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Econ-exam studyguide
Van Tiem/ on Monday
| Question | Answer |
|---|---|
| what is a borrower's major responsibility? | pay back debts on time |
| a longer repayment period results in... | higher interest |
| what is the most known credit score model? | FI-CO |
| What's the best credit score? | 850 |
| what are the 3 major credit reporting agencies? | Equifax, TransUnion, Experian. |
| What credit score factor is the most important? | on-time payments |
| What is equilibrium price? | the price @ which quantity demanded and quantity supplied meet. |
| what 3 things determine how much of an item people will buy? | real income, other options, diminishing marginal utility. |
| what happens when price of a product is below its equilibrium price? | a shortage |
| What is the 'right' packaging? | combination of size, design and color. |
| what does marketing include? | market research, advertising, distribution |
| how do corporations make money? | sell stock, bank loans, sell bonds |
| how does the gov't redistribute income? | social insurance programs and public assistance. |
| In what 2 ways does the gov't promote economic stability? | monetary and fiscal policies. |
| who prepares the president's budget? | the office of management and budget |
| how many federal employees were there in 2009? | 2.7 million |
| why are some economists unconcerned about the federal deficit? | the national debt as a percentage of GDP will decrease over the long term. |
| what has higher rate of interest, Cd's or passbook savings accounts? | certificates of deposit. |
| how is a money market checking account different from a reg. checking account? | it has higher interest and limited check writing. |
| what's the 3 leg stool for retirement? | pension, savings, social security. |
| what's a protectionist? | someone who favors restrictions of foreign goods. |
| what is the WTO? | an international organization that monitors and enforces rules about global trade. |
| what is the basic problem of a less developed country? | lack of capital |
| why do secure property rights encourage investment? | confidence that money you invest won't be lost. |
| why is a flexible exchange rate preferable over a fixed exchange rate? | currency changes in value to reflect economic conditions. |
| how many developed countries are there? | 35 |
| what 4 things determine someone's credit rating? | past history of credit use, capacity to pay, character, collateral |
| how much is the U.S. national debt? | $15 trillion |
| what is a characteristic of a developed country? | large % of workers are in manufacturing. |
| what do economists believe to be the reason for a country's high standard of living? | industrialization |
| who is the chairperson of the Federal Reserve? | Ben Bernake |
| who is the secretary for the U.S. department of treasury? | Tim Geithner |
| what is the major responsibility of the Fed. Reserve? | determine the amount of money in circulation. |
| how can the fed. reserve increase the money supply? | reduce reserve requirements. |
| what are the 3 basic buying principles? | gathering info, using ads wisely, comparison shopping |
| how is a person's role as a consumer determined? | by how much you consume (the size of your disposable/discretionary income) |
| what are the advantages of the U.S.'s economic system? | profit incentive, freedom of choice, competition |
| what is Adam Smith's invisible hand? | competition. |
| what is the guns and butter example? | the trade off between military and civilian goods. |
| what is the basic problem in economics? | scarcity |
Created by:
paulina.knoblock
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