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Final Exam SG Flashcards

1
Q

The economy of China is in transition. What does that mean

A

The economy is moving from central planning toward a market based system

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2
Q

When a buyer is not willing to spend a lot of time and energy researching the market?

A

When the savings to be made are small

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3
Q

What does it mean when a person is underemployed?

A

The person has a job but they are overqualified for it

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4
Q

Which of these statements is a fundamental part of supply-side economics

A

The government should reduce taxes to promote economic growth by increasing aggregate supply

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5
Q

All of the following are accurate statements about the special economic zones established in China EXCEPT…

A

The economic zones established in the interior regions have been far more successful than those established in coastal cities

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6
Q

Which of the following is NOT characteristic of a centrally planned economy?

A

Each collective or factory sets its own goals

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7
Q

What is a basic principle of the law of demand

A

When a good’s price is lower, people will buy more for it

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8
Q

Which of the following jobs are expected to grow significantly

A

Computer-related jobs

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9
Q

An example of expansionary fiscal policy would be…

A

Cutting taxes

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10
Q

Which of the following is correct? The unemployment rate is…

A

(Labor force - employed) /labor force x 100

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11
Q

Which of the following is one way the federal reserve bank servers the government?

A

Selling the government securities

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12
Q

All of the following are associated with moving from a centrally planned economy to a market economies bony EXCEPT…

A

An increase in the role the government plays in the day-to-day operation of a business

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13
Q

What is the purpose of competition?

A

To act as a regulating force in the market place

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14
Q

Which of the following goods would be likely to be bought in the same quantity even if it doubled in price?

A

Pencils

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15
Q

The equilibrium wage for doctors is high because the…

A

Supply of doctors is relatively low and the demand is relatively high

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16
Q

An example of an automatic stabilizer is…

A

Taxes

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17
Q

You are returning from a European vacation and decide to buy some chocolates in the duty-free shop at London Heathrow airport. What does “duty free” mean?

A

You pay no customs duty in the chocolates

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18
Q

A large telephone company has hired lobbyists to try to persuade lawmakers to reduce governmental regulation over the telecommunications industry. Why might the company so this?

A

Some regulations are costly to implement and cut into profits

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19
Q

Cartels are difficult to operate for which of the following reasons?

A

They work only if nemeses keep to their agreed output

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20
Q

A knitting factory worker who loses her job because the company has relocated the plant to another country is an example of…

A

Structural unemployment

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21
Q

What type of policy does the Fed use to counteract a contradiction?

A

Easy money policy

22
Q

What two methods can a less developed country use to finance its economic development?

A

Internal financing and foreign investment

23
Q

Suppose there is a family in which all the boys are expected to become farmers when they are adults, just as their fathers and grandfathers did. In which kind of economy did they participate?

A

Traditional economy

24
Q

The price of a slice of pizza has just increased by $1 from an earlier, low price. Based on Ashley’s demand curve in Figure 4.4, which of the following statements is true?

A

Ashley will buy two fewer slices of pizza

25
Q

You realize that many students who come to early morning hockey practice do not get up early enough to eat breakfast. You borrow $500 from your parents to state a bagel delivery service to the hockey rink in the Walt mornings. You are acting as…

A

And entrepreneur

26
Q

Supporters of supply-side economics believe that…

A

Taxes have a strong negative influence on economic output

27
Q

The currency in Great Britain is the pound, and the price of a particular British car is 12,000 pounds. On Monday, the exchange rate is 0.67 pounds per dollar. On Friday, the exchange is 0.58 pounds per dollar. What will happen to the price of the British car in the United States on Friday?

A

The price will rise

28
Q

The government of a country must make a decision between spending money on a hospital or spending the same amount in border security. What kind of decision is this?

A

Guns or Butter

29
Q

Ceteris paribus, or “all other things held constant,” is an assumption that has which of the following effects on a demand schedule?

A

It take only prices into account

30
Q

Good wireless and Better wireless merge to form Best Wireless. The federal government watches this merger carefully for evidence of a…

A

Monopoly

31
Q

The sales tax on a $20.00 hammer us 7% or $1.40. Why is this tag a bigger burden for Josh, who has a $15,000 income, than for Aaron, who has a $150,000 income?

A

The tax represents a larger proportion of Josh’s income

32
Q

When the exchange rates are allowed to be determined by supply and demons, they are called which of the following?

A

Flexible

33
Q

The United States places a limit on one # of cars that can be bought unit the country for sale. This is an example of

A

An import quota

34
Q

Purpose of a production possibilities graph is to

A

Show alternative ways to use an economy’s resources

35
Q

A new runway has opened up at the airport and the flight path goes directly over your apartment. the noise of airplanes is a

A

Negative externality

36
Q

Difference between operating budget and capital

A

Operating budget is day-to-day expenses. A capital budget is focused on investments

37
Q

What are the money or other valuables that belong to corporation or partnership called

A

Assets

38
Q

The purchase and supply of goods and services takes place in the…

A

Product market

39
Q

Which of the situations is most likely to cause the Fed to introduce a tight money supply

A

The economy is expanding quickly and inflation is a concern

40
Q

GDP expressed in a constant or unchanging prices is called

A

Real GDP

41
Q

Cording to figure 6.2 in the market price of $1.50 would be

A

Equilibrium price

42
Q

Brain drain occurs when

A

An engineer leaves her LDC at work in a developed nation

43
Q

Congress just passed several bills outlining federal budget what is the next step in the budget process

A

President signs the budget into law vetoes it and sends it back to Congress

44
Q

Just and Margaret qualify for section 8 housing programs what kind of benefit are they receiving

A

In-kind budget

45
Q

What is a factory building an example of

A

Physical capital

46
Q

All the following are constitutional limits on the power to tax except that

A

Exports must not be taxed

47
Q

In a publicly held corporation

A

A large number of stockholders can buy and sell stock

48
Q

Which of the following is a private organization of the times to influence public officials to act or vote in ways that will benefit group members

A

Interest groups

49
Q

What country is the largest exported of services

A

United States

50
Q

What happens to charge an excessive price for its products

A

Consumers will substitute a rivals product

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