Econ Final Review Kahoot

Shortage exists when demand is greater than the supply

True

The money people have left over after they have paid their taxes is called

Disposable income

Interest rates for all types of credit are

regulated by the state governments and the federal government

Mortages are offered by all of the following except

consumer finance companies

Consumers can transfer money electronically from their bank accounts to the bank accounts of stores or resturants

Debit cards

A finance charge

is the cost of credit expressed monthly in dollars and cents

Credit card companies such as Visa and Mastercard are issued by

Banks

A financial institution that is owned and operated by members to provide savings accounts and low interest loans is a

Credit Union

A car used by a mesenger service is a type of

capital

business cycles in the united states

occur irregularly

A usury law

sets maxium interest rates consumers can be charge

People who are able to use or store large quantities of bulk food items can save money shopping at

warehouse stores

Rent controls result in

lower rents than would normally be charged

Automobile liability insurance covers

bodily injury and property damage

Why are current clothing styles generally expensive

sellers know that consumers will pay to keep up with fashions

According to the law of demand, when the price of an item goes up the quantity demanded

falls

Diminishing marginal utility refers to the fact that

additional satisfaction declines as additional units of an item are consume

Demand for one particular brand of coffee is probably

elastic

Generally, the more substitutes there are for a good, the

more elastic the demand

If the price of the product is above its equilibirum price, the result is a

surplus

unlimited liability means that

the owner of the busness has complete legal responsibility for all debts/damages

the stock of the largest companies in the United States is

New York Stock Exchange (NSYE)

In the United States, which type of business accounts for the greatest share of revenues?

corporation

A joint venture is a

a temporary partnership set up for a specific purpose for a short period of time

entrepreneurs are people who

startup businesses

in a limited partnership

some partners bear no risk

the practice of asking the public not to purchase goods or services produced by a company whose workers are on strike

boycotting

a deliberate work stoppage by employees is called

a strike

the minimum wage law may

increase unemployment among teenagers and minorities

During the 1930’s, the united states experienced

a depression

Business cycles in the united states

occur irregularly

ATM’S recieve deposits, give out funds, accept payments, and

transfer funds between accounts

representative money is money that is

backed by a vunerable item, such as gold

which of the following is not a function of money

interest-bearing exchange

the FDIC was created to

protect depositor savings and give confidence in the banking system

which type of institution must belong to the federal reserve

national banks

the chairman of the federal reserve board during the 1990’s was

Alan Greenspan

Which of the following is not a function of the federal reserve system?

setting the interest rates banks must charge

the federal reserve is responsible for

monetary policy in the united states

the assembly line was developed in the early 20th century

the ford motor company

All the combination of goods and services that can be produced in a given time with a fixed amount of resources are

production possibilities

entrepreneurship refers to the ability to

start new businesses, new products and processes, and improve management

Adam Smith’s “invisible hand“ refers to the role of

the market

A major characteristic of a pure market economy is

unrestricted competition

The production possibilities curve shows the maxium combination of goods and services that can be produced

True

If demand for a good increases and supply does not the equilibruim price will rise

True

You should pay your high interest credit cards first

true

Treasury bonds and bills are issued by the United States treasury

True

The substitution effect can decrease the quantity demanded of a good

true

A franchisee pays a certain percent of their revenues to franchisor

true

the law of demand does not apply in a monopoly

false

in a sole proprietorship, owners pay only personal income taxes on their profits

true

the Board of Directors of a corporation makes all the descisions about the company’s day to day production

false

A cartel raises the prices of the goods it controls

true

a laissez-faire system is one in which

government interference in the economy is minimal

All of the following are consumer rights except the

right to recive a warranty

generic products are those that

have no brand name at all

Bait and Switch is an example of

deceptive advertising

According to the law of supply, higher prices prompt producers to

produce more

When the price of a good is high for consumers, they look for

substitutes

the quantity demanded of a product is affected by

price

if the price of an item rises, quantity demanded usually

falls

the principle that states that the more you have of something, the less satisfaction you will get from an additional unit

law of diminishing marginal utility

One advantage of an oligopoly is

more stable prices

All of the following are chracteristics of a monopoly except

presence of many competing firms

If one company purchases 52% of the stock of another company, the transaction is known as a

merger

market structure describes

amount of competition a business faces

natural monopolies are businesses that

provides such things as utilities, public transportation , and cable TV

Which of the following represents a form of nonprice competition

advertising

the largest sector of the american labor force

service sector workers

collective bargaining is the process in which

unions and employers negotiaye the conditions of employment

The federal reserve system was established to

control the amount of money in circulation

The federal reserve has the power to

regulate national bank resources

M2 is

A broader definition of the money supply then M1

A company’s office buildings are an example of

capital

in a pure monopoly, the seller will change more than the equilibrium price

true

factors of production include which of the following

land, labor, and capital

businesses can make decsicions about the best use of their resources by analyzing

production possibilities

the value of the next best alternative that has to be given up for the action tha is chosen is the

oppurtunity cost

economics is primarily concerned with which of the following

how resources are used in production

another term for a capitlast system is

market economy

according to Adam Smith

government should not in the market place

it is easier to start your own business in a

free enterprise system

what goods and services should be produced, how they should be produced, and who should share in what is produced…

all economies

a promise to repair or replace a faulty product within a certain time is

a warranty

every purchase decision involves the use of two scarce resources

money and time

which of the following is a NOT a consumer right

the right to a fair price

entrepreneurs are people who start their own businesses

true

generic products are usually more expensive than brand name products

false

comparison-shopping helps consumers make informed decisions

true

it is more difficult to obtain an unsecured loan than a secured loan

true

disposable income is a person’s income before taxes are taken out

false

a debit card is a credit card

false

when people’s income goes up, they usually consume less of a good or service

false

people diversify their investments by investing in several different kinds of investments

true

according to the law of supply, producers are willing to supply more when the price of a good or service goes up

true

some credit card companies get people into signing up by

offering low initial APR’s

Shares traded on the New York Stock Exchange tend to be those of

very large corporations

a company’s office buildings are an example of

Capital