security | program that provides retirement and disability benefits for working people |
| competition | struggle among sellers to attract consumers |
| socialism | political and economic system in which the government owns and controls some, but not all, of the basic productive resources |
| inflation | rise in the general level of prices |
| profit | degree to which people are better off financially at the end of a specific period than they were at the beginning |
| interest | price paid for the use of another's money |
| multinational | corporation that has manufacturing or service operations in a number of countries |
| labor union | organization of workers formed to represent its members' interests in various employment matters |
| inventory | stock of finished goods and parts in reserve |
| demand | desire, ability, and willingness to buy a product |
| elastic | |
| substitutes | |
| microeconomics | |
| 1. The situation in which some necessities have little value while some non-necessities have a much higher value is known as _______ | paradox of value |
| 2. Manufactured goods needed to produce other goods and services are called ________ | capital goods |
| 3. The study of economics is important because it enables us to | become better decision makers |
| 4. The dollar value of all final goods, services, and structures produced within a country’s borders in a single year is _______ | GDP |
| 5. What do entrepreneurs do? | start new businesses |
| 6. T/F Entrepreneurs play one of the most important roles in the economy? | T |
| 7. The minimum wage is an example of a federal law that supports | economic equity |
| 8. What is a multinational? | a for-profit company that works in multiple countries |
| 9. For most products and services, an increase in price results in | a. demand for less of the product. |
| 10. An increase in the price of milk causes a decrease in the demand for cereal. The two products are | complements |
| 11. If a modest price increase has little or no effect, the demand for the product is | elastic |
| 12. Consumers' willingness to replace a costly item with a less costly item is an example of | substitute |
| 13. When a customer's need for a product is not urgent, demand tends to be | inelastic |
| 14. Workers who have the skills to operate machines and who require a minimum amount of training are ____________ | semi-skilled labor |
| 15. Which of the following prohibits wage and salary discrimination for jobs that require equivalent skills and responsibilities? | Equal Pay Act |
| 16. The invisible barrier that hinders women and minorities from advancement up the corporate ladder is ______________ | glass ceiling |
| 17. What is the “incidence of a tax”? | whoever has to pay the tax has the incidence of a tax |
| 18. Ann earns $10,000 annually and pays a tax of $1,000. Jerome earns $60,000 during the same period and pays taxes of $20,000. The tax they both paid was a | progressive tax |
| 19. FICA includes taxes to pay for | Social Security and Medicare |
| 20. An example of discretionary spending is financing for ____________ | national defense |
| 21. The largest category of spending for most local governments is | educational spending |
| 22. Money that has an alternative use as an economic good is | commodity money |
| 23. Money loses its value when it | becomes too plentiful |
| 24. When money is easily transferred from one person to another, it is said to be | portable |
| 25. The North American Free Trade Agreement proposed free trade between the United States and | Mexico and Canada |
| value | worth that can be expressed in dollars and cents |
| economics | study of how people try to satisfy their needs through the careful use of scarce resources |
| capital | tools, equipment, machinery, and factories used in the production of goods and services |
| scarcity | condition of not having enough resources to produce all the things people want |
| opportunity cost | cost of the next-best alternative use of money, time, or resources when one choice is made rather than another |
| labor | people with all their efforts, abilities, and skills |
| Social Security | program that provides retirement and disability benefits for working people |
| competition | struggle among sellers to attract consumers |
| socialism | political and economic system in which the government owns and controls some, but not all, of the basic productive resources |
| inflation | rise in the general level of prices |
| profit | degree to which people are better off financially at the end of a specific period than they were at the beginning |
| interest | price paid for the use of another's money |
| multinational | corporation that has manufacturing or service operations in a number of countries |
| labor union | organization of workers formed to represent its members' interests in various employment matters |
| inventory | stock of finished goods and parts in reserve |
| demand | desire, ability, and willingness to buy a product |
| elastic | describes change in demand when a change in price causes a relatively larger change in quantity demanded |
| substitutes | products used in place of other products |
| microeconomics | part of economic theory that deals with behavior and decision making by individual units |
| Law of Supply | principle that suppliers will normally offer more for sale at high prices and less at lower prices |
| supply elasticity | measure of the way in which quantity supplied responds to changes in price |
| overhead | total fixed costs |
| total cost | sum of the fixed and variable costs |
| unskilled labor | laborers who work primarily with their hands because they lack training |
| mediation | process of bringing in a neutral third party to settle a dispute |
| boycott | mass refusal to buy products from targeted companies |
| union shop | employment situation where new workers must join a union after being hired |
| minimum wage | lowest wage that can be paid by law to most workers |
| progressive tax | tax that imposes a higher percentage rate of taxation on people with higher incomes than on people with lower incomes |
| sin tax | relatively high tax on socially undesirable products, such as tobacco |
| property tax | tax on tangible and intangible possessions, such as real estate, buildings, furniture, stocks, bonds, and bank accounts |
| individual income tax | federal tax on people's earnings |
| per capita | per person |
| budget surplus | excess of revenues over expenditures |
| private sector | that part of the economy made up of individuals and privately owned businesses |
| deficit spending | spending in excess of revenues collected |
| state bank | bank that received its charter to operate from the state government |
| silver certificate | paper currency backed by silver dollars and bullion |
| barter economy | economy based on trade rather than money |
| fiat money | anything a government decrees to be money |
| automatic stabilizer | programs that automatically trigger benefits if changes in the economy lower income |
| equilibrium price | price where quantity supplied equals quantity demanded |
| Keynesian economics | actions to lower unemployment by stimulating aggregate demand |
| tariff | tax on imports designed to increase their price in the domestic market |
| North American Free Trade Agreement (NAFTA) | agreement among Canada, Mexico, and the United States to reduce tariffs |
| fixed exchange rate | system under which the values of currencies are fixed in relation to one another |
| absolute advantage | a country's ability to produce more of a given product than another country |
Created by:
jkrich2008
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