ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources...
-
Upload
arnold-bridges -
Category
Documents
-
view
223 -
download
0
Transcript of ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources...
![Page 1: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/1.jpg)
ECONOMICS ASSESSMENTECONOMICS ASSESSMENT
![Page 2: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/2.jpg)
The way individuals and The way individuals and groups deal with the groups deal with the allocation of scarce resourcesallocation of scarce resources
WHAT IS ECONOMICS?DEFINITION?
![Page 3: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/3.jpg)
Which is always present in an Which is always present in an economic system?economic system?
(a) central planning(b) strikes
(c) scarce resources(d) market decision-making
![Page 4: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/4.jpg)
Which tax is based mostly on Which tax is based mostly on ability to pay?ability to pay?
a. Social Security Taxb. Excise Taxc. Sales Taxd. Income Tax
![Page 5: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/5.jpg)
Caveat emptor means:Caveat emptor means:
A) the public’s right to obtain landB) let the buyer bewareC) citizen’s right to own propertyD) noninterference by governmentE) special concessions to business
![Page 6: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/6.jpg)
Who controls the money in Who controls the money in circulation?circulation?
A) TreasuryB) Federal Deposit of Insurance
CorporationC) Federal ReserveD) Banks
![Page 7: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/7.jpg)
An underdeveloped country is An underdeveloped country is basicallybasically
A) industrial in natureB) receiving a favorable balance of
tradeC) automatedD) agrarian in nature
![Page 8: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/8.jpg)
The total value of goods and The total value of goods and services produced in a given year services produced in a given year is called:is called:
A) national incomeB) national wealthC) consumer debtD) gross domestic product
![Page 9: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/9.jpg)
Federal government Federal government expenditures in the market expenditures in the market are the greatest in which of are the greatest in which of the following areas?the following areas?
A) defenseB) debtC) welfare
d) foreign aid
![Page 10: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/10.jpg)
Supply and demand in the market Supply and demand in the market determinedetermine
A) utilityB) costC) productionD) price
![Page 11: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/11.jpg)
Name the three basic economic Name the three basic economic systems in the world.systems in the world.
A)_____________
B)_____________
C)_____________
![Page 12: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/12.jpg)
The opportunity cost of a new The opportunity cost of a new public high school is the:public high school is the:
A) money cost of hiring teachers for the new school
B) cost of constructing the new school at a later date
C) change in the annual tax rate to pay for the new school
D)other goods and services that must be given up to build the new school
![Page 13: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/13.jpg)
Assuming little or no Assuming little or no government interference in the government interference in the market, which of the following market, which of the following is the lifeblood (internal is the lifeblood (internal engine) of the engine) of the marketmarket??
A) competitionB) priceC) stock marketD) regulation
![Page 14: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/14.jpg)
Which government agency Which government agency regulates antitrust formations?regulates antitrust formations?
A) Supreme CourtB) CongressC) Federal Trade CommissionD) State Courts
![Page 15: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/15.jpg)
What is the deduction called that refers to Social Security in your paychecks?
FICA – Federal Insurance Contributions Act
![Page 16: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/16.jpg)
What is monetary policy?What is monetary policy?
_The money and credit policy of the United States
![Page 17: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/17.jpg)
What is fiscal policy?What is fiscal policy?
___The taxing and spending policy of Congress
![Page 18: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/18.jpg)
Name the four factors of Name the four factors of productionproduction
A________________
B________________
C_________________
D________________
![Page 19: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/19.jpg)
One example of a capital good One example of a capital good would be:would be:
A) bank depositsB) roofing machineC) coalD) ink
![Page 20: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/20.jpg)
Ceteris paribus meansCeteris paribus means::
A) who caresB) the money is inflatedC) all other things being equalD) the money should be equally
distributed
![Page 21: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/21.jpg)
Who wrote the Who wrote the Wealth of Wealth of Nations?Nations?
_________________________
![Page 22: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/22.jpg)
What type of business What type of business formation is the most common formation is the most common in the U.S.?in the U.S.?
_________________________
![Page 23: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/23.jpg)
Which security pays interest?Which security pays interest?
A)stockB) bond
![Page 24: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/24.jpg)
Name the four market models Name the four market models in the U.S.in the U.S.
A)________________
B)________________
C)________________
D)________________
![Page 25: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/25.jpg)
How does the First How does the First Amendment begin?Amendment begin?
_____________________________
Why is that important to know?
![Page 26: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/26.jpg)
Name your Five Civil LibertiesName your Five Civil Liberties
A)__________________B)__________________C)__________________D)__________________E)__________________
![Page 27: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/27.jpg)
What three questions does What three questions does every economy ask?every economy ask?
A)_________________
B)_________________
C)_________________
![Page 28: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/28.jpg)
What is the motivating What is the motivating force of a free enterprise force of a free enterprise economy?economy?
____________________________
![Page 29: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/29.jpg)
Our Economy Today?Our Economy Today?
Unemployment rate?Inflation rate?Confidence level?Balance of trade?Cost of crude oil?Cost of cotton?Housing market?
![Page 30: ECONOMICS ASSESSMENT. The way individuals and groups deal with the allocation of scarce resources WHAT IS ECONOMICS? DEFINITION?](https://reader033.fdocuments.in/reader033/viewer/2022051019/5697c0151a28abf838cce038/html5/thumbnails/30.jpg)
“There can be no real freedom in the presence of
economic insecurity.”Chester Bowles