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1. Economics EOCT Review Part I What are the three basic questions faced by people who produce products? 21. How is land paid for? 22. How is labor paid for? 23. How is capital paid for? 24. How are entrepreneurs paid? 25. What are some ways to increase productivity? 26. What is the difference between macroeconomics and microeconomics? 27. What is profit motive? What is the major strength of the traditional economy? 28. How does the income effect change the demand of a product? What is an advantage of a command economy? 29. How does productivity affect the supply of a product? What is an advantage of a market economy? 30. What are the three stages of production? 2. What is the basic fundamental economic problem facing society? 3. What is a traditional economy? 4. What are the four factors of production? 5. What is a command economy? 6. What is a market economy? 7. 8. 9. 10. Name two countries that have a command economy. 31. What does a surplus do to the price of a product? 11. What is economics the study of? 32. What does a shortage do to the price of a product? 12. What is the difference between a good and a service? 33. What is minimum wage an example of? 13. What is the difference between human and physical capital? 34. List the five conditions for pure competition. 14. What is a disadvantage of a market economy? 35. What is a natural monopoly? 36. 15. What is a disadvantage of a command economy? What are some of the dangers of monopolies? 37. 16. What type of economy does the United States actually have How does technology affect the price of a product? 38. How does consumer taste affect the demand of a product? 39. What happens when price ceilings are placed on apartments? 40. Give an example of an elastic product. What happens to demand when the price of an elastic product goes up? 17. What is the most desirable alternative given up as a result of a decision? 18. What does capitalism thrive on? 19. What is an entrepreneur? 20. What are trade-offs? 41. Give an example of an inelastic product. What happens to demand when the price of an inelastic product changes? 42. What do taxes do to the supply of a product? Subsidies? 43. What is a geographic monopoly? 44. Give an example of public goods. 45. What does the cost of inputs do for the supply of a product? 46. Why does production go down in the Third Stage? 47. 60. Define laissez-faire. 61. Define deregulation. What industries have been deregulated recently? 62. List the three roles of money. 63. What is another term for a market clearing price? 64. What is the major difference between perfect competition and monopolistic competition? 65. On a production possibilities curve, what would show inefficient use of resources? 1. Economics EOCT Review, Part II Define macroeconomics. 2. What is a proportional tax? 3. What is a progressive tax? 4. What is a regressive tax? 5. What type of tax is a tax on the manufacture or sale of items such as gasoline and liquor? 6. What is the dollar amount of all final goods and services produced within a country’s national borders? What is a technological monopoly? 48. What is equilibrium price? 49. What does the number of sellers do for the supply of a product? 50. What does government regulations do for the supply of a product? 51. What does the substitution effect have on the demand of a product? 52. What is the law of supply? 53. What is a government monopoly? 54. What are some characteristics of oligopoly? 7. What is the formula used to measure the inflation rate? 55. In a circular flow what goes to the factor market? 8. What type of inflation states that labor groups cause inflation? 56. In a circular flow what goes to the product market? 9. 57. How does the government get money in the circular flow? What is the dollar value of all final goods, services, and structures produced in one year with labor and property supplied by U.S. residents? 10. How do economists define a recession? 11. What type of unemployment is caused by workers between jobs? 58. 59. What is a rational economic decision? What are some ways to cause the production possibilities curve to shift outward? Inward? 12. What type of inflation is caused by all sectors in the economy trying to buy more than the economy can produce? 29. What happens to the money supply when the FED buys government securities? Sells government securities? 13. What is expansion? 30. What type of unemployment is the most dangerous? Describe it. 14. What type of unemployment is caused by changes in the weather? 31. What type of unemployment is caused by ups and downs in the economy? 32. The buying and selling of government securities is which tool of monetary policy? 15. What is technological unemployment? 16. What is the wage-price spiral view of inflation? 17. How many districts are there in the Federal Reserve System? Which district is Atlanta found in? 33. If the Fed increases the reserve requirement, what will happen to the money supply? 18. List two reasons for the structure of the Fed. 34. If the economy is in a recession, what fiscal policy could the government use to strengthen the economy? 19. List the three major tools of monetary policy used by the Fed. 35. If the Fed sells government securities, what will happen to the money supply? List some of the tools of fiscal policy that can be used by the federal government. 36. If the Fed decreases the reserve requirement, what will happen to the money supply? 37. If the economy is experiencing deflation, what could the Fed do to stop it? 38. What is the difference between debt and deficit? 39. Who makes fiscal policy decisions? What things does the Federal Advisory Council do for the Fed? 40. List some of the countries that belong to OPEC. List some things that affect aggregate demand. 41. List some of the countries that belong to the European Union. List some things that affect aggregate supply. 42. What type of tariff is designed to raise money? 43. What are quotas? 44. Explain what a trade deficit is. 45. In what type of economic system are the means of production privately owned? 20. 21. Who selects the Board of Governors of the Fed? 22. What things does the Federal Open Market Committee do for the FED? 23. What are banks that belong to the Federal Reserve System called? 24. 25. 26. 27. 28. What happens to the money supply when the reserve requirement is increased? Decreased? What happens to the money supply when the discount rate is increased? Decreased? 46. List some countries that belong to ASEAN. 65. Explain what a savings account is. 66. Explain what a US Treasury Bond is. 47. List the three countries that are part of NAFTA. 67. Explain a Stock Mutual fund. 48. What type of tariff is designed to protect domestic industries? 68. Explain stock. 49. What is the key to trade? 69. Give examples of who benefits and who loses from inflation. 50. In what type of economic system are the means of production collectively owned? 70. Define progressive tax. 71. Define regressive tax. 72. Define proportional tax. 73. Explain how an increase in sales tax affects different income groups. 74. List factors that affect credit worthiness. 75. Explain the difference between simple and compound interest rates. 51. What is the difference between an absolute and comparative advantage? 52. List the five reasons for protecting the U.S. from foreign goods. 53. In what type of economic system are the basic productive resources owned by the government? 54. What is collateral? 55. Define junk bonds. 76. Simple Interest Formula 56. Explain that people respond to positive and negative incentives in predictable ways. 77. Compound Interest Formula 78. Continuous Compound interest formula 57. Use a rational decision making model to select one option over another. 79. Health insurance 80. Auto insurance 81. Disability insurance 82. Property insurance 83. Premium 84. Asset protection 85. Deductible 86. Shared liability 58. Create a savings or financial investment plan for a future goal. 59. What services are offered by a bank? 60. What services are offered by a credit union? 61. 62. What services are offered by a savings and loan? What services are offered by a Payday loan company? 63. Explain reasons for the spread between interest charged and interest earned. 87. Identify skills that are required to be successful in the workplace. 64. Give examples of the direct relationship between risk and return. 88. Explain the significance of investment in education, training, and skill development. 15. What type of business organization has limited liability, but less control over decisions? 16. Why might the Federal Reserve sell government securities and raise the discount rate? Money is a standard of value when we do what with it? 17. A nation’s imports are $5.2 billion and its exports are $5.3 billion. What does the nation have? A limit on the number of a particular item that can be imported from a particular country is called what? 18. What type of workers suffer the most from inflation? 19. In the circular flow, labor flows from _____________ through the _____________ market to the _________________. 20. Give an example of an entrepreneur. 21. What is the disadvantage of choosing an insurance policy with a high deductible? 22. What is another name for the market clearing price? EOCT Review III These questions are totally random and cover many different topics and categories. 1. Who answers economic questions in a command economy? 2. 3. 4. What term means a measure of inflation? 5. Draw a basic production possibilities curve. List three things that can shift the curve outward. 6. Product differentiation or slightly different products is an example of what type of market structure? 7. A person being laid off during an economic recession is experiencing what type of unemployment? 8. What is the difference between absolute and comparative advantage? 9. What type of personal investments are the most risky? 10. Which basic economic problem does the U.S. share with all nations? 11. 12. 13. 14. List three reasons the supply curve could shift to the left for the blueberry market. If aggregate demand is increasing quickly, but aggregate supply is increasing slowly, what would be the result? What does it mean when a country’s currency depreciates? A person deposits $50 in his savings account instead of buying a video game. What is the opportunity cost of the decision? 23. Country/Currency Foreign U.S. Dollars Currency in in Foreign U.S. Dollars Currency Mexico/Peso 1 Peso= $1=10.70 $0.093 pesos $200 in U.S. currency would be how much in pesos? 24. Two workers own a lawn business. What is the best way they can increase their productivity? 25. Under what circumstances will two nations trade? 26. When a price is at equilibrium, what does that mean? 27. What is the effect of a U.S. tariff on imports? 28. Two advantages of a market economy over a command economy are what? 29. A tax that decreases as your income increases would be called what? 30. What group in the U.S. establishes monetary policy? 31. Why might a person oppose free trade? 32. How do you determine if a rational economic decision has been made? 33. What fiscal policy tools could be used to expand the economy? 34. List three things microeconomics examines and three things macroeconomics would examine. 35. How are public goods and services in the U.S. paid for? 36. What effect does deregulation have on an industry? 37. The price of cars decreases slightly and the demand for cars increases greatly. This is an example of what? 38. What did NAFTA do in regard to trade between the three countries? 39. What is the difference between a bank and a credit union? 47. Low interest rates increased consumer spending and borrowing. Which way does the AD curve move? 48. Unemployment rising, GDP falling. What phase of the business cycle is this economy in? 49. Why are salaries of some workers higher than others? 50. What are some things that determine your credit worthiness? 51. When the U.S. government hires postal workers and FBI agents, it makes a transaction in which market? 52. A printing company buys a new printing press. What effect will this have on equilibrium price and quantity? 53. What protects your money in a bank if the bank goes out of business? 54. What is the best example of a price ceiling? A price floor? 55. The market for gasoline is controlled by a few large companies. What market is being described? 56. What is the best example of a progressive tax? 40. Describe an investment in human capital. 41. Give an example of a government transfer payment or government aid. 42. If the government places a maximum limit on the price of gas, what is the result and what is this called? 57. What is the disadvantage shared by sole proprietorships and partnerships? 58. What does it mean when a country imports more than it exports? 59. What tools of monetary policy would be used to try to end a recession? 43. Draw a basic production possibilities curve. Place a point on the drawing that would show inefficient use of resources. 60. What tools of monetary policy would be used to try and slow down an economy? 44. What is the relationship between debt and deficit? 61. In a market economy, what determines how goods and services are distributed? 45. The U.S. government forbids all imports from Cuba. What is this an example of? 46. What makes a tax regressive? Year 2006 2007 Value of 1 Euro in U.S. Dollars 1.25 1.42 Value of $1 in Euros 0.79 0.70 62. If you took $1,000 to Europe in 2007 and exchanged it for Euros, how many Euros did you receive? 63. Which currency appreciated in value from 2006 to 2007? 64. What type of insurance pays a monthly income to people who are unable to work for an extended period? U.S. Nicaragua TOTAL Sugar 80 70 150 Fertilizer 100 50 150 65. Who has the absolute advantage in sugar? Fertilizer? 66. Who has the comparative advantage in sugar? Fertilizer? 67. In the circular flow diagram, the flow of wages to workers goes from _______________ through the _______________ market to _________________. 68. What tools of monetary policy would be used to contract the economy? 69. What tools of fiscal policy would be used to contract the economy? 70. What tools of monetary policy would be used to expand the economy? 71. What tools of fiscal policy would be used to expand the economy? 72. Why does every economic decision involve an opportunity cost? 73. Beads were once used as a medium of exchange by Native Americans. Why was this money used at one time? 74. A person who leaves their job to find another job is experiencing what type of unemployment? 75. Who prints the money and who controls the supply of money? 76. Janice decides to spend $20 on a concert ticket instead of a new blouse. What is the opportunity cost of the decision? 77. What is the incentive for entrepreneurs in a market economy?