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Economics FINALS Jeopardy The examination of the behavior of entire economies: A) Economics B) Microeconomics C) Macroeconomics D) Economist Macroeconomics A good or service that is necessary for survival: need Comic books, video games, and jewelry are NOT necessities and are examples of: wants The study of the choices that people make to satisfy their needs and wants is called: Economics We must make economic choices because resources are __________. Limited or Scarce The impulse that encourages people to fulfill their needs and wants: Self-Interest An action or activity done for others for a fee: Service The value of the next best alternative given up to obtain an item: Opportunity Cost _________ is the study of economic actors such as households, companies, and individual markets. Microeconomics Someone who studies economics is called an ______________. Economist A phrase expressing the idea that a country that decides to produce more military goods has fewer resources to produce consumer goods: “guns and butter” The concentration of the productive efforts of individuals and businesses on a limited number of activities: Specialization An economic system in which government planners answers the three basic economic questions: Command Economy The struggle among producers for the dollars of consumers: Competition An economic system that relies on habit, custom, or ritual to decide the three key economic questions. Traditional Economy The doctrine that government generally should not intervene in the marketplace: Laissez Faire This man coined the ‘invisible hand’ to describe self-regulating nature of the marketplace: Adam Smith A market-based economic system in which the government is involved to some extent: A) Traditional Economy B) Command Economy C) Market Economy D) Mixed Economy D) Mixed Economy The concerns of a society as a whole: A) Public Disclosure Laws B) Gross Domestic Product C) Eminent Domain D) Public Interest D) Public Interest The right of a government to take private property for public use: A) Public Disclosure Laws B) Gross Domestic Product C) Eminent Domain D) Public Interest C) Eminent Domain The principle that anyone can compete in the marketplace: A) Profit Motive B) Free Contract C) Legal Equality D) Open Opportunity D) Open Opportunity Something which benefits a good or service when they don’t purchase an item: A) Positive Externality B) Negative Externality C) Public Good D) Average Externality A) Positive Externality A shared good or service for which it would be inefficient or impractical to make consumers pay individually and to exclude those who did not pay: A) Average Externality B) Negative Externality C) Public Good D) Positive Externality C) Public Good A license that gives the inventor of a new product the exclusive right to sell it for a specific period of time: Patents The information from a demand schedule plotted on a graph: Demand Curve If a product is a necessity, it will tend to have_________ demand. Inelastic True/False: Complementary goods are goods that are bought in the expectation of having more income. False Complementary goods are goods that are commonly used with other goods, such as paint brushes and paint. The picture is a classic example of what factor with the law of demand: Substitution Effect The quantity of goods and services that producers offer at various possible prices during given time period: Supply Rent, interest on loans, property insurance premiums, local and state property taxes, and salaries: A) Variable Cost B) Total cost C) Marginal Cost D) Fixed Cost D) Fixed Cost Production costs that changes as the level of output changes: A) Variable Cost B) Total cost C) Marginal Cost D) Fixed Cost A) Variable Cost This is an example of what--- when the red line and blue line intersect: (Market) Equilibrium A minimum price for a good or service: Price Floor A product that is popular for a short period of time: Fad A system of allocating scarce goods and services using criteria other than price: Rationing Two to Five businesses dominating the marketplace is known as a (an) _______. Oligopoly Laws that encourage competition in the marketplace: Antitrust Laws The effort by sellers to secretly set production levels or prices is called: Collusion What does GDP stand for: Gross Domestic Product What is the difference between ‘Durable’ goods and ‘Non-Durable’ goods: Durable Goods—are purchases which last a while (computer or refrigerator) while…. Non-Durable—are purchases that do not last a long time (food or cosmetics) What is the final stage in the business cycle where it reaches the lowest point: Trough When the business cycle is rising or growing, it is in what type of a ‘phase’: Expansion Phase What is the term when a period of the business cycle in slowing down and going downward: A) Peak B) Trough C) Contraction D) Expansion C. Contraction True or False The business cycle typically fluctuates (goes up and down)-- in a market system: True Changes in economic activity that occur in the market system, measured in terms of increases or decreases in the GDP: A) Nominal GDP B) Real GDP C) Portfolio D) Business Cycle D. Business Cycle This reduces the real purchasing power of the dollar: Inflation This is a type of unemployment is where it is most harmful to an economy: Cyclical Unemployment This is a type of unemployment where workers don’t work because of weather patterns during a calendar year: Seasonal Unemployment The lowest income as determined by the government that a family needs to maintain a basic standard of living: Poverty Threshold This is a type of unemployment where you need to keep up with technology: Structural Unemployment This is a type of unemployment where people retire or simply shift from job to job: Frictional Unemployment This boosts the real purchasing power of the dollar: A) inflation B) deflation C) hyperinflation D) inflation rate B) Deflation Economists considered the unemployment rate of about 5 percent to represent ____ _________. Full Employment When inflation is at its worst degree which could lead to an economic collapse, this is called: Hyperinflation Required payment to either a local, state or national government: Tax Tax based on real estate and other property: A) Property Tax B) Gift Tax C) Tax Credit D) Tax Deduction A) Property Tax Tax for which the percentage of income paid in taxes increases as income increases: A) Regressive Tax B) Progressive Tax C) Proportional tax D) Incidence of a Tax B) Progressive Tax Tax for which the percentage of income paid in taxes decreases as income increases: A) Regressive Tax B) Corporate Income Tax C) Proportional tax D) Incidence of a Tax A) Regressive Tax British economist in the 1930s developed new ideas to Economics. He believed boosting or increasing demand when the economy is down is the government’s role. John Maynard Keynes A school of thought that uses demand-side theory as the basis for encouraging government action to help the economy: A) Supply-side Economics B) Reaganomics C) Keynesian Economics D) A and B C) Keynesian Economics A situation in which budget expenditures exceed revenues: Budget Deficit A school of thought based on the idea that the supply of goods drives the economy--Known as “Reaganomics”: Supply-Side Economics The use of government spending and revenue collection to influence the economy: Fiscal Policy What is the central bank of the United States which was created in 1913: Federal Reserve System When money expands in the money supply, it increases aggregate demand and promotes economic growth which is called: A) Easy-Money Policy B) Tight-Money Policy C) Reserve Requirement D) Moral Suasion A) Easy-Money Policy This is characterized by higher interest rates and a contraction in the money supply: A) Easy-Money Policy B) Tight-Money Policy C) Reserve Requirement D) Moral Suasion B) Tight-Money Policy Who is this guy: ----------(Next question is the last w/ the FED Districts) Benjamin Bernake 1) Boston 2) New York 3) Philadelphia 4) Cleveland 5) Richmond 6) Atlanta 7) Chicago 8) St. Louis 9) Minneapolis 10) Kansas City 11) Dallas 12) San Francisco This is the last question…………………………..