Test 1

Question 1

What is not a resource?

Answer 1

cash

Question 2

What is not a natural resource?

Answer 2

Machinery

Question 3

Economics is primarily the study of what?

Answer 3

Choices

Question 4

Opportunity cost

Answer 4

the loss of potential gain from other alternatives when one alternative is chosen.

Question 5

Economies of scale

Answer 5

the more you produce the cheaper it is to produce each unit (advantage of a small company rather than a large one)

Question 6

Micro-economics vs Macro-economics

Answer 6

Micro-eco of just like friends and family, individuals
vs
Macro-eco of the whole economy

Question 7

What are the three aspects of the economic system

Answer 7

What to produce, how to produce, and who gets it

Question 8

What is an example of an absolute advantage?

Answer 8

Thailands edible birds nests

Question 9

What is Fiat money?

Answer 9

Backed by the government

Question 10

What is an advantage bitcoin has over real money?

Answer 10

Its more anonymous

Question 11

What is a stock?

Answer 11

Part of the ownership

Question 12

What is a bond?

Answer 12

A loan

Question 13

What is early stage financial capital?

Answer 13

Money new companies used to get started

Question 14

Venture capital firms

Answer 14

Companies that invest in new companies that have potential

Question 15

What is initial public offering?

Answer 15

First time stocks are publically traded

Question 16

The situation in which average of all prices or products is called?

Answer 16

Inflation

Question 17

How does the fed influence inflation?

Answer 17

By increasing interest rates

Question 18

Who prints money and controls the circulation

Answer 18

Federal reserve

Question 19

Out of these four things which are one of the things that the federal reserve can not do?

Answer 19

They cant control taxes

Question 20

When raising money for your startup, what step comes first?

Answer 20

Raising money from family and friends

Question 21

Which of the following describes establishing the standards of law?

Answer 21

Providing a guidepost for minimally accepted behavior in society

Question 22

Which of the following describes maintaining order purpose of law?

Answer 22

Providing semlets of peace and calm in society

Question 23

What is intellectual property?

Answer 23

Ideas you can protect through a patent trademark and copyright

Question 24

Put in the order of least to most

Answer 24

Legal, ethical, moral

Question 25

What are the parts of the economic cycle?

Answer 25

Expansion, Peak, Contraction, Trough

Question 26

Elasticity in prices

Answer 26

measure of the change in the demand for a product in relation to a change in its price.

Question 27

What makes a product more or less elastic?

Answer 27

If it’s easy to find a substitute product when the price of a product increases, the demand will be more elastic. If there are few or no alternatives, demand will be less elastic.

Question 28

What is an absolute advantage?

Answer 28

an entity to produce a greater quantity of the same good or service with the same constraints than another entity.

Question 29

What is a comparative advantage?

Answer 29

an economy’s ability to produce a particular good or service at a lower opportunity cost than its trading partners.

Question 30

What is a dividend?

Answer 30

a distribution of earnings, by a company to its shareholders in the form of cash or stock reinvestment.

Question 31

Commodity money

Answer 31

of objects having value or use in themselves (intrinsic value)

Question 32

Which of the following describes resolving disputes of the standards of law?

Answer 32

the court system

Question 33

Which of the following describes protecting liberties and rights of the standards of law?

Answer 33

from violations or unreasonable intrusions by persons, organizations, or government.

Question 34

bribery

Answer 34

the act of giving money, goods, or other forms of compensation to a recipient in exchange for an alteration of their behavior that the recipient would otherwise not alter

Question 35

Kickback

Answer 35

a form of negotiated bribery in which a commission is paid to the bribe-taker in exchange for services rendered.

Question 36

conflict of interest

Answer 36

an individual or organization is involved in multiple interests that are at odds with one another.

Question 37

Whistleblower

Answer 37

a person who exposes any kind of information or activity that is deemed illegal, unethical

Question 38

Corporate responsibility

Answer 38

the ethical role of the corporation in society.