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Civics/Economics > Semester 2 Test > Flashcards

Semester 2 Test Flashcards

0
Q

A formal contract to repay borrowed money with interest at fixed intervals

A

Bond

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1
Q

Economic system that relies on habit custom or ritual to decide questions of production and consumption of goods and services

A

Traditional economy

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2
Q

An expectation that encourages people to behave in a certain way

A

Incentive

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3
Q

Law in a city or town that designates separate areas for residency and for business

A

Zoning law

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4
Q

Period of change in which an economy moves away from a centrally planned economy towers a market bases system

A

Transition

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5
Q

Large farm leases from the state to groups of peasant farmers

A

Collective

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6
Q

Nonprofit organization that promotes the interest of a particular industry

A

Trade association

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7
Q

A political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government

A

Communism

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8
Q

Requiring strict obedience to an authority such as a dictator

A

Authoritarian

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9
Q

The portion of corporate profits paid out to stockholders

A

Dividend

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10
Q

The method used by a society to produce and distribute goods and services

A

Economic system

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11
Q

Partnership in which only one partner is required to be a general partner

A

Limited partnership

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12
Q

The income people receive for supplying factors of production: land labor or capital

A

Factor payment

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13
Q

Level of economic prosperity

A

Standard of living

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14
Q

A business organization owned and operated by a group of individuals for their mutual benefit

A

Cooperative

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15
Q

An economic system characterizes by private or corporate ownership of capital goods; investments that are determined by private decision rather than by state control; and determined in a free market

A

Free enterprise

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16
Q

A business owned and managed by a single individual

A

Sole proprietorship

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17
Q

Ones own personal gain

A

Self interest

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18
Q

An establishment formed to carry on commercial enterprise

A

Business organization

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19
Q

Authorization to stet a business issued by the local government

A

Business license

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20
Q

Money and other valuables belonging to an individual or business

A

Assets

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21
Q

Partnership in which partners share equally in both responsibility and liability

A

General partnership

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22
Q

The market in which households purchase the goods and services that firms produce

A

Product market

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23
Q

To sell to individuals state run firms, which are then allowed to compete with one another in the marketplace

A

Privatize

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24
Q

The combination of two or more firms competing in the same market with the same good or service

A

Horizontal merger

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25
Q

A certificate of ownership in a corporation

A

Stock

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26
Q

The doctrine that states that government generally should not intervene in the marketplace

A

Laisssez faire

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27
Q

Institution that function much like a business but does. It operate for the purpose if generating profits

A

Nonprofit organization

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28
Q

Government programs that protect people experiencing unfavorable economic conditions

A

Safety net

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29
Q

A legal entity owned by individual stockholders

A

Corporation

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30
Q

A range with no clear divisions

A

Continuum

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31
Q

The legally bound obligation to pay debts

A

Liability

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32
Q

What is an example of a barter system?

A

Instead of paying rent, you clean the house for the owner

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33
Q

What is an example of money as a unit of account

A

Checking the price of a camera at several stores before buying it as the lowest price

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34
Q

What is the main disadvantage of using shells as money instead of coins

A

Uniformity

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35
Q

What is an example of representative money

A

An IOU note

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36
Q

What is the purpose of the federal deposit insurance corporation

A

To make sure that banks do not fail

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37
Q

What did the federalist believe about banking

A

They believed that a centralized banking system was necessary

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38
Q

What occurred during the free banking era

A

Currency varies widely from state to state

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39
Q

What were greenbacks

A

Commodity money used by the union during the civil war

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40
Q

What is a mortgage used to purchase

A

Real estate

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41
Q

What happens during a bank run

A

More customers withdraw money than the bank has on hand

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42
Q

Why is using coins as money easier than using gold bars

A

Coins are more portable

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43
Q

What condition is necessary for a fiat money system to work

A

The government must control the money supply

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44
Q

What happens when you make a purchase using a credit card

A

The credit card issuer pays the store

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45
Q

You need a new computer and you will need a loan in order to buy one. Which lender is most likely to charge you the highest interest rate on your loan

A

Finance company

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46
Q

Near money includes

A

Deposits in savings accounts and money market mutual funds

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47
Q

When you pay for a new cd with a debit card you authorize the transfer of money from your account to the music stores account . In other words, a payment by debit card is the electronic form of a payment by

A

Check

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48
Q

Penny is an artist and john is a carpenter penny agrees to paint a portrait of johns family in exchange for a handmade table created by john how did penny and John pay for the goods in their transaction

A

Through bartering

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49
Q

What does money serve as

A

Medium of exchange
Unit of account
Store of value

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50
Q

In the 1800s people in mining towns in the west often paid for goods with gold nuggets or gold dust what was the function of gold

A

Used as currency

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51
Q

In the 1990 the Russian people lost confidence in the value if the ruble and many were no longer willing to sell goods and services in exchange for Russian currency which characteristic of money did the lack

A

Acceptability

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52
Q

American leaders in the early US wanted to establish a stable banking system in order to

A

Promote international trade and economic growth

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53
Q

What is one reason why many people distrusted the banking system during the free banking era of the first half of the 1800s

A

Many banks did no have enough gold or silver to back the pepper money they issued

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54
Q

How did the US government make the American public have confidence in the nations currency in the 1870s

A

The gov adopted the gold standard

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55
Q

Erin borrowed $18,000 to buy a car. Her loan will be paid off in 5 years. By the time that she pays off the lain, will she have made $20,327 in payments. Why did she have to pay $2,327 more than the price of the car

A

She had to pay interest or $2,327 for the privilege of borrow king the principal of $18,000

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56
Q

The resources used to make all goods and services are the

A

Factors of production

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57
Q

What is a guns or butter decision

A

A country must decide whether to use it’s steel to build new fighter jets or new sports cars

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58
Q

The government of a country must make a decision between increasing military spending and subsidizing wheat farmers this kind of decision is a

A

Guns or butter issue

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59
Q

An example of a shortage is limited amounts of

A

Food available because the trucks carrying it are on strike

60
Q

A nations automakers install new robotic machinery to build cars. Now cars take only a day to make and the factories can produce many more cars than before. This is an example of growth caused by

A

Technology

61
Q

What does a production possibilities frontier show

A

The maximum amount that an economy can produce

62
Q

One example of an entrepreneur is

A

An artist who runs a business painting murals in office buildings an restaurants

63
Q

What is a factory building an example of

A

Physical capital

64
Q

The purpose of a production possibilities graph is to

A

Show alternative ways to use an economy’s resources

65
Q

Why are all goods and services scarce

A

All resources are scarce

66
Q

The lack of what represents a scarcity

A

Enough workers to finish two jobs because there’s limited supply of workers

67
Q

What can a decision making grid do

A

Help you determine some of the opportunity costs for your decision

68
Q

How would you describe an economy that uses it’s resources to make the greatest possible number of goods and services

A

Efficient

69
Q

The opportunity cost of a decision can be examined by using a

A

Production possibilities graph

70
Q

An efficient economy is one that

A

Uses it’s resources to make the most of goods and services

71
Q

The community of desert like traditionally produces a large number if tired and a small amount if kiwi fruit. Kiwis are becoming increasingly popular, and desertville has decided to expand kiwi cultivation and decrease tire manufacturing. According to the law of increasing costs,

A

The cost of producing kiwis will increases

72
Q

Human capital includes

A

A taxi drivers knowledge of the city streets

73
Q

Any resources that are made by humans and used to create other goods and services are called

A

Capital

74
Q

What is the opportunity cost of a decision

A

The most desirable alternative given up for the decision

75
Q

Which of the following is the kind of decision that can be made at the margin

A

Whether or not to hire new workers

76
Q

Which of the following makes someone an entrepreneur

A

Running a service the hires people to install sprinkler systems in lawns

77
Q

A country’s production possibilities increase because the available workers become more skilled at using a computer. This is an example of growth caused by

A

Technology

78
Q

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

A

Guns or butter

79
Q

A company that makes baseball caps is underutilizing it’s resources. What does this mean

A

The company is producing fewer caps than it could be

80
Q

The law of increasing cost means that when an economy increases the production of one item

A

The production cost will increase also

81
Q

What is the function of an economic system

A

To produce and distribute goods and services

82
Q

What is the struggle among various producers for the consumers business called

A

Competition

83
Q

What does the process of specialization do for an economy

A

It makes it more efficient

84
Q

Collective in the Soviet Union were inefficient producers of agricultural products. Why?

A

Farm workers had guaranteed incomes, so they had few incentives to produce more or better crops

85
Q

Which of the following was a free market philosopher

A

Adam smith

86
Q

How could the Chinese economy be characterized

A

Mixed but on the side or centrally planned

87
Q

What is one of the most important advantages of a free market

A

It encourages growth

88
Q

What might be a hardship for citizens of a centrally planned economy making a transition to a market based system

A

Workers would lose job security and guaranteed incomes

89
Q

In what list of mixed economies does the market system dominate

A

United States, United Kingdom, Singapore, Hong Kong

90
Q

What is a condition that most people would not expect the safety net of the government to provide for

A

Markets allow people to buy what they need to consume and sell the specialized goods and services they produce

91
Q

Why does even a free market economy need some government intervention

A

To provide for thugs that the marketplace does not address

92
Q

In what kind if an economy does the government make all the decisions

A

Centrally planned

93
Q

What is a characteristic of a traditional economy

A

Children ten to have the same jobs as their parents

94
Q

What is the product market

A

The market in which households purchase the goods and services that firms produce

95
Q

You are an entrepreneur wit an innovative idea for a new business. In which kind of economy would you have the most opportunity to try to achieve success

A

Market economy

96
Q

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

A

Traditional economy

97
Q

What does a government provide as part of a safety net for the people

A

Unemployment compensation

98
Q

The economy of china is in transition. What does this mean?

A

The economy is moving from central planning. Toward a market based system

99
Q

Which of the goals is difficult to achieve in a pure free market system

A

Economic equity

100
Q

What incentive motivates a manufacturer to sell a product

A

Making profits on sales

101
Q

A person believes that real equality can only exist when political equality is coupled with canonic equality this person believes that democratic means should be used to distribute wealth evenly throughout society

A

Socialist

102
Q

What incentive do manufacturers have to sell their products

A

Making profits in sales

103
Q

What is the purpose of competition

A

To act as a regulating force in the market place

104
Q

What is an important advantage of a free market

A

It offers a wide variety of goods and services

105
Q

How would the economy if Canada be likely to be characterized

A

Mixed, but on the side of free market

106
Q

When a consumer is able and willing to buy a good or service, he or she creates what

A

Demand

107
Q

Hat determines the price and the quantity produced of most goods

A

The interaction of supply and demand

108
Q

What are inferior goods

A

Goods for which the demand falls when income rises

109
Q

How is future price related to current demand

A

If the price is expected to rise, current dan will rise

110
Q

What determines how a change in prices will affect total revenue for a company

A

Elasticity of demand

111
Q

What kind of system is the United States economy based on

A

Market

112
Q

Ceteris paribus or all things held constant is an assumption that has what effects on a demand schedule

A

It takes only prices into account

113
Q

What shows the quantities of products demanded at each price by all consumers in a market

A

A market demand scheduled

114
Q

What kind of table lists the quantity of a good that a person will buy at different prices

A

Demand schedule

115
Q

What is a basic principle of a law of demand

A

When a goods price is lower people will buy more of it

116
Q

How is the current demand for a good related to its future price

A

If the price is expected to drop current demand will fall

117
Q

What is a good that might not be bought when prices rise

A

Luxury

118
Q

What kind of changes would be expected in the demand of a country that has a growing population

A

A rise in the demand shelter

119
Q

What is a company’s total revenue

A

The amount a company receives for selling it’s goods

120
Q

When prices rise what happens to income

A

It buys less

121
Q

What goods would be likely to be bought in the same quantity even if it doubled in price

A

Pencils

122
Q

Demand for movie rentals is highly elastic a video store that raises the price of a rental will

A

Possibly gain or lose revenue

123
Q

The family owned Italian restaurant in your neighborhood is probably an example of a

A

General partnership

124
Q

Dr. Ruiz shares equal responsibility and liability with her colleagues in their medical practice her practice is an

A

General partnership

125
Q

What represents the percent of all us businesses that are corporations and the percent of all goods that those corporations sell

A

20 % of businesses 90% of goods sold

126
Q

What is a disadvantage of a sole proprietorship

A

Lack of permanence

127
Q

Every day on your way to basketball practice you wave to me Martin who owns the neighborhood flower stands mr martins store is probably a

A

Sole proprietorship

128
Q

You decide to go to a consumer cooperative to buy supplies for your class party prices are cheaper there mainly because consumer cooperatives

A

Make large purchases

129
Q

Ellen started a catering business but soon decided that catering was too stressful for her she could close her business relatively easily and return to school because the business was a

A

Sole proprietorship

130
Q

You are looking for a job with many fringe benefits you therefore probably want to work for a

A

Corporation

131
Q

What is the major difference between a corporation and other kinda of businesses

A

A corporation has a separate entity apart from that of the owners and workers

132
Q

What percent of businesses are sole proprietorship

A

75%

133
Q

What are the money and other valuables that belongs to a corporation or partnership called

A

Assets

134
Q

You are a part owner of new brands corporation because you

A

Own the company’s stock

135
Q

In a publicly held corporation

A

A large number of stockholders can buy and sell stock

136
Q

You won a successful bicycle repair business you are considering incorporating in order to

A

Raise money more easily

137
Q

Your uncle owns a convenience store that has branches nationwide his store is and example of a

A

Business franchise

138
Q

Your running shoes were designed in the us but assembled in Asia by a company called runner pro runner pro is a

A

Multinational corporation

139
Q

Why is it easier for a partnership to borrow money and to hold good employees than it is for a sole proprietorship to do so

A

A partnership has more personal stability and access to more money

140
Q

If a general partnership fails who is responsible for the debts

A

All of partners

141
Q

A joining of two or more businesses that are involved in different stages of producing the same goods or service is called what

A

Vertical merger

142
Q

What is an advantage of a sole proprietorship

A

It is the least regulated form of business organization

143
Q

The government usually allows conglomerates because they

A

Do not result in decreased competition

144
Q

What are organizations that are in te business of benefiting society and operate like a business called

A

Nonprofit organization

145
Q

What are royalties

A

A percentage of a franchises earning paid to the parent company

146
Q

What is a fringe benefit

A

A payment other than wages or salaries

147
Q

Good wireless and better wireless merge to form best wireless the federal government watches this merger carefully for evidence of a

A

Monopoly

Civics/Economics (7 decks)

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