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Econ > Unit 3/4 Review > Flashcards

Unit 3/4 Review Flashcards

1
Q

Which of the following is an advantage of a sole proprietorship?

A

It is the least-regulated form of business organization.

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2
Q

Which of the following is not a disadvantage of a sole proprietorship?

A

Share decision making

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3
Q

What is the most common type of partnership?

A

General Partnership

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4
Q

If a general partnership fails, who is responsible for the debts?

A

All of the partners

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5
Q

Publicly held corporations are owned by which of the following?

A

Everyone

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6
Q

Which of the following make the major decisions for corporations?

A

Board of Directors

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7
Q

Who is responsible for the day to day operations of corporations?

A

Corporate Officers

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8
Q

Which of the following is an example of a horizontal merger?

A

Ford & Chevy

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9
Q

Which of the following is not an example of an advantage of a multinational?

A

Do not have to pay taxes to host nation

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10
Q

Which of the following is not a criticisms people have about multinationals?

A

Provide high wages, but unsafe conditions

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11
Q

What type of economy did America have at the founding of the country?

A

Agriculture

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12
Q

The US occupational trend that began in the 1950s?

A

Electronics

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13
Q

What was the occupational trend in the US that occurred in the early 1900s?

A

Heavy Industry

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14
Q

What occupational trend occurred in the 1970s?

A

Personal Computer

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15
Q

Which of the following is not experiencing occupational growth in today’s economy?

A

Manufacturing

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16
Q

International competition has diminished the demand for what type of labor in the US?

A

Unskilled

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17
Q

This economic theory states education increases productivity and results in higher wages.

A

Learning Effect

18
Q

This economic theory suggests that people who complete college are intelligent and hardworking.

A

Screening Effect

19
Q

Who graduates college at a higher rate at all degree levels?

A

Women

20
Q

This type of labor has no specialized skills, education, or training.

A

Unskilled Labor

21
Q

This type of labor has advanced skills and education.

A

Professional Labor

22
Q

This type of labor has specialized training and abilities.

A

Skilled Labor

23
Q

This type of labor has minimal skills and training?

A

Semi-Skilled Labor

24
Q

Employers respond to high wages by doing which of the following?

A

Replace workers with technology

25
Q

Replace workers with technology

A

Quality of life

26
Q

Labor unions have the strongest ties with which of the following groups?

A

Blue-collar Workers

27
Q

Which of the following terms is used to describe the use of money as a comparison of value for G & S?

A

Unit of Account

28
Q

Describe the use of money and your ability to use it in the future?

A

Store of Value

29
Q

Modern money in denominations of $1, $2, $5, $10, $20, $50, & $100 bills is an example of what?

A

Divisibility

30
Q

Deals with its ability to withstand the wear & tear of everyday use is which of the following?

A

Durability

31
Q

Which of the following is the idea that money must be similar & recognizable?

A

Uniformity

32
Q

The characteristic of money where people have to agree to use the money?

A

Acceptability

33
Q

What type of money is only backed by the government saying its money?

A

Fiat Money

34
Q

What is the name of the federal agency that monitors the money supply and banks?

A

Federal Reserve Bank

35
Q

Bank accounts are insured through which of the following?

A

FDIC

36
Q

Bank accounts are insured for up to how much?

A

$250,000

37
Q

What is money called that can be accessed easily and immediately?

A

M1

38
Q

Money that can be converted to cash fairly easy, but is a little more complicated?

A

M2

39
Q

What type of interest is paid on the principal and accumulated interest?

A

Compound Interest

40
Q

ATM services allow consumers to do which of the following?

A

To withdraw or deposit money at any time—day or night.

Econ (8 decks)

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