FBLA Economics
Flashcard
•
Business
•
9th - 12th Grade
•
Hard
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37 questions
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1.
FLASHCARD QUESTION
Front
What happens when there are excessive increases in the money supply?
Back
inflation
2.
FLASHCARD QUESTION
Front
Societies that value equality over efficiency will generally have which one of the following? a more equal distribution of income, higher rates of economic growth, small public sectors with limited powers, constitutional restrictions on income redistribution policies
Back
a more equal distribution of income
3.
FLASHCARD QUESTION
Front
Which one of the following is the best example of a factor of production? a sports car, a cheeseburger, a hammer, a college textbook
Back
a hammer
4.
FLASHCARD QUESTION
Front
In 2007 the GDP deflator was 125 and nominal GDP was $9.9 trillion. In 2008 the GDP deflator was 130 and nominal GDP was $11.7 trillion. How much did real GDP (expressed in 2007 dollars) increase during this time period?
Back
$1.35 trillion
5.
FLASHCARD QUESTION
Front
If the price of plastic used to make printers decreases, this will cause a(n)
Back
increase in the supply of printers
6.
FLASHCARD QUESTION
Front
The economic principle that states that individuals or nations can gain by specializing in the production of goods where they have the lowest opportunity cost is called:
Back
law of comparative advantage
7.
FLASHCARD QUESTION
Front
A firm in perfect competition has a demand curve that is:
Back
horizontal at the market price
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