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Economics > comparative quiz > Flashcards

comparative quiz Flashcards

1
Q

The context in which Marx wrote that influenced his thinking was the:

A

Industrial Revolution in Europe

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2
Q

Karl Marx beieved that:

A

b. workers would rise up against the owners
c. capitalism would inevitably collapse
d. workers would eventually develop a class consciousness
e. all of these

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3
Q

In communist societies:

A

shortages of goods are commonplaceThis

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4
Q

The ultimate goal of communism is to create a:

A

classless society

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5
Q

Theoretically, in laissez-faire capitalism:

A

competition ensures that businesses will do the right thing, thus eliminating the need for government intervention

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6
Q

Having a guaranteed job:

A

lowers the productivity of the work force

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7
Q
  1. government plans economy
  2. decisions made by individuals
  3. profits
  4. no competition
  5. motivated by self-interest
  6. prices based on need
  7. poor quality products
A
  1. com
  2. cap
  3. cap
  4. com
  5. cap
  6. com
  7. com
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8
Q

The “invisible hand” concept means that:

A

neither consumers nor businesses are motivated by the public interest

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9
Q

In the virtuous cycle:

A

the different elements work together to create economic expansionThis

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10
Q

Over time, GDP:

A

grows because of added factors of production like labor and technology

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11
Q

The inevitable expansion and contraction of capitalist economies is called the:

A

business cycle

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12
Q

Too much money chasing too few goods can cause:

A

demand-pull inflation

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13
Q

Inflation can be a good thing because:

A

it provides an incentive to buy goods, thus helping keep aggregate demand steady

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14
Q
  1. employment rising
  2. pent-up demand
  3. high inflation
  4. high unemployment
  5. workers being laid off
  6. demand met
  7. demand for products increasing
  8. factory production increasing
    Selected
A
  1. expansion
  2. trough
  3. peak
  4. trough
  5. contraction
  6. peak
  7. expansion
  8. expansion
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15
Q

A recession is characterized by:

A

high unemployment

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16
Q
  1. Raise the reserve requirement
  2. Increase the money supply
  3. decrease the federal funds rate
  4. increase the interest rate paid on reserves
  5. increase demand in the economy
A

a. inflation
b. unemployment
b. unemployment
a. inflation
b. unemployment

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17
Q

The rate than banks charge each other for overnight loans is the:

A

federal funds rate

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18
Q

If the actual unemployment rate was above the natural rate, the Fed would likely:

A

lower interest rates

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19
Q
  1. a college graduate entering the job market
  2. an high school dropout whose factory job was moved overseas
  3. a man without a job after moving so his wife can take a new job
  4. a 19th century cobbler who can’t compete with factory-made shoes
A
  • frictional
  • structural
  • frictional
  • structural
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20
Q

The Fed’s inflation goal is ______% and unemployment goal is about _____%

A

2,4

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21
Q

Which of the following is true:

A

both businesses and consumers will pay more than the federal funds rate for their loansThis

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22
Q

The reserve requirement is:

A

the cash banks must keep in order to pay their fees for the Fed’s services

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23
Q

Traditional economic thinking, as reflected in the Philips Curve, holds that:

A

there is an inverse relationship between inflation and unemployment

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24
Q

Which of the following is true:

A

a tax credit is subtracted from the amount of tax you owe

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25
Q

Which of the following is true:

A

creating a pollution tax internalizes an externality

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26
Q

Which of the following is true: In the case of a positive externality:

A

a. the government provides the good or service
b. a shortage is likely to occur
d. all of these are true
e. people don’t have an incentive to take action

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27
Q

Which of the following is true about a negative externality:

A

the creator of the negative externality has no motive to stop the behavior

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28
Q

Explain what we mean when we say that our tax system is progressive and marginal. 5-7 sentences

A

Progressive means that the richer you are the more tax you pay. That is the poor pay less than the rich. Marginal tax means that tax is paid in brackets. That means that marginal tax rises with income. When we say we run a progressive and marginal tax system we mean that the rich pay more but at the same time everyone pay according to what they earn. The rich pay more becausse they make more and the porr pay less becauase they earn less.

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29
Q
  1. Federal income tax
  2. Indiana state income tax
  3. Takes a larger percentage of income from rich than poor
  4. Takes a larger percentage of income from poor than rich
  5. Sales tax
  6. Social Security tax
A

b. progressive
a. proportional
b. progressive
c. regressive
c. regressive
c. regressisive

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30
Q

The effective tax rate is:

A

the percentage of our total income that we actually pay in taxes

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31
Q

The House of Representatives plans to:

A
  • impeach President Trump

- request that the 25th Amendment be used

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32
Q

Under the 25th Amendment:

A

half of the Cabinet and 2/3 of Congress can remove the President from power

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33
Q

Which of the following is FALSE:

A
  • President Trump tweeted support for Pence once the rioting began and he realized the VP was still inside the building
  • President Trump asked others to call VP Pence to pressure him to support the President
34
Q

Press reports say that Pres. Trump’s aides threatened to resign if he didn’t agree to a smooth transition to the Biden administration

A

true

35
Q

Speaker of the House Pelosi:

A

contacted the Chairman of the Joint Chiefs of Staff to discuss Pres. Trump’s access to the nuclear launch codes

36
Q

The main point of the podcast about the role of social media in the insurrection was:

A

the plot to occupy the Capitol occurred online and was easy to see

37
Q

Which of the following is false concerning the Capitol siege:

A

the riots have prevented the Congress from certifying Biden’s victoryThis

38
Q

In an effort to overturn the election results in Georgia:

A

Pres. Trump pressured the Secretary of State to find 11,780 votesThis

39
Q

Top business leaders and former Secretaries of Defense supported the effort to overturn the election results.

A

false

40
Q

Kelly Loeffler defeated Raphael Warnock

A

False

41
Q

Kelly Loeffler defeated Raphael Warnock

A

the Democrats now control the US SenateThis

42
Q

Moving to the encrypted social media sites:

A

a. increased the extremism of their contentThis answer is incorrect.
b. made it harder to recruit new members
c. more than one of these

43
Q

Which if the following is FALSE:

A

100 House Republicans supported impeachment

44
Q

What is the following is true:

A

mainstream social media sites banned the extremist groups

45
Q

The militia groups are confused about their next steps because:

A

they don’t have President Trump to lead them

46
Q

The long-term plan of the extremists groups is:

A

war

47
Q

Indicate whether each of these most closely refers to the political, social, economic, historical, or global context.

  1. Many people are concerned about the content of TV and movies
  2. Some groups have more power and status than others
  3. Joe got hired at the factory
  4. Sally is running for city council
  5. Several states have raised the minimum wage to $15
  6. The auto factory closed and 2,000 people lost their jobs
  7. Lafayette exists largely because of access to the Wabash River
A
  1. social
  2. social
  3. economic
  4. political
  5. economic
  6. economic
  7. historical
48
Q

Studying the historical, political, social, economic, and global contexts of events is important because:

A

understanding these contexts and how they interact helps us understand how and why the event occurred

49
Q

The main point about the siege at the Capitol is that:

A

democracy is fragile

50
Q

Which of the following is FALSE:

A

the US has always welcomed new immigrants because we recognize that as our heritageThis

51
Q

Which of the following is TRUE:

A

a. technology and the global economy have led to a loss of low-skill, low-education jobs
b. more than one of these are true
c. rural and small town economies have generally suffered while cities have prospered
d. all of these are trueThis answer is correct.
e. when few jobs are available, tension between ethnic/racial groups tends to increase

52
Q

Which of the following is TRUE:

A

the election of Obama helped lead to the election of Trump

53
Q

People trying to understand why they are struggling when they’re doing everything right:

A

a. turn against the elites in society like the well-educated
b. are more likely to believe in conspiracy theories
c. blame the government for their troubles

54
Q

A product that is meant to be used by a common person rather than a business is a _________ good.

A

consumer

55
Q

A product meant to last three years or more is a ________ good.

A

durable

56
Q
  1. car
  2. car repair
  3. factory robot
  4. hot dog
A

durable
service
capital good
non durable

57
Q

A product that creates wealth is a ________ good

A

capital

58
Q

All economic systems struggle with scarcity because of:

A

unlimited wants, limited resources

59
Q

A _______ can’t be touched.

A

service

60
Q

If Gale goes to a movie rather than studying for a test, the opportunity cost is:

A

the points Gale lost on the test that she would have gotten had she stayed home to study

61
Q

An example of a medium of exchange is:

A

money

62
Q

A shift of the production possibilities curve inward represents:

A

economic shrinkage

63
Q

President Trump’s January 6 phone calls with Kevin McCarthy and Sen. Tuberville:

A

:a. none of these

b. were intended to insure the safety of Vice President Pence
c. expressed admiration for their bravery
d. revealed that he was concerned about their safety
e. were meant to determine if bringing in the National Guard was necessary

64
Q

TINSTAAFL/TANSTAAFL means that:

A

everything has a cost that has to be paid forThis

65
Q

The number of widgets a worker can produce in a given unit of time is:

A

productivity

66
Q

The “bottom line” for all incentives is:

A

appealing to self interest

67
Q

List and describe (2-4 sentences each) the four factors of production/resources

A

Land: This are the natural resources needed for thr business. These include things like iron, gold, soil, water etc. The are needed in order to have a location to make the product.
Labour: These are the human efforts(workers) thatt go into the businiess. It is the work done by workers in the business. The quality of laabour in affected by how tained the person is, education and work ethic.
Capital: These are the things put into a business in order to make up a product. They are like the start up of the business. It could be finicial(money), tools, humans etc.
Entrepreneur: These are the people who take the risk of starting the business. They are those who are couragoues enough to start the business and are willing to fail.

68
Q

The House impeachment managers focused particular attention on:

A

mike pence

69
Q

The number one incentive for businesses is:

A

profit

70
Q

Financial capital is important because:

A

it is used to buy other items necessary to produce goods and services

71
Q
  1. high taxes
  2. punishments
  3. bonuses
  4. low interest rates
A
  • disincentive
  • discentives
  • incentive
  • incentive
72
Q

resources are

A

unequally distributed among nations

73
Q

The “grand directive” of business is:

A

maximise profit

74
Q

List and describe (1-2 sentences each) the 5 roles that competition plays in the product market.

A

Variety: This means that there would be alot of choices to choose from. That is you the consumer has more than one option and you pick the one which staifies you the most.
continous improvement: This means that businesses can not take a break and the always have to be improving their product because if not the competiotions product would be better cause they improve theirs and you business would stop selling because thre are better versions of it.
price regulation: This means that there is a regulated price when there is competition. The bsiness can not over price their product because then the consumers would go to the competition who is selling at a cheaper price.
efficiency: This means that the business should be efficent and allways be ready for anything. The should be efficient in their cost, product etc if they would not survive.
baseline quality: This means that your product would have to serve the purpose it was made for. If your product is bad quality then the consumer would go to the competitior.

75
Q

Theoretically, in laissez-faire capitalism:

A

competition ensures that businesses will do the right thing, thus eliminating the need for government intervention

76
Q

Short essay: (7-10 sentences). Explain the conflict between morality and capitalism that is played out in the Science of Junk Food article. Cite specific examples.

A

In the aricle you could see numerous examples of people who wanted to make maximise profit even if it meant at the detrement of the health of the consumers. In the Seminar the man who waas talking wanted to make the food better to stop the unhealthiness of. the consumers but he was immedeiately shut down by the head of the group because the head said that the sugar and unhealthiness is what the consumer liked and if they were to chnage that then people would not buy their foods and their would be no profit. The head of the food meeting was reaady to endager to life of the consumers so far he gets his money. Another example is when the when a man was asked if he ever regretted what he did by making the unhelthy food, he said that he did not have the privillege to be of a moral nature. The base line is that the heads of these junk foods want to make money but if they apply mmorality then they have to make the food healthy but at the same time they are at the risk of losing money because consumers might not buy their food. It is a question they have to ask themselves, would they want to make money at the cost of endering someones life or would they make healthy food instaed and not make as much profit.

77
Q

In a monopoly:

A

the consumer has little power

78
Q

In a free market

A

businesses and consumers make the decisions

79
Q
  1. Appoints Pete Buttigieg as Secretary of Transportation
  2. Addresses nation after disaster
  3. Negotiates with Sen. McConnell on immigration bill
  4. Withdraws US troops from Iraq
  5. Re-enters Paris Climate Accords
A

-shief executive
-head of state
-chief legislator
-commander in chief
chief diplomat

80
Q

The ______ coordinates the flow of people and information to the president:

A

cheif of staff

81
Q

President

A

a reversal of President Trump’s policies

82
Q

Which of the following is NOT a major theme of President Biden’s executive orders:

A

immigration

Economics (5 decks)

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