Economics 6 - 9 Test

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1. What type of economic system is based upon custom, heredity, and caste?
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2. What did the apostle Paul say was the root of all evil?
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3. The three main components of the Federal Reserve System are the Federal Open Market Committee, the Federal Reserve banks, and the Board of Governors.
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4. What is the study of the choices that individuals and societies make in the production, distribution, and consumption of goods?
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5. Throughout history, many governments have deflated their currencies by adding lead, copper, and iron to gold and silver coins.
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6. What term refers to one who borrows money?
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7. What term refers to one who lends money or capital?
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8. What corporation created by Congress insures the money in each type of bank account?
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9. What is a list of numbers that compares price with quantity demanded?
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10. If Firm A can produce 50 shoes or 40 coats with the same amount of resources from which Firm B can produce 45 coats or 65 shoes, which firm has the comparative advantage in coats?
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11. A natural monopoly occurs when a single firm can fill the demand for a good more efficiently.
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12. What do consumers send to producers to let them what goods are wanted at what prices?
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13. What governmental agency investigates trade practices?
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14. What term deals with the study of specific components within a major economy?
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15. What was the first act implemented in 1890 to regulate monopolistic trusts?
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16. What United States Department is responsible for coining and printing American money?
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17. What antitrust act was passed in 194 that addressed practices not addressed in earlier laws?
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18. What type of good is a truck used by a florist to deliver flowers?
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19. What three things is mass production based on?
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20. What is legal tender that is backed by only a government's promise?
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21. What is the production of goods in which a country or region has absolute or comparative advantage?
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22. What does CD stand for? (and no I don't mean Compact Disc)
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23. Supply is the relationship between a goods price and the amount that producers are willing to make available.
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24. What type of investment allows an individual to receive a fixed amount of dividends before other investors?
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25. Proficiency is the quality of producing effectively with a minimum of waste.
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26. The U.S. money supply is managed by the Treasury Department.
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27. When too much money is in circulation, the result is inflation.
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28. The total cost is the sum cost of all the factors of production used in making goods.
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29. What is a group of firms that produce similar products or provide similar services?
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30. A service is a tangible item for which people will pay.
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31. A consumer is an individual who provides goods.
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32. Which group favored a "natural economy"?
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33. What type of economic system is controlled by a centralized authority?
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34. When the demand for a good increases, the good's equilibrium price tends to increase.
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35. What quality should money possess that shows its stability in value.
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36. The value of a good varies according to its utility and its scarcity.
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37. What are the three principal purposes of money?
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38. What type of investment allows an individual to vote at company meetings?
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39. The result of a price ceiling would be a shortage.
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40. Absolute advantage is the ability of an entity to produce a good or provide a service at an opportunity cost that is lower than that of another producer.
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41. In market economies, most of the savings needed to fund R&D comes from the public sector.
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42. Select the characteristics of the Perfect Competition Model
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43. Select each characteristic featured in an Oligopoly.
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44. What type of good does not last more than three years?
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45. What is the value asserted to the worth of a coin or bill?
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46. What states that when the price of a good falls, consumers tend to buy more of that good?
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47. If the supply of tennis rackets increased while the demand remained steady, stores would likely increase the prices of rackets.
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48. If Gordon McConnell's accounting business had expenses equaling $90,000 and revenues totaling $115,000 last year, but could have had a salary of $80,000 working for someone else, what was his opportunity cost?
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49. What type of account guarantees a certain interest rate and has a specified maturity date?
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50. What is the American automobile industry an example of?
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51. What type of money consists only of transaction accounts, traveler's checks, and all coins and paper money held only outside banks?
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52. Select the three key elements that determine how much investments will grow?
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53. What quality should money possess that shows its availability in small or large units?
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54. What is a written order that authorizes a bank to remove funds from an account?
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55. What type of account allows limited transactions and pays an interest rate that changes with the demand for loans?
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56. Besides limited government and freedom of enterprise and competition, to what does the free market economy owe its proficiency?
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57. What is the retail clothing industry in a large city an example of?
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58. Select the characteristics that match the model for a Monopoly
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59. Trade is the exchange of one good for another good without a standard money form passing from hand to hand.
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60. Select the characteristics of the Monopolistic Competition model.
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61. One way to improve efficiency is to keep output constant and increase input.
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62. Match each description with the correct economists.
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63. What principle refers to people hoarding stable forms of money while spending less stable forms?
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64. What are the Four Factors of Production?
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65. Match each definition with the correct term.
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66. Match each definition with the correct term.
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67. Match each definition with the correct term.
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What type of economic system is based upon custom, heredity, and...
What did the apostle Paul say was the root of all evil?
The three main components of the Federal Reserve System are the...
What is the study of the choices that individuals and societies make...
Throughout history, many governments have deflated their currencies by...
What term refers to one who borrows money?
What term refers to one who lends money or capital?
What corporation created by Congress insures the money in each type of...
What is a list of numbers that compares price with quantity demanded?
If Firm A can produce 50 shoes or 40 coats with the same amount of...
A natural monopoly occurs when a single firm can fill the demand for a...
What do consumers send to producers to let them what goods are wanted...
What governmental agency investigates trade practices?
What term deals with the study of specific components within a major...
What was the first act implemented in 1890 to regulate monopolistic...
What United States Department is responsible for coining and printing...
What antitrust act was passed in 194 that addressed practices not...
What type of good is a truck used by a florist to deliver flowers?
What three things is mass production based on?
What is legal tender that is backed by only a government's...
What is the production of goods in which a country or region has...
What does CD stand for? (and no I don't mean Compact Disc)
Supply is the relationship between a goods price and the amount that...
What type of investment allows an individual to receive a fixed amount...
Proficiency is the quality of producing effectively with a minimum of...
The U.S. money supply is managed by the Treasury Department.
When too much money is in circulation, the result is inflation.
The total cost is the sum cost of all the factors of production used...
What is a group of firms that produce similar products or provide...
A service is a tangible item for which people will pay.
A consumer is an individual who provides goods.
Which group favored a "natural economy"?
What type of economic system is controlled by a centralized authority?
When the demand for a good increases, the good's equilibrium price...
What quality should money possess that shows its stability in value.
The value of a good varies according to its utility and its scarcity.
What are the three principal purposes of money?
What type of investment allows an individual to vote at company...
The result of a price ceiling would be a shortage.
Absolute advantage is the ability of an entity to produce a good or...
In market economies, most of the savings needed to fund R&D comes...
Select the characteristics of the Perfect Competition Model
Select each characteristic featured in an Oligopoly.
What type of good does not last more than three years?
What is the value asserted to the worth of a coin or bill?
What states that when the price of a good falls, consumers tend to buy...
If the supply of tennis rackets increased while the demand remained...
If Gordon McConnell's accounting business had expenses equaling...
What type of account guarantees a certain interest rate and has a...
What is the American automobile industry an example of?
What type of money consists only of transaction accounts,...
Select the three key elements that determine how much investments will...
What quality should money possess that shows its availability in small...
What is a written order that authorizes a bank to remove funds from an...
What type of account allows limited transactions and pays an interest...
Besides limited government and freedom of enterprise and competition,...
What is the retail clothing industry in a large city an example of?
Select the characteristics that match the model for a Monopoly
Trade is the exchange of one good for another good without a standard...
Select the characteristics of the Monopolistic Competition model.
One way to improve efficiency is to keep output constant and increase...
Match each description with the correct economists.
What principle refers to people hoarding stable forms of money while...
What are the Four Factors of Production?
Match each definition with the correct term.
Match each definition with the correct term.
Match each definition with the correct term.
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