FBLA Economics Exam Questions with All Correct Answers
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FBLA Economics
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FBLA Economics
FBLA Economics Exam Questions with All Correct Answers
Entrepreneurship - Answer- The ability and willingness to undertake the organization and management of production As well as making the usual business decisions, entrepreneurship is often associated with the functions of innovating and bear...
FBLA Economics Exam Questions
with All Correct Answers
Entrepreneurship - Answer- The ability and willingness to undertake the organization
and management of production As well as making the usual business decisions,
entrepreneurship is often associated with the functions of innovating and bearing risks
Equity - Answer- May be used in either of two unrelated senses. In the context of
income distribution theory, refers to an objective, goal or principle implying "fairness." In
a financial context may refer to a share or portion of ownership
Exchange rate - Answer- The price of one country's currency in terms of another's
Firms - Answer- Economic entities which buy or employ factors of production and
organize them to create goods and services for sale
Fiscal policy - Answer- The use by a government of its expenditures on goods and
services and/or tax collections to influence the level of national income
Government spending - Answer- The total outlays by government on goods and
services during some accounting period, usually a year. Government outlays such as
welfare benefits to households, for example, are normally excluded from this amount on
the grounds that they are merely transfers of income from taxpayers to the beneficiaries
of such programs
Graph - Answer- A visual representation of a relationship between two variables, usually
drawn to some specified scale
Gross Domestic Product (GDP) - Answer- The value of all the goods and services
produced in an economy during some accounting period, usually a year
Gross National Expenditure (GNE) - Answer- The sum of all spending on consumption
and investment plus government spending on goods and services and net exports (total
exports minus imports) It is equivalent in value to GDP
Human capital - Answer- The stock of knowledge and acquired skills embodied in
individuals
, Indirect taxes - Answer- Taxes levied on a producer which the producer then passes on
to the consumer as part of the price of a good Distinguished from direct taxes, such as
sales taxes which are visible to the person who pays them
Inferior good - Answer- A good for which the demand decreases when income
increases When a household's income goes up, it will buy a smaller quantity of such a
good
Inflation - Answer- A general rise in the average level of all prices
Interest rate - Answer- The percentage rate which must be paid for the use of investable
funds
Interest - Answer- The payment made for the use of funds to create capital goods with
Inventories - Answer- Stocks of goods in the hands of producers These stocks are
included in the definition of capital and an increase in inventories is considered to be
investment
Investing - Answer- Creating capital goods. Acquiring or producing structures,
machinery and equipment or inventories
Involuntary unemployment - Answer- Unemployment caused by a deficiency in
aggregate demand
Labor - Answer- The economically productive capabilities of humans, their physical and
mental talents as applied to the production of goods and services
Laissez-faire - Answer- A doctrine advocating a minimum role for government in the
economy, such as providing for defence against external enemies, a system of law to
protect individuals and their property, and production of such goods and services which
for some reason are needed, but would not be produced by private firms
Land - Answer- All natural resources The "gifts of nature" which are economically useful
Law of demand - Answer- The inverse relationship between price and quantity of a good
or service demanded
Liabilities - Answer- In general, debts owed by individuals or firms. In the case of
commercial banks, their liabilities are largely in the form of what they owe their
customers, that is, the total amount of deposits held
Macroeconomics - Answer- The branch of economic theory concerned with the
economy as a whole. It deals with large aggregates such as total output, rather than
with the behaviour of individual consumers and firms
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