Economic final review

Monetary policy refers to the Federal Reserve System's power to

Sole Proprietorship are the most common form of business in the U.S. because they

An opportunity cost is

When it lowers personal income taxes, the federal government is trying to

The author of Wealth of Nations is

An item of value that a lender may seize should a borrower default on a loan

An example of rising productivity might be when

In order to determine the questions of "what to produce, how to produce and whom to produce" people have developed

What is NOT a factor of production?

Which of the following conditions would most likely cause an increase in the demand for ten-speed bicycles?

An economic system in which a persons role is determined by birth and goods and services are made by traditional methods

The disadvantages of a Sole Proprietorship included all of the following EXCEPT

A restaurant chain that allows entrepreneurs to open and manage individual locations

What is the worlds largest stock exchange?

Which is an example of a fixed cost?

Sales and excise taxes are an example of a

Economics is the study of how people

Star football players earn more than teachers or accountants because

What if 10,000 of the 100,000 shares of the XYZ Corporation changes hands

The U.S. government would not allow one airline to buy out all airlines because it would

If the Federal Reserve wants to decrease the money supply and slow down the economy it will

If the demand of a product exceeds the quantity supplied, what is most likely to happen?

The best way to increase productivity in a factory is to

An example of horizontal merger might be if a

Which of the following is NOT a goal of the free enterprise systems?

During periods of inflation, the value of the dollar

When the stock market rises over a period of time, it is known as a

The government decides which goods and services will be produced in a

Which of the following best illustrates a payment for a service?

Congress created the Securities and Exchange (SEC) to

The study of the economy as a whole is called

Which of the following is a central problem of all economic systems?

Adam Smith introduced the economic theory of

Which of the following forms of savings and investing offers the greatest degree of safety?

Economies of Scale are achieved by

Which of the following examples is a public good or service?

A MAJOR advantage of a corporation over other forms of business organization is that

The fundamental purpose of the free Enterprise system is to

Which of the following is LEAST likely to result in increased productivity?

The purpose of a budget is to help a person/family

The Federal program that provided medical care for the elderly is