5 Written Questions
5 Matching Questions
- 37. Explain capital gain?
- 42. Explain how the law of dininishing marginal utility works in the real world?
- 28. Explain how interest is calculated using the diff. methods?
- 41. How do laz of supply and demand work?
- 63. Why is the federal goverment in debt?
- a law of demand states that quanity demanded and price move in opposite directions, while law a supply sayd they move in the same direction
- b Capital gain is the increse in value of an asset from the time it was bought to the time it was sold.
- c Most of the years, the gov. has spent more money than gotten in, in taxation, causing a budget deficit.
- d the law states that with each unit bought, utility is less and less till one stops buying, in other words, if you were to buy a soda, u wouldn't buy another if you have no need for it, unless the price was lowered
- e -previos balance method(charge on the 1st of the month)
-adjusted balance method(charge on last day of month)
-average daily balance(average on what one owes divided by the days)
-past due balance(random day one is charged for interest)
5 Multiple Choice Questions
- -what/how much goods should be produced?(one must consider tradeoff and scarcity)
-how should they be produced?(in the most effecient mannar)
-who should produce them?(most qualified person)
-who should share in what's produced(whoever can afford it)
- fiscal year is 18 months
-executive branch agnecies develop requests for funds and submit them to the Offcice of Magagment and Budget(OMB) (Feb-Sept)
-president and OMB review the requests and make the fiscal decisions on what goes in the budget(budget formally printed to congress)(Sept-Dec)
-(all from Jan-Sept) house and senate budget commetiees review the president's proposed budget and in (April)commettie prepares an initial resolution for budget that goes to congress for debate, by (Sept) then congressional budget should be finalized and passed by the house of repsentatives which approves spending and revenue bills
-(Oct. 1) fiscal year begins
-(Oct-Setp) agency program implements the budget and disburse funds
-(Oct-Nov) data on actual spending and recipts for complete fiscal year become avalable adn general acconting occife audits the fiscal-year layout
- The federal agencies that help consumers are
-Consumer Information Center Program
-Federal Trade Commision
-Consumer Prodcut Saftey Commision
-Gov. Printing Office
-U.S. Postal Service
-U.S. Departement of Agriculture
-Bereau of Consumer Protection
-Food and Drug Administration
-and the National Highway Traffic Saftey Administration
- Needs are what one has to have for survival.
Wants are everything else.
- -meadian of exchange
-unit of accounting
5 True/False Questions
10. What role do values play in economics? → values effect ones outlook on polocies,weather you find them good, or bad
-creates nonagreement in colution, strategies and interpretation of data
32. Explain the two types of personal bankruptcy? → -ch. 7(one is so deep in debt that none paid back, house if taken, and money is taken from income)
-ch. 13(some is paid back, house kept, money from income taken)
18. How are disposbale and discretionary income diffrent? → -population
1. What is economics? → Economics is the study of how induviduals and societies make choices about ways to use scarce resorses to fullfill their wants.
24. What is an installment debt? → Most of the years, the gov. has spent more money than gotten in, in taxation, causing a budget deficit.