Economics Review 2
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
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20 questions
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1.
FLASHCARD QUESTION
Front
How are wages for a particular job determined?
Back
the equilibrium between the supply and demand for workers for that job
2.
FLASHCARD QUESTION
Front
According to economic theory, what happens to job opportunities in low-paying jobs when the minimum wage goes up?
Back
The quantity of labor demanded goes down.
3.
FLASHCARD QUESTION
Front
The three main tools of monetary policy are: Tax rate changes, the discount rate, open-market operations; Tax rate changes, changes in government spending; The discount rate, the reserve ratio, and open-market operations; Changes in government spending, tax rates, and interest rates
Back
The discount rate, the reserve ratio, and open-market operations
4.
FLASHCARD QUESTION
Front
Your cousin tells you that his trucking company has resorted to arbitration with the trucker’s union. This means that
Back
A neutral third party is reviewing the dispute and will impose a legally binding decision.
5.
FLASHCARD QUESTION
Front
Products that would be used in calculating GDP include: toys manufactured in China at a factory owned by a U.S. company, cars manufactured in Tennessee at a factory owned by a Japanese automobile company, plastic manufactured in a factory in Kentucky and sold to toy manufacturers around the world to make plastic toys, cotton cloth manufactured in India and sold to clothes makers in the U.S.
Back
cars manufactured in Tennessee at a factory owned by a Japanese automobile company
6.
FLASHCARD QUESTION
Front
Products that would be used in calculating GDP include: toys manufactured in China at a factory owned by a U.S. company, cars manufactured in Tennessee at a factory owned by a Japanese automobile company, plastic manufactured in a factory in Kentucky and sold to toy manufacturers around the world to make plastic toys, cotton cloth manufactured in India and sold to clothes makers in the U.S.
Back
cars manufactured in Tennessee at a factory owned by a Japanese automobile company
7.
FLASHCARD QUESTION
Front
The lowest point in an economic contraction is called
Back
a trough
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