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Economics

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Aida Medhurst

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Cards in this guide (19)
What are the two types of expenses

fixed expenses and variable expenses

How can a graph be used to determine the break-even point

Draw graphs of cost per item and revenue per item. In general, the first graph will start above the second but the second will have a steeper slope. As a result, the revenue per item may cross the cost graph and that is the break-even point.

What is said of a country's currency when it takes more of the currency to buy the same amount of another country's currency

it has weakened

When does a trade surplus occur

When a country exports more goods then it imports

What best describes market prices that change often and to a great degree with dramatic spikes and plunges

Volatile is the word that best describes market prices that change often and to a great degree with dramatic spikes and plunges.

Why will the baby-boomer generation be a potential problem for government spending

the ratio of workers to retirees will be low, which will lower the income tax base from which to fund Social Security

Which is not considered an entitlement payment

income tax refund

Which term best describes the rate at which a country's currencies convert to other currencies

exchange rate

What occurs when expenses are greater than revenue

loss

What does acquired 100 shares mean

Generally speaking the phrase of "acquired 100 shares" means that a person has purchased 100 shares of a corporation's stock.

Is a portrait of the corporation over a specific period of time which shows the corporation's earnings and expenses

profit and loss statement.

Which of these is not an advantage of the foreign production of goods

Tighter Regulations.

Which government agency regulates job safety in the workplace

department of labor

Which term best describes the difference between incomes and receipts whereas the receipts are the greater amount

deficit

What is a trade surplus

country export more than they import

Which term describes the amount of money the nation owes

Debt

Of the following which term covers a wide range of government promises of financial benefit to particular persons who meet certain criteria

entitlements A+

Choose the best meaning for this suffix. -phobia

The meaning is "fear of".

As previously underdeveloped nations begin to compete in the global market, which of the following has occurred

increase in energy usage, causing higher prices

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