A circular flow model shows how

all interactions occur in a market economy

Money shareholders received from stock profits.

What does a stock represent?

A percentage of ownership of a company including assets and profits.

What will happen to Demand for labor in the cardboard box market if the demand for cardboard boxes increases? (BUT, the cost of producing cardboard boxes remains the same)

Demand for Labor will increase, because firms will be able to sell the products workers make for more money.

What is the purpose of GDP? (standard 9)

To reflect the overall health and growth of an economy.

What does CPI measure?

The average change in prices of goods and services consumed by households.

In the U.S economy, the Federal Reserve (the Fed) is responsible for

keeping interest rates low and monitoring inflation

Which of the following best describes the relationship between the Federal Reserve and the U.S. government? Options: The Federal Reserve is a part of the U.S. government and its decisions must be approved by Congress. The Federal Reserve acts as the government's bank, but operates independently of direct government control. The Federal Reserve is under the direct control of the President of the United States. The Federal Reserve and the U.S. government are completely separate entities with no direct influence over each other.

The Federal Reserve acts as the government's bank, but operates independently of direct government control.

What is the purpose of fiscal policy? (standard 11)

To promote economic growth and stability

What is the purpose of the Federal Reserve's monetary policy?

To regulate the money supply and control inflation

Which one is a type of trade barrier (s)?

tariffs, import quotas, export subsidies, all of the above

If Country A's government enacts a tariff on imported pineapples, which of the following will happen in Country A? Options: the number of imported pineapples will increase, domestic producers of pineapples will see a decrease in their sales, the trade balance will move to a trade surplus, net exports will decrease

the trade balance will move to a trade surplus

Economics Flashcards

Student preview

24 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is the central idea in all of economics?

Back

Scarcity

2.

FLASHCARD QUESTION

Front

Any useful material that is found in nature:

Back

Natural Resource

3.

FLASHCARD QUESTION

Front

What is marginal benefit (MB)?

Back

The additional benefit received from a choice

4.

FLASHCARD QUESTION

Front

What is marginal cost (MC)?

Back

The additional cost of a choice

5.

FLASHCARD QUESTION

Front

Which is not an economic system? (standard 3) Options: Capitalism, Mutualism, Communism, Socialism

Back

Mutualism

6.

FLASHCARD QUESTION

Front

In which economic system are INDIVIDUALS in charge of owning land, resources, and factories?

Back

Capitalism

7.

FLASHCARD QUESTION

Front

Competition between businesses is an example of what economic system?

Back

Market

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