FBLA Economics Study guides, Class notes & Summaries

A need is something that you desire to have because someone else has one. Correct Answer False One of the problems in economics is that wants are unlimited. Correct Answer True There are only two kinds of economic resources: human and capital. Correct Answer False Labor is another name for human resources. Correct Answer True Some resources, such as clean air and water, are limited. Correct Answer True Scarcity is a problem that is faced by individuals and businesses but not by go...

Fiscal Policy Correct Answer Action by Congress to stabilize the economy Monetary Policy Correct Answer Actions by the Federal Reserve Bank to stabilize the economy Autonomous Consumption Correct Answer When consumers spend a certain amount of money, no matter what, regardless of their income Disposable Income Correct Answer Income after taxes Discretionary Fiscal Policy Correct Answer Non-mandatory changes in taxation, spending, or other fiscal activities by a government in response...

Equilibrium Correct Answer the point where supply and demand intersect Price Ceiling Correct Answer govt. imposed price control limit on how high a price can be for a product Price Floor Correct Answer govt. imposed price control limit on how low a price can be for a product Marginal Tax Rate Correct Answer amount of tax paid on additional dollar of income. depends on earnings Elastic Correct Answer supply and demand for good or service can vary due to price Pure Competition Corre...

The function of monetary policy is to? Correct Answer Regulate the money supply What kind of cost is a cost that you have already incurred and cannot recover Correct Answer Sunk cost A __ economy produces the highest standard of living for its citizens Correct Answer Market oriented An increase in the quantity and quality of capital per worker is called? Correct Answer Capital deepening The demand for a resource is tied to the? Correct Answer Value of the output produced by that reso...

In terms of number, most firms are corporations. Correct Answer False In competitive market structures, economic profits are always greater than zero in the long run. Correct Answer False Progressive Tax Correct Answer Most air pollution is in lower developed countries which do not have pollution control laws. Correct Answer False Which of the following approaches to pollution control have had the most dramatic results in decreasing pollution? Correct Answer Markets for pollution ri...

FBLA ECONOMICS 2022 QUESTIONS AND ANSWERS WITH COMPLETE SOLUTION

FBLA ECONOMICS 2022 QUESTIONS AND ANSWERS WITH COMPLETE SOLUTION

FBLA ECONOMICS 2022 QUESTIONS AND ANSWERS WITH COMPLETE SOLUTION

FBLA ECONOMICS 2022 QUESTIONS AND ANSWERS WITH COMPLETE SOLUTION

FBLA ECONOMICS 2022 QUESTIONS AND ANSWERS WITH COMPLETE SOLUTION