Transcript ECON TEST REVIEW

When customers buy the exact
amount of goods that producers
are supplying. This is called the
_________ price.
-Back$100
1
Video game consoles such as
the X-box One are most likely to
have this type of demand
-Back$200
2
If aggregate demand is rising,
businesses from industries will
tend to _________ production
Increase / Decrease
-Back$300
3
After a mild, dry winter, the
amount of snowboards a ski
shop has on hand should be in
high_________ therefore the
causing the price to decrease
-Back$400
4
Even though gasoline prices
increased 15 cents per gallon as the
result of the new gas tax, Alice
continued to buy gas so she could
make her 20 mile drive to work. This
is an example of what type of
demand?
-Back$500
5
The most common medium of
exchange in modern economic
systems is
-Back$100
6
Government owns the basic
means of production, but there
is some private ownership of
businesses under a
__________system
-Back$200
7
China and North Korea currently
operates under what type of
economic system
-Back$300
8
What type of economic system
is used in the United States
-Back$400
9
The absence of growth and
progress is the major problem of
a
economic system
-Back$500
10
Wants can be divided into the
two categories of __________
and ________________.
-Back$100
11
This government policy sets
levels of government
spending and taxation.
-Back$200
12
Government financial help or
tax breaks given to a specific
business are called
-Back$300
13
When customers buy or
demand the exact amount of
goods that producers are
selling, this price exists
-Back$400
14
The gap between unlimited
wants and limited resources
creates a condition known as
-Back$500
15
The study of how to meet
unlimited wants with limited
resources is
-Back$100
16
Buildings and equipment are
considered this type of resource
-Back-
$200
17
A nation that exports more than it
imports maintains a
-Back-
$300
18
A union made up of all types of
workers employed within an
industry is called a (n)
_______union.
-Back$400
19
New employees hired to
replace employees who are
striking are called
-Back-
$500
20
What technique is Boeing using
to combat the disadvantages of
labor specialization when it
expands an employee’s job
tasks to include other similar
tasks?
-Back$200
21
A tax levied by a government on
imports
-Back-
$400
22
As a management trainee in a
large business, Ron spends
three weeks working in each of
the various departments. This is
an example of job
-Back$600
23
A worker who places stamps on
outgoing mail is performing a
job which has________ depth
and ________scope
-Back$800
24
A nation has this if they can
produce an entire product for
less than another nation
-Back-
$1000
25
If the contraction phase of the
business cycle lasts more than
six months, it is called a(n)
-Back$200
26
The economy of Greece is undergoing
rapid changes. Unemployment is going
down, consumer spending is high, and
factories are increasing their production
capabilities. Greece is in the _______
phase of the business cycle.
-Back$400
27
A business manager realizes the demand
for his products now exceeds producers’
capabilities, and producers have raised their
prices to offset the high demand. Under
these conditions, what phase of the
business cycle should the manager begin to
prepare for?
-Back$600
28
When there are high levels of
unemployment and business
failures, the business cycle is in
its ______ phase
-Back$800
29
The period of time on a business
cycle when an economy has
surpassed its previous peak is
called
-Back$1000
30
Members of the local 654
refused to buy products made
by their company. This union
strategy is known as
-Back$200
31
When a union requires more
employees than needed to
complete a job, the union is
doing this
-Back$400
32
The court issued a___________
forcing the teachers from the
Marysville School District to go
back to work.
-Back$600
33
Officials from the local union and
the Kroger Corporation are meeting
next week to determine the terms
and conditions that will be provided
to the employees next contract.
This process is known as
-Back$800
34
A technique used when the
business owners close down the
business and forbid the workers
to work.
-Back$1000
35
In economic terms, “Mr. Barnes
has brought several rental
properties. The money Mr.
Barnes spent to buy these
buildings would be included in
this category of GDP”
-Back$200
36
In economic terms, “A country’s
gross domestic product is
expressed in this format”
-Back-
$400
37
In economic terms: As a favor,
Katie agreed to wash her
grandmother’s car each month
for free. In terms of GDP, the
work Katie does would be part of.
-Back$600
38
In economic terms: George agreed
to paint Joe’s car for him and asked
to be paid in cash so there would
be no record of the transaction.
The money George earned is part
of
-Back$800
39
In economic terms, A country’s
net exports are a minus figure in
GDP calculations whenever this
happens
-Back$1000
40
Channels
1st RD of
Distribution
Its all about
Marketing
My Economic
Strategies
Supply &
100
Demand
System
100
100
200
200
300
300
400
400
500
500
100
200
200
300
300
400
400
500
500
Go
to 2nd RD
What’s
Back
Marketing
Functions
World of
Economics
100
Economics
Marketing
100
100
200
200
200
200
300
300
300
300
400
400
400
400
500
500
500
Misc.
100
500
41
Channels
2nd RD of
Distribution
Specialized
Marketing
Strategies
Cycle
Trading
Through
200
200
100
200
400
300
600
400
800
500
1G
100
200
400
300
600
400
800
500
1G
back rd 1
Marketing
Functions
Call
the Union
What’s
GDP “In
Marketing
GO to Final Jeopardy
100
Economic
100
Terms”
200
200
200
200
400
400
300
300
600
600
400
400
800
800
500
500
1G
1G
42
Start
43
Final Jeopardy
Wager
Final Jeopardy
44
Question:
John’s father receives veterans’
benefits, and his grandmother
gets Social Security. Are these
payments counted in GDP? Why
or why not?
-Use terms & Be specific45