Economics BM Review

Economics BM Review

Assessment

Flashcard

Social Studies

12th Grade

Hard

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14 questions

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1.

FLASHCARD QUESTION

Front

Based on the information provided in the graph above, what would likely occur if milk were priced at $2 per gallon?

Back

there would be a shortage of 20 million gallons

2.

FLASHCARD QUESTION

Front

The gains from trade are due primarily to the fact that

Back

total world output increases when each country specializes.

3.

FLASHCARD QUESTION

Front

Free trade can result in growing trade imbalances between countries. Which occurs when a country exports more than it imports?

Back

Trade surplus

4.

FLASHCARD QUESTION

Front

What are some possible reasons why the production possibilities curve might shift from the original curve (BB) to the new curve (BD)?

Back

New technology for consumer goods

5.

FLASHCARD QUESTION

Front

If government fiscal policy is intended to stop spiraling inflation rates, which action would Congress be MOST likely to take?

Back

Decrease government spending or increase taxes

6.

FLASHCARD QUESTION

Front

Through open market operations directed by the Federal Open Market Committee (FOMC), the Federal Reserve buys and sells government securities to influence the money supply. If the FOMC intends to increase the money supply in the economy, what would it recommend?

Back

Buy government bonds.

7.

FLASHCARD QUESTION

Front

When the determinants of supply change, there is a shift in supply. All things being equal, which of the following does NOT shift the supply of goods in the market? A change in input cost, An increase in number of consumers, An increase of taxes by the government, Changes in supply

Back

An increase in number of consumers

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