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WorksheetsEconomics
Total questions: 150
Worksheet time: 1hrs 7mins
Handing over property for the purpose of display, cleaning, repairs, storage, or consignment to sell.
bail bonding
deposit
bailment
demand deposit
Generally speaking the normal 500 year old fractional reserve banking systems of the United States have a --- reserve requirement.
5%
13%
10%
20%
Bank deposits and investment are essentially the same thing.
true
false
Bailments are a --- concept.
common law
written law
Swiss bank accounts
offer anonymity
offer complete legal accountability everywhere
The multiplier effect of fractional Reserve banking is
.2.
9
3.5
10.3
When people claim that destruction is progress they are committing the ---
Principle of the Seen And the Unseen
Broken Window Fallacy
In economics we take trade-offs seriously because choices made mean other choices are gone.
Principle of the seen and unseen
Broken Window Fallacy
Demand Deposit mean that
none of these
people who are too demanding and deposited on the sidewalk
nothing really it is not a thing
when you go to the bank to get your money they must hand it all over in a reasonable time frame
Safe Deposit of money
service of bank
expense of a bank
income for a bank
disadvantage of a mortgage
As one of their primary services banks issue credit cards
true
false
The main source of income for a bank is
credit card issuance
interest payments on loans
If you need money to buy a house you can get a --- from a bank.
gage
mortgage
mort
appraisal
The main problem with storing your wealth at home is ---.
you can't get interest payments.
it is dangerous
Before 1913 --- and they were attached to a ---
banks issued their own dollars, the dollar represented a redemption right for a certain amount of gold
banks rejected the gold standard, the United States government
These two things are required to determine the value of gold
is pure gold
weighs what you say is weighs
fancy designs on the coin
fancy shmancy designs on the coin
If everyone in your community has better job skills than you.
You still have time to sell because people who are capable of certain work might be better employed at a higher level leaving jobs for you - Mr. Unskilled
You will never find a job because all employment is based on already acquired skills.
The increase in productivity of goods and services that people actually want is ---.
prosperity
creative
destruction
creative destruction
Increases in productivity --2--
means that on average workers are getting more work done in the same amount of time per day
means that society is becoming more prosperous
means that people are having more children by twinning more as well as an increase in planned and unplanned pregnancies
all of these
Asian tiger economies --3--
Hong Kong, and Singapore
South Korea
Taiwan
Japan
Japan is not an Asian tiger economy because --3--
Asian tigers industrialized in the 1950s, Japan industrialized in the 1870s...
No other Asian nations industrialized before Japan
Prosperity because of increased world trade after the Second World War benefited these eastern Asian nations
all of these
There are many things that can lead to prosperity but the most basic two things for the world are
freedom that gives incentive to increase prosperity
global free trade
government making strict quality control regulations
When South Korea first industrialized one could say that Japan had a comparative advantage in --- and South Korea had a comparative advantage in ---.
normal goods, substitute goods
substitute goods, normal goods
this, that
Factors of Production --4--
Land
Labor
Entrepreneurial talent
capital (buildings and machines
an open for business sign
Modern and prosperous industrial economies are called
core
semi-peripheral
peripheral
Cargo containers solved these problems --2--
Safety improved
Theft at the harbor decreased
accounting
When Ronald Reagan forcefully suggested that Japan reduce the number of cars it sent to the United States --- for sale.
Japan started sending simpler and cheaper cars
Japan stared sending luxurious cars to the United States
A tax on imports
tariff
quota
embargo
A limit on the number imported
Tariff
Quota
Embargo
A ban on all imports from a certain country
Embargo
tariff
quota
Honduras has a(n) --- advantage in growing bananas over the United States.
comparative
absolute
Mexico has a(n) --- advantage in the manufacture of cars, flat screen TV, and large appliances over the United States.
absolute
comparative
As the price changes a little, demand changes a lot.
As the price changes a lot, demand changes a little
demand for music downloads
demand for one of a kind artifacts
As the price changes a little the demand changes a lot.
As the price changes a lot the demand changes a little.
The supply of Pablo Picasso paintings
The Supply of Music Downloads
Price changes a lot but the demand changes a little
Price changes a little but the the demand changes a lot
The price people are willing to pay changes a little and the quantity suppliers are willing to supply changes a lot (fast).
The price people are willing to pay changes a lot and the quantity suppliers are willing to supply changes a little (slow).
Carl Menger
Thomas Sowell
elastic supply
inelastic supply
elastic supply
inelastic supply
Portability, Durability, of Recognized Value, Uniform, and Divisible
These are the qualities of a barter economy
These are the qualities of a good money.
If a good becomes more commonly used in order to mediate exchanges
It become a money
It inevitably come into shortage
Where buyer and seller are not necessarily happy, but where they have come to an agreement where nearly everything that is supplied is bought
The point where buyers and sellers are happy, but there is maximum waste of resources
The tragedy of the commons is solved by
private property
socialism
Exchanges are possible with a(n)
equality of valuations
double inequality of valuations
Incentives ----
matter
a economic things
Every choice to do one thing is ---
the choice not to do something else.
just that baby
A --- means keep doing it and a --- means stop doing it.
profit, loss
loss, profit
Socialism is a --- system while capitalism is a(n) --- system.
command and control, individual liberty
individual liberty, command and control
Creative Destruction is the concept of --- and it asserts that ---
Joseph Schumpeter, old ways of doing things must die in order for new better things to begin in the economy. Labor and resource cannot be allocated to the new ways of doing thins if the old ways do not die
Joseph Schumpeter, old ways of doing things must be supported in order for new better things to begin in the economy. Labor and resource cannot be allocated to the new ways of doing thins if the old ways do not die
John Maynard Keynes, old ways of doing things must be support in order for new better things to begin in the economy. Labor and resource cannot be allocated to the new ways of doing thins if the old ways do not die
John Maynard Keynes, old ways of doing things must die in order for new better things to begin in the economy. Labor and resource cannot be allocated to the new ways of doing thins if the old ways do not die
Government interference in interest rates causes
mis-allocation of resources and recession
hurricanes and tornadoes
Centralized government planning of an economy ---
has nothing to do with what people actually want and leads to poverty and starvation
is more efficient and rational
When times are hard the demand for --- goods increases and the demand for --- goods decreases.
normal, substitute
substitute, normal
In good times the demand for --- goods increases and the demand for --- decreases.
substitute, normal
normal, substitute
Rent control causes --- and minimum wage laws cause ---.
housing shortages for poor people, unemployment for people who really need that first job.
unemployment for people who really need that first job, housing shortages for poor people
The demand for luxuries is --- and the demand for necessities without substitutes is ---.
elastic, inelastic
inelastic, elastic
France, the Eastern United States and increasingly Mexico are addressing the problem traffic jams with ---
more roads
toll roads
All economics or market values are ---.
subjective
objective
We are never asked to value all of a good or reseouces
we are asked only to value the next marginal unit. The next useful unit.
we are asked to value the labor that goes into the creation of the good.
We always value things in --- however, these values can change.
cardinal numbers
rank order, ordinal numbers
This is the correct theory of value.
Marginal utility
Labor
rarity
cost
intrinsic
If Mark can catch 100 fish and bake two loaves of bread a day, but he could catch two hundred fish a day if he didn't waste his time baking.
Mark should just fish and find a baker to trade with - advantages from trade.
Mark should learn to become a better baker
Of all the things we might bring to a market economy we all have --- and --- to offer.
time, money
talent, endurance
You must give up something to get it
scarcity
shortage
You cannot get it at any price
scarcity
shortage
A single buyer in the market (government and certain weapons)
monopsony
monopoly
A single seller in the market
monopoly
monopsony
Large number of sellers - standardized goods Large number of buyers, No barriers to entry, Buyers and sellers are well informed, Single buyers and sellers cannot change the market
Conditions of perfect competition
Conditions of monopoly and monopsony
The actions of entrepreneurs can dis-equilibrate as with creative destruction, but continuous action from entrepreneurs not only re-equilibrates and builds a more prosperous world. Better, cheaper, faster
true
false
The goal of a trucker
is to never go anywhere with an empty truck
have Sundays off to watch football
The value of labor ---
is derived from the good or service she produces of provides.
is linked completely with their level of virtue, skill and experience
The airlines went bankrupt
and air travel never recovered
and used aircraft became available to new airlines
Who would say "Capitalism will fail as workers are paid less and cannot buy any of the goods they labor to produce. The poor will rise up and kill the owners and take over the factories and farms" ?
Karl Marx
Joseph Schumpeter
Who would say "Capitalism make the world more prosperous. As people become prosperous one of the things they can buy is a college education. College education young people often do not learn to do something for a living and college living often makes them unsuitable for the work that is available. Capitalism dies from its own success." (the Ironic Interpretation of capitalism)
Karl Marx
Joseph Schumpeter
Capitalism rewards
the producers of goods and services people actually want
merit
Socialism rewards ---
obedience to government and brutality against socialism's opponents
merit
--- makes use of the minds of everyone (everyone is a consumer) and their market judgments are social appraisals that determine what is made, what isn't made and at what price. Engages all minds!
Capitalism
Socialism
The older system of producing extra for a possible large consumer base
just in case
just in time
The new method of producing just enough and delivering just enough parts to factories in order to reduce the cost of inventory and warehousing. Good example is the Japanese factory. They have excellent factory systems
just in case
just in time
Manufacture and deliver for storage just in case there is more demand or production of parts is interrupted.
just in case
just in time
Independent manufacturers produce and deliver once or twice a day. No wasted inventory if models are discontinued.
just in time
just in case
Spending ones own money on oneself
Don't care about a bargain, don't care about quality.
Don't care about a bargain, but care about quality
Care about a bargain, don't care about quality
Care about a bargain, care about quality
Spending other people's money on yourself
Don't care about a bargain, don't care about quality.
Don't care about a bargain, care about quality
Care about a bargain, don't care about quality
care about quality and care about a bargain
Spending your money on other people
Don't care about quality, don't care about a bargain
Don't care about quality, care about a bargain
Care about quality, don't care about a bargain
Care about quality and care about a bargain
Spending other people's money on other people
don't care about a bargain don't care about quality
don't care about a bargain, but care about quality
Care about a bargain, care about quality
Care about a bargain, don't care about quality
The vast majority of employers in the United States
have fewer than 20 workers
have more then 20 workers
Owners or partial owners of corporations are called ---
onwers
shareholders
landlords
In order to do huge business, globally, and with high levels of risk and over the long term ---.
there is the corporate model of investment
private proprietorship model of investment
They are expensive and difficult to start up (need expensive lawyers*), There is double taxation (corporate income tax). The founder can lose control, and there are more legal requirements and regulations.
These are the disadvantages of a corporation
These are the advantages of a corporation
One corporation owning a bunch or unrelated businesses
conglomerate
vertical integration
horizontal integration
closely held
An oil company buys drilling, lubricant, refining companies and gas stations
horizontal integration
vertical integration
conglomerate
closely held
A hotel chain buys budget hotels, average hotels, residence hotels, luxury hotels and resort hotels.
horizontal integration
vertical integration
conglomerate
solely held
The allocation of scarce resources that have alternative uses.
the definition of political science
the definitions of economics
The biggest problem with barter is
lack of a coincidence of wants
everything is just the wrong color
Lack of a coincidence of wants, Lack of uniformity, Divisibility problem, Not recognized: No common measure of value, Store of value problem, Not easily duplicated
Problems with barter
Problems with cash
Problems with casino chips
A free market economy, an African termite mound, and snow flake all have these things in common
the are beautiful spontaneous orders (emergent phenomena)
well they have nothing in common
Andrew Carnegie, John D. Rockefeller, and Cornelius Vanderbilt all ---
lower prices, increase the variety of products, and improved quality
exploited the public
With the internet the percentage of people working as middlemen when from --- and ---.
24%, 34%
34%, 24%
All insurance companies are --- middlemen.
concierge
enforcer
certifier
the risk-bearer
insulator
Ludwig von Mises
Carl Menger
F.A. Hayek
Eugene von Boehm-Bawark
Milton Friedman
Carl Menger
F.A. Hayek
Ludwig von Mises
Flag of the 5th French Republic 1954 - present
Weimar Germany 1919 - 1933
Flag of China under which 70 million people were murdered
Buhach Colony spirit flag
Karl Marx
Joseph Schumpeter
Carl Menger
Eugene von Boehm-Bawark
Ludwig von Mises
Carl Menger
F.A. Hayek
Hernando de Soto Polar
Thomas Sowell (Stanford University)
Walter Williams (George Mason University)
F.A. Hayek
Ludwig von Mises
F.A. Hayek
Walter Williams (George Mason University)
Milton Friedman (Chicago University)
Thomas Sowell (Stanford University)
The First Republican President
The First Democrat President
The last Libertarian President we've ever had
all of these
select three
First Democrat President
Big Slave owner
hero of the war of 1812
none of these
The Bridge
Concierge
Insulator
Carl Menger
F.A. Hayek
Ludwig von Mises
Thomas Sowell
David Ricardo
Adam Smith
Ferdinand and Isabel
Christopher Columbus
Supreme Court Justice Clarence Thomas
Walter Williams
Thomas Sowell
Carl Menger
Great Pyramid of Giza (Cheops)
making a mountain out of a mole hill
Aztec Pyramid or the Olmec and Mayan variety
Merced's new high school called high schoolville
The Town Frosty
Tay Mahal India
store front
kiosk
Capitol Hill
White House
Supreme Court Building
White House
Supreme Court Building
Capitol Hill
Supreme Court Building
White House
Capitol Hill
Flag of the state of California
Flag of the United States of America
flag of the United States
flag of Arizona
Observing what people actually do and analyzing it in the discipline of economics.
positive analysis
normative analysis
Observing what people do and passing moral judgement or making a moral evaluation of it.
positive analysis
normative analysis
In economics we take --- seriously.
everything
trade-off
flag of Canada
flag of New York
Trade is made of ---
win
winter
wine
People who do analysis for decisions makers and decision makers themselves.
primary
secondary
tertiary
quaternary
quinary
Farming, fishing, mining, lumberjacking are all ---
primary
secondary
tertiary
quaternary
quinary
All service workers, all custodians, restaurant workers, all entertainers, teachers, medical workers, all providers of a service are ---.
primary
secondary
tertiary
quaternary
quinary
All information collection and processing workers are ---
primary
secondary
tertiary
quaternary
quinary
All industrial (manufacturing) and processing of materials and food workers are ---
primary
secondary
tertiary
quaternary
quinary
Concrete formers, carpenters, roofers are ---
unskilled
semi-skilled
skilled
professional
They profess a vocation as their life's work: Doctors, lawyers, accountants, nurses, and engineers
unskilled
semi-skilled
skilled
professional
Artisans, Craftsmen, rigger, plumbers, electricians, artists are all ---
unskilled
semi-skilled
skilled
professional
Economics is the study of the --1-- of scarce resources that have --2-- uses. (select two and order is evereything)
--1-- allocation
--2-- allocation
--1-- alternative
--2-- alternative
unskilled
semi-skilled
skilled
professional
unskilled
semi-skilled
skilled
professional
unskilled
semi-skilled
skilled
professional
unskilled with their arms crossed
semi-skilled with their arms crossed
skilled with their arms crossed
professional with their arms crossed
The creative destruction of capitalism causes --4--
new products to be developed
old products to disappear
new production techniques are developed
old production techniques disappear
command and control government is empowered
G+C+I+X-M=Y The "G" stands for ---
Gross
Government
G+C+I+X-M=Y The "C" stands for ---
Consumption
Consumers
G+C+I+X-M=Y The "I" stands for ---
Indian Summer
Investment
Interest rate
G+C+I+X-M=Y The "X" stands for ---
exports
expropriation
G+C+I+X-M=Y The "M" stands for ---
imports
management
G+C+I+X-M=Y The "Y" stands for ---
aggregate demand or GDP
why do you need that?
A broom is bought at Walmart in Mexico City.
Mexican GDP
America GDP
El Pollo Loco is a Mexican National franchise. El Pollo Loco sells burritos in the United States.
Mexican GDP
American GDP
GDP stands for ---
Gross Domestic Product
Government Domestic Productivity
If a machine increase the amount of work you can finish in the same amount of time it has increased your ---
productivity
production
