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SSE Economics Test Prep
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If making a restaurant, the construction workers would be which type of input?
Labor
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Polly decided to stay at home when she had her first child. What type of unemployment is this?
Not in the labor force
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Explain what inflation is.
Rise in the general price level of goods and services.
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If making a puzzle, the machines to cut the pieces would be which type of input?
Capital
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What does it mean if someone tells you to consider the cost of living before moving?
Consider the difference in prices between two cities.
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Which type of economy do we have in the United States? Traditional, command, market, or mixed?
Mixed
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What is opportunity cost?
The choice you give up when you have to decide between two or more choices.
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George can no longer find work as a CD designer since music is now digital. What type of unemployment is this?
Structural
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Provide an example of a situation where you would see a mixed economy.
This could be anything as long as the company makes most decisions but the government has some power to limit what the company can do.
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True or False: The public school system is an example of communism in America
False: It is an example of socialism: Tax money is being used to support all citizens.
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If you are studying Economics, what are you studying?
How we as humans use limited resources when we have unlimited wants.
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Name the four types of economic systems (Hint: Not capitalism, communism, etc...)
Market, Command, Traditional, Mixed
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Martha quits her job. Her husband accepted a new job in a different city and they are moving. What type of unemployment is this?
Frictional
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What is a stock?
A stock is a portion of a company you can purchase.
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Explain what is occurring with supply and demand if there is a surplus.
The supply of a good is higher than the demand of the good.
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Explain what is occurring with supply and demand if there is a shortage.
The demand for a good is higher than the supply of the good.
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The Soviet Union, Communist Russia, had which type of economy before collapsing? Market, Command, Traditional or Mixed?
Command
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Mark loses his job when there is a stock market crash. Which type of unemployment is this?
Cyclical
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Provide a definition for demand.
THE AMOUNT OF A GOOD OR SERVICE THAT CONSUMERS ARE ABLE AND WILLING TO BUY AT VARIOUS POSSIBLE PRICES DURING A SPECIFIED TIME PERIOD.
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You are considered unemployed if you meet which three criteria?
1. Willing to work 2. 16 or older 3. Looking for a job but can't find one.
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Anything used to make a good is called what?
Input
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True or False: A traditional economy tends to stay the same and follow what a culture has done throughout history.
True
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How do corporations and stock fit together
Corporations are owned by many people who own stock within the company.
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What is the ideal inflation rate according to the government?
2%
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Provide a definition for supply.
THE AMOUNT OF A GOOD OR SERVICE THAT PRODUCERS ARE ABLE AND WILLING TO SELL AT VARIOUS POSSIBLE PRICES DURING A SPECIFIED TIME PERIOD.
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If making a computer, the glass and metal used in it would be which type of input?
Land
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How would the U.S. change if we had a pure market economy?
All decisions would be made by businesses. The government could not restrict them.
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Explain the differences between market and command economies.
Market: Businesses and owners make most decisions with little government interference. Command: Government leaders make all business decisions.
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What is scarcity?
The reality we don't have enough money, time, or resources to get everything we want.
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True or False: The United States government has some elements that could be considered socialist.
True
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What is the ideal unemployment rate according to the government?
4-5%
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