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Economics

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Christop Erdman

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Cards in this guide (21)
What are exclusive powers

They are powers given only to the national government in the U.S constitution.

How do you prove quadrilateral is a trapezoid

You can't. A trapezoid is a quadrilateral because it has four sides. The definition of a quadrilateral is a shape with four sides.

Which of these was not a right given by the National Industrial Recovery Act and the National Labor Relations Act

the right to work

Which type of tax can be shifted from one individual to another through the process of increasing the price of the goods sold

indirect tax

Which process can be viewed in the modern automobile factory method popularized by Henry Ford

specialization A+ the last guy was wrong

Which of these government securities cannot be publicly traded

U.S. savings bonds

Which piece of legislation established that a national minimum wage must be used by all employers

Fair Labor Standars act

Which of these does not describe the Labor Management Reporting and Disclosure Act

It clearly defines the democratic procedures unions must adopt.

What cannot be imposed by the Federal Government

Morality

What institution is responsible for measuring the strength of the US economy

Bureau of Economic Analysis

Which of these is calculated in current dollar values

nominal GDP

Which of these is not an argument that economists have made against specialization and the division of labor

specialization would lead workers to a higher overall level of skills A+

Why is a bank name printed on the front of your currency

To specify, to which country the currency belongs to.

If money supply growth exceeds the growth of the overall economy what will be the result

inflation

What terms best describes an individual who owns a business

sole proprietor

According to the law of diminishing returns what will happen if you overuse a factor of production

It will not be as efficient as before. A+

In the circular flow model firms compensate households with which items

households

The purchase of items such as diamonds furs and excessively large homes for the purpose of showing financial wealth is an example of which of these

conspicuous consumption A+

What statements are not true regarding the government's power to tax

the power to tax is unlimited but must be used in accordance with the provisions in the constitution A+

Which economists published the Tableau économique

François Quesnay

The works of which economist lead to a more quantitative study of economics

François Quesnay

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