Economics Final Exam Quiz

76 Questions  I  By Jester81888
This is a quiz based off of some very standard economic basics

  
Changes are done, please start the quiz.


Question Excerpt

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1.  What is Economics?
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2.  What is Scarcity?
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3.  What are the three basic economic questions?
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4.  What are the four factors of production?
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5.  Definition of Land?
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6.  Definition of Capital?
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7.  Definition of Labor?
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8.  Definition of Entrepreneur?
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9.  What are the many payments for the factors of productions called?
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10.  What is opportunity cost?
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11.  What is PPF?
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12.  What do the points along the frontier represent?
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13.  On the PPF how can a nation achieve growth?
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14.  What does a point inside the curve on a PPF represent?
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15.  What is the classic example of a PPF?
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16.  What is the circular flow model?
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17.  What are the functions of the entrepreneur?
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18.  Name three types of businesses
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19.  Name the types of businesses
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20.  Define paradox of value?
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21.  What is the classic example of paradox of value?
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22.  What are the goals of the American Free Enterprise?
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23.  What is the law of demand?
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24.  What is the law of supply?
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25.  What causes the demand curve to shift?
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26.  What causes the increase in supply?
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27.  What is equilibrium?
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28.  What is Shortage?
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29.  What is Surplus?
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30.  What is a price ceiling?
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31.  What is a price floor?
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32.  What is elastic?
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33.  What is inelastic?
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34.  What is unit elastic?
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35.  If prices and revenue move in opposite directions demand is?
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36.  What is microeconomics?
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37.  What is macroeconomics?
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38.  What is a collusion?
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39.  What are the three functions of money?
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40.  What are the characteristics of money?
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41.  What is commodity money?
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42.  What is the FED
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43.  What is the FOMC?
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44.  How many district banks?
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45.  What are the three tools of the FED?
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46.  Who is the chairman of the FED?
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47.  What is inflation?
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48.  What is recession?
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49.  What is "easy money"?
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50.  What is "tight money" policy?
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51.  What is a business cycle?
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52.  What are the 4 stages of a business cycle?
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53.  Name the three types of taxes?
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54.  What are the two principles of taxation?
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55.  What is personal income tax?
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56.  What is disposable income?
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57.  Who is Adam Smith?
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58.  What does the word "Laissez Faire" mean?
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59.  What is the law of variable proportions?
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60.  What is the civilian labor workforce?
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61.  Who is excluded from the civilian labor workforce?
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62.  Define merger?
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63.  What is a horizontal merger?
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64.  What is a vertical merger?
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65.  What does the word utility mean?
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66.  What is a fixed cost?
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67.  What is variable cost?
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68.  What is total cost?
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69.  What are marginal costs?
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70.  What is the SEC?
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71.  What is the FDA?
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72.  What is the FAA?
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73.  What is the FCC?
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74.  What was the Sherman Anti-trust Act?
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75.  What is a durable good?
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76.  What is a non-durable good?
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