EXAM REVIEW
Question:What does it mean when unemployment rate is down?
ANSWER IT means that alot of people have jobs.
Question:What does it mean when unemployment rate is low?
ANSWER:It means that alot of people dont have jobs.
Question:What is a negative externality?
ANSWER:A harmful effect on one economics agent's actions that has an affect on another.
Question:What happens evan if we get a tiny rise in our unemployment rate?
ANSWER:we lose billions
Question:Based on or unemployment rate what could it move up and down on a graph.
ANSWER:GDP
Question: What is GDP?
ANSWER:GDP is the total amount, in $, of the final goods and services prudced in a country during a single year.
Question: How do we find the GDP?
ANSWER:we multiply the price of each good by the quantity of that good produced and then add all the amounts.
Question:What does GDP stand for?
ANSWER:Gross Domestic Product
Question:What is NDP?
ANSWER: same as GDP, except it accounts for the fact that some production is only due to depreciation. Takes GDP and subtr...
Question:True or False: Does GDP have any weaknesses?
ANSWER:YES!
Question: what do people have to do in order to buy stock? (name two)
ANSWER: have money and look at a company
Question:Name 3 things you could do with your money? (that has to do with stocks
ANSWER: you can 1. invest it 2. buy ownership of a company 3. or keep it
Question: Name one of the ways hopw thr price of stocks change? (name one)
ANSWER:            the news may say something about it and everyone will take out there stocks and sell their part of the...
Question: name another
ANSWER:   or when one company is doing better than another one everyone goes to that one(rumors of a possible ta...
Question: Name one more
ANSWER:   the sales and profit
Question: What is the bull market?
ANSWER: when the market is high and investors are confident
Question: What is the bear market?
ANSWER: When the market is low and investors are pessimistic about the futere
Question: How would someone make the market bull
ANSWER: They could buy tons of stock but the more people who buy stock the more bull it is
Question: If the market was very very good and the prices were high would the market be bear or bull
ANSWER: Bull
Question: How would you discribe the market right now?
ANSWER: its in the middle which does not have a name
Question: What does the factor market provide to businesses. 
ANSWER: The factor market provides services and resources to businesses to accomplish their goals.
Question: What is the factor market.
ANSWER: The factor market is where productive resources are sold.
Question: What do businesses provide to the product market.
ANSWER: They provide products to sell in the market.
Question: What is the product market
ANSWER: The product market is where people put out products and services to sell to the public
Question: What does the product market provide to busineses
ANSWER: They provide services and products to businesses.
Question:when are you in poverty
ANSWER:when your income for a year is lower than $9,800 or lower than $27
Question:when your in poverty can you provide all your needs
ANSWER:no you cannot provide all your needs
Question:what are food stamps
ANSWER:food stamps are cards given to people for food.
Question:the goverment gives womens, infants, and children(under 5)
ANSWER:nutrition and needs such as formula and diapers
Question:temporary assistance to needy families is given to who
ANSWER:it is given to families where a family member dies. only eligable for a certian # of months
Question:        What is the Product Market?? http://owa.ea1785.org/owa/redir.aspx?C=3b51cdc8800b41c2bb4aa64365a81796&URL=...
ANSWER: A Market where producers offer goods and services for sale
Question: What is the Factor Market?
ANSWER: A market where productive resources are bought and sold
Question: What are imports and exports?
ANSWER: Imports are goods coming into the United States, Exports are goods being shipped out of the United States to other...
Question:   Who buys goods and services from the Product Market? 
ANSWER: Everyone buys goods and services from the product market  
Question: What does the arrow represent from the Factor Market to the Buisnesses?
ANSWER: It represents people that find jobs entering the buisness world
Question:What happens to production cost when prices that produce goods and services fall?
ANSWER:Production cost falls  
Question:What does increased government regulations do?
ANSWER: It limits supply, causing supply curve to shift to the left
Question:Why does new technology speed up the process of things?
ANSWER:It speeds it up because sthe business is willing to supply more goods and services at the same price
Question: What happens when Productivity falls?
ANSWER: When Productivity falls, it costs more for a company to produce the same amount of goods and services
Question:What are the 8 boxes that go with the LAW OF SUPPLY?
ANSWER: 1. Cost of Resources 2. Productivity 3. Technology 4. Government Policies 5. Taxes 6. Number of Suppliers 7. Subsi...
Question: What is the difference between micro and macro?
ANSWER: Micro- (small picture) a  model of an individul or individul buisness  Macro- (big picture) is LARGE units, looks ...
Question: Maria just sold her last cup of lemonade at her summer stand, but there was still a long line of people there. W...
ANSWER:    Shortage
Question: What would the government interfere with buisnesses merging?
ANSWER: The government would interfere with buisnesses merging because they don't want to uliminate competition.
Question: What price do you have when you get the fixed price
ANSWER: equilibrium price
Question: A teacher at Episcopal Academy is fired and cant take is wife out to dinner, so the chef at the restraunt he was...
ANSWER:  negative externality
  Question:   When there are high taxes, are the costs up high or low?  
ANSWER:     The costs will be high.
Question:   What is a subsidy?
ANSWER:   A subsidy is a government payment to individuals, businesses,and other groups for certain actions.
Question:   If a business owners produce a lot of their product, what kind of expectations do they have?
ANSWER: It means the business owner has high expectations.  
Question:   when there are ______ suppliers, that means there are less supplies
ANSWER: less
Question:   What do subsidies do?
ANSWER:   They lower the costs of production.
Question:What is Micro Economics?
ANSWER: Micro Economics is looking at the behavior and decision making of individuals and small buisnesses.
Question: What is Macro Economics
ANSWER: Macro Economics is looking at the behavior and decision making of large companies, societies, and orginization
Question:Which of the following is not an example of Macro Economics? a. McDonalds b. Apple c. WaWa d. Government
ANSWER: c. WaWa because it is a buisness in only three states
Question: What are Micro and Macro economics an example of?
ANSWER:Micro and Macro economics is an example of an Economic Model
Question:Which of the following is not an example of Micro Economics a. the local corner store b. Caroline Jacoby c. the E...
ANSWER: D. Wendy's
Question: when expenses for things like paying more/less workers and buying more/less supllies change, what kind of costs ...
ANSWER: Variable Costs
Question: fixed costs are when  costs______, like property taxes  
ANSWER:  Remain the same  
Question: What do you do to get the average total cost(fixed+variable)?
ANSWER: Divide the total cost by the quantity produced
Question: What is the total amount of money going into youre pocket before subtracting your costs?
ANSWER: Total Revenue
Question: if Marginal Cost is the additional cost of producing one additional unit, what is Marginal Revenue?
ANSWER: Extra Revenue: the change in total revenue from producing one more unit
Question: What are the rapid spikes and declines of the economy called?
ANSWER: They are called the business cycle.
Question: The line that goes up and down in a graph of the business cycle measures what?
ANSWER: It measures REAL GDP
Question: What is it called when that line measuring real GDP in the diagram of the business cycle is going up? Or rising?
ANSWER: It is called an expansion.
Question: What is it called when the line measuring real GDP is going down?
ANSWER: It is called a contraction. A 6 month contraction is called a recession, and a very long recession leads to a depr...
Question: What is it called when the line measuring real GDP is at its highest? and what is it called at its lowest point?
ANSWER: Highest point= peak Lowest point= trough
Question: What is an Economic Model?
ANSWER: An Economic model is a theory that tri to explain human economic behavior
Question: What is an Economic System?
ANSWER:An economic system is a country's way of producing things its people want and need
Question: What is the United States Economic System?
ANSWER: Our Economic System is is free enterprise capitalism
Question:True or false: Under free enterprise capitalism, are buisnesses allowed to compete for profit
ANSWER: True
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  1. 1. EXAM REVIEW
  2. 2. Question:What does it mean when unemployment rate is down?
  3. 3. ANSWER IT means that alot of people have jobs.
  4. 4. Question:What does it mean when unemployment rate is low?
  5. 5. ANSWER:It means that alot of people dont have jobs.
  6. 6. Question:What is a negative externality?
  7. 7. ANSWER:A harmful effect on one economics agent's actions that has an affect on another.
  8. 8. Question:What happens evan if we get a tiny rise in our unemployment rate?
  9. 9. ANSWER:we lose billions
  10. 10. Question:Based on or unemployment rate what could it move up and down on a graph.
  11. 11. ANSWER:GDP
  12. 12. Question: What is GDP?
  13. 13. ANSWER:GDP is the total amount, in $, of the final goods and services prudced in a country during a single year.
  14. 14. Question: How do we find the GDP?
  15. 15. ANSWER:we multiply the price of each good by the quantity of that good produced and then add all the amounts.
  16. 16. Question:What does GDP stand for?
  17. 17. ANSWER:Gross Domestic Product
  18. 18. Question:What is NDP?
  19. 19. ANSWER: same as GDP, except it accounts for the fact that some production is only due to depreciation. Takes GDP and subtracts total loss of value due to depreciation.
  20. 20. Question:True or False: Does GDP have any weaknesses?
  21. 21. ANSWER:YES!
  22. 22. Question: what do people have to do in order to buy stock? (name two)
  23. 23. ANSWER: have money and look at a company
  24. 24. Question:Name 3 things you could do with your money? (that has to do with stocks
  25. 25. ANSWER: you can 1. invest it 2. buy ownership of a company 3. or keep it
  26. 26. Question: Name one of the ways hopw thr price of stocks change? (name one)
  27. 27. ANSWER:           the news may say something about it and everyone will take out there stocks and sell their part of the company
  28. 28. Question: name another
  29. 29. ANSWER:  or when one company is doing better than another one everyone goes to that one(rumors of a possible takeover)
  30. 30. Question: Name one more
  31. 31. ANSWER:  the sales and profit
  32. 32. Question: What is the bull market?
  33. 33. ANSWER: when the market is high and investors are confident
  34. 34. Question: What is the bear market?
  35. 35. ANSWER: When the market is low and investors are pessimistic about the futere
  36. 36. Question: How would someone make the market bull
  37. 37. ANSWER: They could buy tons of stock but the more people who buy stock the more bull it is
  38. 38. Question: If the market was very very good and the prices were high would the market be bear or bull
  39. 39. ANSWER: Bull
  40. 40. Question: How would you discribe the market right now?
  41. 41. ANSWER: its in the middle which does not have a name
  42. 42. Question: What does the factor market provide to businesses. 
  43. 43. ANSWER: The factor market provides services and resources to businesses to accomplish their goals.
  44. 44. Question: What is the factor market.
  45. 45. ANSWER: The factor market is where productive resources are sold.
  46. 46. Question: What do businesses provide to the product market.
  47. 47. ANSWER: They provide products to sell in the market.
  48. 48. Question: What is the product market
  49. 49. ANSWER: The product market is where people put out products and services to sell to the public
  50. 50. Question: What does the product market provide to busineses
  51. 51. ANSWER: They provide services and products to businesses.
  52. 52. Question:when are you in poverty
  53. 53. ANSWER:when your income for a year is lower than $9,800 or lower than $27
  54. 54. Question:when your in poverty can you provide all your needs
  55. 55. ANSWER:no you cannot provide all your needs
  56. 56. Question:what are food stamps
  57. 57. ANSWER:food stamps are cards given to people for food.
  58. 58. Question:the goverment gives womens, infants, and children(under 5)
  59. 59. ANSWER:nutrition and needs such as formula and diapers
  60. 60. Question:temporary assistance to needy families is given to who
  61. 61. ANSWER:it is given to families where a family member dies. only eligable for a certian # of months
  62. 62. Question:        What is the Product Market?? http://owa.ea1785.org/owa/redir.aspx?C=3b51cdc8800b41c2bb4aa64365a81796&URL=http%3a%2f%2fwww.episcopalacademy.org%2fdrum%2fms%2fwfg%2fmjn.jpg ( FOR picture of circluar FLOW)
  63. 63. ANSWER: A Market where producers offer goods and services for sale
  64. 64. Question: What is the Factor Market?
  65. 65. ANSWER: A market where productive resources are bought and sold
  66. 66. Question: What are imports and exports?
  67. 67. ANSWER: Imports are goods coming into the United States, Exports are goods being shipped out of the United States to other Countries.
  68. 68. Question:   Who buys goods and services from the Product Market? 
  69. 69. ANSWER: Everyone buys goods and services from the product market  
  70. 70. Question: What does the arrow represent from the Factor Market to the Buisnesses?
  71. 71. ANSWER: It represents people that find jobs entering the buisness world
  72. 72. Question:What happens to production cost when prices that produce goods and services fall?
  73. 73. ANSWER:Production cost falls  
  74. 74. Question:What does increased government regulations do?
  75. 75. ANSWER: It limits supply, causing supply curve to shift to the left
  76. 76. Question:Why does new technology speed up the process of things?
  77. 77. ANSWER:It speeds it up because sthe business is willing to supply more goods and services at the same price
  78. 78. Question: What happens when Productivity falls?
  79. 79. ANSWER: When Productivity falls, it costs more for a company to produce the same amount of goods and services
  80. 80. Question:What are the 8 boxes that go with the LAW OF SUPPLY?
  81. 81. ANSWER: 1. Cost of Resources 2. Productivity 3. Technology 4. Government Policies 5. Taxes 6. Number of Suppliers 7. Subsidies 8. Expectations
  82. 82. Question: What is the difference between micro and macro?
  83. 83. ANSWER: Micro- (small picture) a  model of an individul or individul buisness Macro- (big picture) is LARGE units, looks at the ecoomy as a whole (govern, societies)
  84. 84. Question: Maria just sold her last cup of lemonade at her summer stand, but there was still a long line of people there. What is this an example of?
  85. 85. ANSWER:   Shortage
  86. 86. Question: What would the government interfere with buisnesses merging?
  87. 87. ANSWER: The government would interfere with buisnesses merging because they don't want to uliminate competition.
  88. 88. Question: What price do you have when you get the fixed price
  89. 89. ANSWER: equilibrium price
  90. 90. Question: A teacher at Episcopal Academy is fired and cant take is wife out to dinner, so the chef at the restraunt he was going to go to can't send his son to private school, and now has no chance at getting to Harvard. What is this an example of?
  91. 91. ANSWER: negative externality
  92. 92.   Question:   When there are high taxes, are the costs up high or low?  
  93. 93. ANSWER:     The costs will be high.
  94. 94. Question:   What is a subsidy?
  95. 95. ANSWER:   A subsidy is a government payment to individuals, businesses,and other groups for certain actions.
  96. 96. Question:   If a business owners produce a lot of their product, what kind of expectations do they have?
  97. 97. ANSWER: It means the business owner has high expectations.  
  98. 98. Question:   when there are ______ suppliers, that means there are less supplies
  99. 99. ANSWER: less
  100. 100. Question:   What do subsidies do?
  101. 101. ANSWER:   They lower the costs of production.
  102. 102. Question:What is Micro Economics?
  103. 103. ANSWER: Micro Economics is looking at the behavior and decision making of individuals and small buisnesses.
  104. 104. Question: What is Macro Economics
  105. 105. ANSWER: Macro Economics is looking at the behavior and decision making of large companies, societies, and orginization
  106. 106. Question:Which of the following is not an example of Macro Economics? a. McDonalds b. Apple c. WaWa d. Government
  107. 107. ANSWER: c. WaWa because it is a buisness in only three states
  108. 108. Question: What are Micro and Macro economics an example of?
  109. 109. ANSWER:Micro and Macro economics is an example of an Economic Model
  110. 110. Question:Which of the following is not an example of Micro Economics a. the local corner store b. Caroline Jacoby c. the Episcopal Academy d. Wendy's
  111. 111. ANSWER: D. Wendy's
  112. 112. Question: when expenses for things like paying more/less workers and buying more/less supllies change, what kind of costs are these?
  113. 113. ANSWER: Variable Costs
  114. 114. Question: fixed costs are when  costs______, like property taxes  
  115. 115. ANSWER:  Remain the same  
  116. 116. Question: What do you do to get the average total cost(fixed+variable)?
  117. 117. ANSWER: Divide the total cost by the quantity produced
  118. 118. Question: What is the total amount of money going into youre pocket before subtracting your costs?
  119. 119. ANSWER: Total Revenue
  120. 120. Question: if Marginal Cost is the additional cost of producing one additional unit, what is Marginal Revenue?
  121. 121. ANSWER: Extra Revenue: the change in total revenue from producing one more unit
  122. 122. Question: What are the rapid spikes and declines of the economy called?
  123. 123. ANSWER: They are called the business cycle.
  124. 124. Question: The line that goes up and down in a graph of the business cycle measures what?
  125. 125. ANSWER: It measures REAL GDP
  126. 126. Question: What is it called when that line measuring real GDP in the diagram of the business cycle is going up? Or rising?
  127. 127. ANSWER: It is called an expansion.
  128. 128. Question: What is it called when the line measuring real GDP is going down?
  129. 129. ANSWER: It is called a contraction. A 6 month contraction is called a recession, and a very long recession leads to a depression.
  130. 130. Question: What is it called when the line measuring real GDP is at its highest? and what is it called at its lowest point?
  131. 131. ANSWER: Highest point= peak Lowest point= trough
  132. 132. Question: What is an Economic Model?
  133. 133. ANSWER: An Economic model is a theory that tri to explain human economic behavior
  134. 134. Question: What is an Economic System?
  135. 135. ANSWER:An economic system is a country's way of producing things its people want and need
  136. 136. Question: What is the United States Economic System?
  137. 137. ANSWER: Our Economic System is is free enterprise capitalism
  138. 138. Question:True or false: Under free enterprise capitalism, are buisnesses allowed to compete for profit
  139. 139. ANSWER: True

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