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Questions and Answers
What is the primary goal of the Federal Reserve?
What is the primary goal of the Federal Reserve?
Which type of tax increases as a person's income rises?
Which type of tax increases as a person's income rises?
What steps are involved in contractionary fiscal policy?
What steps are involved in contractionary fiscal policy?
Which agency is responsible for promoting the development of broadband services?
Which agency is responsible for promoting the development of broadband services?
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What is the definition of protectionism in trade policy?
What is the definition of protectionism in trade policy?
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What is the opportunity cost associated with upgrading computer lab hardware?
What is the opportunity cost associated with upgrading computer lab hardware?
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Which statement best describes Keynes's view on governmental policies for food exporters?
Which statement best describes Keynes's view on governmental policies for food exporters?
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Which of the following best illustrates a positive externality?
Which of the following best illustrates a positive externality?
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In which scenario would the Production Possibility Curve (PPC) shift to the left?
In which scenario would the Production Possibility Curve (PPC) shift to the left?
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What does a rightward shift in the PPC generally indicate?
What does a rightward shift in the PPC generally indicate?
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Which type of business structure limits owners' personal liability?
Which type of business structure limits owners' personal liability?
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What is the main purpose of the Fair Labor Standards Act?
What is the main purpose of the Fair Labor Standards Act?
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What is considered a negative externality of the new factory in a village?
What is considered a negative externality of the new factory in a village?
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What is the effect of a high currency value on a country's exports?
What is the effect of a high currency value on a country's exports?
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What impact do higher interest rates generally have on foreign investment?
What impact do higher interest rates generally have on foreign investment?
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Which of the following is an implication of the Magnuson-Moss Warranty Act?
Which of the following is an implication of the Magnuson-Moss Warranty Act?
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What is the purpose of a stock portfolio in relation to benchmarking indices like the S&P 500?
What is the purpose of a stock portfolio in relation to benchmarking indices like the S&P 500?
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What happens if you cash out a Certificate of Deposit (CD) early?
What happens if you cash out a Certificate of Deposit (CD) early?
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Study Notes
Economics EOC Review
- Opportunity Cost: Upgrading computer lab hardware involves costs of new instruments.
- Incentives: Employee incentives often include monetary rewards for finishing first or overtime work.
- Paychecks: Money put into savings leaves the economy, while bank investments inject money back in. John Maynard Keynes would oppose government policies limiting grain exports.
- Total Money Supply: Total is defined as the circulating money in the economy.
- Substitution Effect: Rising gold prices cause people to buy silver instead.
- Income Effect: Higher gas prices lead to less driving.
- Positive Externalities: New factories create job opportunities in villages through skill development and services.
- Negative Externalities: New factories can cause noise pollution in villages.
- Production Possibility Curve (PPC): PPC illustrates maximum resource use. Bike tires (Point D increased by 200 pts), and Point B (increased by 500 pts).
Business Structures
- Sole Proprietorship: Profits, but owners can face personal liabilities.
- LLC (Limited Liability Corporation): Profits, members are not held personally liable. LLC taxes are calculated based on members' personal returns.
- Labor: Employee job-related injuries are covered by unemployment insurance up to three months.
- Employee Retirement Income Security Act (ERISA): Sets standards for health benefit plans.
- Fair Labor Standards Act: Sets minimum wage and overtime regulations.
- Occupational Safety and Health Act (OSHA): Oversees job site inspections.
Economic Growth
- Physical Capital: Purchasing innovative animation software improves productivity.
- PPC Shifts: Factors like multinational factory closures and corrupt government actions can lead to economic decline.
Government & Economy
- Federal Reserve: Aims to maintain stable money and credit for economic growth without inflation.
- Sherman Antitrust Act: Designed to break up corporate monopolies and maintain competition.
- Food and Drug Administration (FDA): Regulates pharmaceuticals.
- Federal Trade Commission (FTC): Protects consumers from unfair business practices.
- Federal Communications Commission (FCC): Promotes broadband service development.
- National Highway Traffic Safety Administration (NHTSA): Reduces vehicle accidents.
- Fiscal Policy: Government increasing taxes leads to consumers spending less, less production and less inflationary pressure.
Taxes
- Progressive Taxes: Tax rates rise with income levels - receive promotion, raise.
- Regressive Taxes: People with various income levels receive the same sales tax break.
- Proportional Taxes: Everyone pays a constant percentage of their income.
Money & Federal Reserve
- Money as Indivisible: Money is considered a whole unit, not divisible.
- Credit Cards primarily used to withdraw cash from checking accounts.
- Inflation: Excess money in the Federal Reserve leads to inflation. Reserve pays interest on excess funds that banks hold.
- Market Structures: Startup costs influence business operations, such as building factories
Terms
- Surplus: Difference between a country's exports and what they are worth.
- Free Trade: Reduced barriers for trade.
- Protectionism: Imposing quotas on imports except for raw resources.
- Trade War: Imposing retaliatory tariffs when a country violates a trade agreement.
Other Key Concepts
- Foreign Exchange Rate: Value of one currency in terms of another.
- NAFTA (North American Free Trade Agreement): US, Canada, and Mexico.
- Global Trade Factors: Factors affecting trade between countries, resource location near a volcano(metal ore), and aerial images of Brazilian forests (plant trees and testing soil)
- Labor Market: Hypothetical labor markets minimum wage of $15 per hour.
- Financial Security: Divine motivational theory; Financial security is important.
- Biological & Environmental Factors: Factors that affect personality development including height, athletic ability, debating, environmental, and cultural factors.
- Magnuson-Moss Warranty Act: Covers coverage details and exclusions of services.
- Compost Piles: Allow for effective food waste disposal.
- Concurrent Validity: Validating two different research types.
- Financial Services: Credit agreements; Interest on loans; early withdrawal fees on CDs.
- Stock Portfolio: Comparing stock performance to indices like the S&P 500.
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Description
This quiz covers fundamental concepts in economics, including opportunity cost, incentives, and externalities. Explore how market dynamics affect decision-making and resource allocation. Perfect for students preparing for their Economics End-of-Course assessments.
