Semester Exam Review - Economics

Which type of economic system does China have?

Which is NOT one of the three economic questions all societies must answer?

When quantity supplied and demanded are equal that is known as:

How are decisions made in traditional economic systems?

The government finances a budget deficit by:

Which is not one of the credit score agencies?

The governments use of taxing and spending is known as:

A recovery begins AFTER which stage of the business cycle?

Full employment is found at the:

Which of the following is a non-renewable resource?

Any point below the equilibrium is known as a:

Why will human wants never be completely fulfilled?

Which of the following is the result of inflation?

John Maynard Keynes proposed that we could shock the economy out of recession by:

An increase in technology will shift the ______ curve to the _____.

Which form of payment for education does not have to be repaid?

If a good is defined as "normal", and you just got a raise at work, what will the effect be?

Wages received from the exchange of factors of production flows from businesses to households.

How much money the country owes is known as:

Which form of compound interest earns the most money?

Who thought of the idea of the Invisible Hand? What was main idea?

Inquiring about a credit card charge will have no impact on your credit score.

Banks share information with each other, and likely know if you have missed any payments.

When buying a stock, taking the "long position" means:

You expect the price of a product to go up or become scarce. What will be the effect on demand?

The annual percentage rate on you credit card determines which of the following?

Banks and other lenders do NOT share your history when considering you for a loan.

Which of the following are complementary goods?

Which is TRUE about renting and owning.

Which of the following is included in the Federal Reserve?

The behavior of buyers, or consumers, is represented by:

A Canadian citizen, makes hats in the US and exports them to Canada. Is that included in GDP?

The federal reserve was founded in 1913 and gave the reserve system the power to:

Inputs that are used to produce a good/service are known as:

Which is not a factor that affects demand?

If you go home to play video games, what would be your opportunity cost?