Economics

Question 1

A true free market system would also be known as

Answer 1

capitalism

Question 2

Resources like food and shelter which it is easy to assign a dollar value are

Answer 2

tangible resources

Question 3

Resources like aesthetic value to which it is more difficult to assign a dollar value are

Answer 3

intangible resources

Question 4

The point in a economic system where supply and demand are equal is called

Answer 4

market equilibrium

Question 5

where there is more supply than there is demand, a _______ occurs.

Answer 5

surplus

Question 6

When there is more demand then there is supply, a ________ occurs.

Answer 6

shortage

Question 7

The amount of a product that is desired in an economy is

Answer 7

demand

Question 8

Estimates and totals of the monetary value of the strengths and weaknesses of a particular project are done in a

Answer 8

cost benefit analysis

Question 9

The annual economic value of all goods and services produced in a country in a given year is

Answer 9

Gross Domestic Product

Question 10

A tax on pollution or resource use is called

Answer 10

green tax

Question 11

An estimate resources future value compared to current value is

Answer 11

discount rate

Question 12

In a sustainable economy, ______ concerns are used to determine which projects are optimal

Answer 12

Social, Economic, Enviornmental

Question 13

The annual economic value of all goods and services produced in a country in a given year minus the costs that lead to a lower quality of life or deplete/ degrade natural resources is

Answer 13

Genuine Progress Indicator

Question 14

The level of wealth, comfort, material goods and necessities available to a certain socioeconomic class in a certain geographic area is

Answer 14

standard of living

Question 15

The World Bank is

Answer 15

a United Nations international financial institution that provides loans to developing countries for capital programs

Question 16

cost of producing one more unit of a good which helps to explain the idea of economies of scale or the idea that production costs per unit decrease as the number of units that are produced

Answer 16

marginal cost

Question 17

the selling price that is determined by adding overheads profit margin resource cost environmental cost and the cost to human health is

Answer 17

full cost

Question 18

how much it takes to offset any environmental damage of a project is

Answer 18

mitigation cost

Question 19

a form of financial or in kind support extended to an economic sector generally with the aim of promoting economic and social policy is

Answer 19

government subsidy

Question 20

changing financial support from environmentally harmful sectors to more environmentally friendly sectors is

Answer 20

subsidy shifting

Question 21

also known as a flat tax in which one tax rate is applied to each unit of resource used or each dollar earned is

Answer 21

straight tax

Question 22

a system in which there is a set limit on emissions, which is lowered over time to reduce the amount of pollutants released into the atmosphere combined with the ability of companies to exchange pollution credits with one another is a

Answer 22

cap and trade system

Question 23

the market price that is paid in the US for electricity and gasoline is generally

Answer 23

underpriced based on the true full cost of the item

Question 24

the market price that is paid in the US for food is generally

Answer 24

underpriced

Question 25

Making renewable energy resources cheaper than fossil fuels thru taxes and incentives is an example of

Answer 25

subsidy shifting

Question 26

which system did california use in an attempy to reduce its greenhouse gas emissions?

Answer 26

cap and trade system