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Econ Final

What is the difference between a scarcity and a shortage
A scarcity occurs when there are limited quantities to meet unlimited wants and shortage occurs when a good or service is unavailable
According to the guns and butter example if a country decides to spend more on military goods which of the following will happen?
The country will have less money to devote to consumer goods
By the end of the summer Jason had saved enough money for college from his job as a waiter. He even had some money left over. Although he wanted both he decided to buy a DVD player rather than a digital camera. which of the following is the opportunity cost in this scenario?
The digital camera
How does a society answers the three economic questions about the production and consumption of goods and services?
It’s answer is based on the importance editor actors to various economic goals and social values.
Which one of the following relies on habit, custom, or ritual to decide what to produce, how to produce it, and whom to distribute to?
A traditional economy
Self interest is the motivating force driving the free market. Which of the following is the regulating force?
Competition
Centrally planned economies can work effectively toward explicitly stated goals, but which of the following is one advantage of such a system?
It’s performance almost always falls short of its ideals.
Which of the following statements is true, as market economies have a evolved since Adam Smith’s time?
Government intervention in the economy has become greater
The purpose of the free enterprise system is to
Give consumers freedom to make economic choices
Which of the following is a good indicator of economic stability?
General price levels
Which of the following is not a reason for the government to provide a good or service as a public good?
It would be inefficient to exclude non-payers
Improved technology helps create a higher standard of living for future generations by
Providing additional goods and services
When shoes at a local shoe store went on sale at 50% off the regular price, the store sold almost every pair of shoes that I had in less than a day. By the time the stock was replenished, the sale was over and very few shoes were purchased. Which of the following does this illustrate?
The law of demand
Which of the following explains the relationship between income affect and consumption?
When the price of goods goes up, people get less for their money, and consumption goes down
Mariah is buying fewer boxes of macaroni and cheese, used cars, fast food dinners, and generic products because her income Rose. This shift in the demand curve caused by Mariah’s income has resulted in what?
A decrease demand for inferior goods
Which of the following is not a factor affecting elasticity?
The good’s price range
According to the law of supply, the higher the price,
The larger the quantity produced
According to the graph of marginal product of labor for a company that makes beanbags, which of the following situations is created when the fourth through seventh workers are hired?
Diminishing marginal returns
In which category do you subsidies, excise taxes, and regulation belong
Governments influence on supply
Studies a graph showing the equilibrium. For a pizzeria. Which of the following can be said about the equilibrium price and the equilibrium quantity?
The quantity supplied in the quantity demanded are equal 200 slices per day
Which of the following government actions is an attempt to control the high cost of rent for lower income families and what has been the result of this action?
Price ceilings; few renters with the greatest need benefit from the program.
Which word can be used twice to best complete the sentence? When supply_________, price falls, and quantity Demanded______to reach a new equilibrium.
Increases
Factors that make it difficult for new firms to enter the market are called
Barriers to entry
A firm sells natural gas to a city for one price and sells the same gas to an outline village at another phrase. What is this practice called?
Price discrimination
What is an oligopoly?
A market structure in which a few large firms dominate the market
Which of the following correctly to find money as a unit of account?
It provides a means for comparing the values of goods and services
One of the six characteristics economists used to judge how well an item serves as currency is the visibility. What does this concept mean?
Money must be easily divided into smaller denominations.
What is the difference between commodity money and representative money?
Commodity money consists of objects that have value in and of themselves, but representative money makes use of objects because the holder can exchange them for something else of value.
How did the federal reserve system improve the banking industry in the 20th century?
It served as a central bank with the power to lend to other banks in time of need.
How does investing contribute to a free enterprise system?
Investing give more money to businesses to expand and grow, creating new jobs and better products
Which of the following is a financial intermediary?
A bank
Which type of bond carries the least amount of risk?
Treasury bonds, because they are backed by the US government
How do you investors usually act during a bear market?
Investor sell stock and expectation of lower profit because the stock market falls for period of time.
Why might someone consider the standard and 500 (S and P 500) a better measurement of stock performance than the Dow Jones industrial average
The Dell reports on 30 stocks in the S and P 500 tracks 500 stocks as a measure of overall stock performance.
What is the money and investor receives above and beyond the money initially invested called?
Return
The securities and exchange commission is
A government agency that regulates financial markets and investment companies.
What is the gold standard?
A system in which a countries money is backed with gold
Why wouldn’t economist use real GDP rather than the nominal GDP to measure growth?
Real GDP he reflects output more accurately the nominal GDP by using constant prices.
Which of the following economic activities does not illustrate the limitations of calculating GDP?
Depreciation
Four factors, both expected and unexpected, perpetuate the business cycle. Which of the following is not one of these factors?
Stagflation
Which one of these people lost his or her job because of structural unemployment?
Sonia dropped out of school and now feels to meet the minimum requirements for her job.
10 years ago, a house sold for $54,000. Today the same house is valued at $108,000 what has inflation down to consumers purchasing power?
Reduced it
If you lived on a fixed income, how would you be affected by inflation?
You would be financially stressed because your income does not increase when prices go up?
The poverty threshold, or poverty line, varies according to what?
The size of the family
In the mid-1980s, Congress passed the gram Rudman Hollings act. What was the effect of this legislation?
It created automatic cuts and some federal expenditures if the deficit exceeded a certain amount
What role does the federal reserve play in regulating the baking system
The federal reserve coordinates all regulatory activities and examined Banks periodically
How do you change in interest rates affect the money supply
As interest rates rise people generally keep their wealth and assets that pay returns, restricting the money supply.
The money multiplier formula shows the effect of
A cash deposit into the banking system of the money supply.
What is the primary difference between inside and outside policy lags?
Inside legs are delays in the implementation of policy, and outside lags indicate the time it takes a new policy to become affective.
With all the investments, as the rest goes up, the return goes down.
False
The Roth IRA is in after-tax investment that grows tax-free
True
Never buy something you do not fully understand.
True
Shelf positioning forces the buyer to associate a value with the product.
False
Never roll over your 401(k) when you leave the company.
False
If we used a race analogy to describe building wealth, it would be most like a sprint
False
Rate of return matters when it comes to compound interest.
True
Diversification means to spread around
True
Once you have a fully funded emergency fund put 10% of your income into retirement plans
Your first baby step is to pay off all your debt
False
Most often identity theft is committed by strangers
False
There are two major credit bureaus: Trans Union and Experian
False
The fastest growing group of bankruptcy filers is senior citizens.
False
The power of cash is immediate
True
In order to have a Phico score, you must have debt
True
The envelope system include using credit card for emergencies.
False
The average beautiful find his anywhere from 90 to 200 companies in it.
True
You do not need renters insurance if you live in a dorm at college
False
Liquidity is the availability of your money
True
You need a credit card in order to rent cars and check into hotels
False
Cash advance in title pawn companies charge roughly the same interest rates and fees on loans as a credit card company
False
Using a credit card is a good way to find a bargain
False
Henry Ford and JCPenney were pioneers of the use of credit
False
You should always use a realtor when selling a
False
Term life insurance is more expensive because it funds a
False
Spending cash is more painful than using a debit card
True
Men in women have different views about money
True
Personal finances 20% behavior, 80% had knowledge.
False
The average job is five years in length
False
Not every state has FICA tax withholdings
False
There is no interest charged on debit purchases
True
The number one cause of divorce in this
True
Walk away power means you leave if you don’t get the price you want
True
A good age to open a checking account is between the ages of 13 and
True
The purpose of insurance is to increase your investment
False
Increasing your deductible usually decreases the premium
True
There are two parts to FICA: Medicare and social security
True
Ifyour mortgage payment exceeds 25% of your net income, you have bought more house than you can afford
True
Your salary is the most important motivation for
True
It usually takes three months for your budget to begin working well
True
Why do you plan for retirement instead of relying on Social Security to take care of you
All of the above
Which is a type of insurance to avoid
Accidental death insurance
What is the difference between gross pay and net pay
Gross pay is before taxes, net pay is after
You are ready to buy a home under the following conditions
You have at least 10% down and you have an emergency fund
Which tax may or may not be withheld from your paycheck depending on where you live
State
Which is not a characteristic of cash
Walk away power
In general, a good way to save on insurance premiums is to
Increase your deductible
What is a good age for kids to open their first checking account
13 to 15 years old
Joe tried to bargain at an electronic store but is unable to get the price down to where he wants it what should his next step be
Walk away
A written cash flow plan is done
Month
which statement is not true about extended warranties
Only 12% of the warranty covers the statistical approach probability of the item breaking
What is true about your Strengths and personality
You grow the most in your areas of strength
The primary reason for insurance
Transfer risk
Why is cash value life insurance not a good investment
All of the above
Which of the following will not likely lead to reduce insurance rates
Speeding ticket
A collector is talk to:
Evoke strong emotion
Which of the following is not a regulatory
Bank of America
Which is not part of the federal fair debt collection practices act
Requires creditors to correct any inaccuracies on your account
Which is true about the practice of marketing credit cards to teenagers
All of the above
In order to effectively manage money, you need a
Budget
Which of the following is not one of the three keys to finding a bargain
Fast talking
How much more do you spend on purchases when you use credit instead of cash
12 to 18% more
A__________is usually over $300, but can vary depending on the person.
Significant purchase
which is not a precaution to prevent your identity from being stolen
Keep your Social Security card on you at all times
Which of the following is not covered under a Bankruptcy
Student loans
What is a key feature in computing your Phico score
Debt
What concert is Best explained by the statement, money spent here cannot be spent there?
Opportunity cost
And overdue payment is called
delinquency
Which is a true statement regarding the use of credit cards and paying the balance off each month
You are spending an average of 12 to 80% more when you use a credit card
The baby steps can best be described as
All of the above
Which is a good investment
Mutual fund
The most aggressive mutual funds tend to be from
Companies that are a little younger and growing
The risk return ratio says
When the risk goes up, the return generally will go up
What definition best explains and IRA
The tax treatment on virtually any type of investment
If you have $3000 invested in a Roth Aire, what is true about your contribution?
You have already paid taxes on the money so it will grow tax-free
Which of the following is a risk to consider when investing
All of the above are risks
If you own 50 shares of stock that you purchased for $40 a share, and the price increases to $70 per share your profit
$1500
The savings habit of been in Arthur best illustrate what principle of saving
Both ANC
What is the best way to buy a car
0% financing on new or used
Oil and gold
Commodities
Checking your bank statement against your account register
Reconcile
Fee for an overdrawn account
Nonsufficient fund
Bargaining for a lower price
Negotiating
Life insurance for a specified period of time
Term life insurance
With investments, as the rest goes up, so should the hopeful return
Risk return ratio
Place your emergency fund in this type of account
Money market
Movement of tax deferred retirement money from one plan to another
Rollover
The true cost of something in terms of what you give up
Opportunity cost
Combining separate debt payments into one single payment
Debt consolidation
The amount you pay annually, quarterly, or monthly for insurance
Premium
The value of your house over and above what you
Equity
Borrowing money and paying overtime
Financing
Most expensive way to finance a new car
Leasing
Experian, Trans Union, equifax
Credit bureaus
Spend every dollar of paper before the month begins
Zero based budget
Emotional, visual and has immediacy
Cash
Lists your personal, work in education history
Resume
Loan payments on the house
Mortgage
The availability of your money
Liquidity

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