ECONOMICS: Final Exam Review

Taxing is which type of policy?

The total value of all goods and services produced in a country

C + I + G + (X-M) = ???

The struggle between businesses for consumers $dollars$

Natural Resources

If you work on a golf course in up state NH you may experience what type of unemployment?

Limited Government =

Which of these indicators of the health of the economy is not one of the big 3

The amount of debt that a country accumulates in ONE fiscal year is known as...

If a person's job is replaced by technology (ie: a machine), the unemployment that results is..

Which of the following might cause the inflation rate to spike up sharply?

In which market structure would you find several large firms dominating a market?

The total amount of debt that a country owes accumulated over multiple years is known as...

What is the best explanation for the change you see in the supply curve?

Monetary policy is conducted by who?

In the market for soda, consumers cut back on drinking sugary drinks

What phase of the business cycle is point 3?

Which situation exists when tax revenues exceed government expenditures?

What is a disadvantage shared by sole proprietorships and partnerships?

According to the law of demand, as price rises

In the market for car tires, the cost producers pay for rubber and steel belting rises

Janice wants to start a business. She wants control over everything. What should she start?

A full-time student who did not have a job and was not looking for work would be categorized as

Economy = Gov't controls all economic decisions, very little real freedom.

An example of a land (natural resource) is

What phase of the business cycle is point 1?

Economy = great deal of freedom, a laissez-faire gov't, and right to private property is

If your job was replaced by a new form of technology you are..

What phase of the business cycle is point 4?

You have to be at least ___ years old to be considered part of the labor force.

Which of the following is not an example of monetary policy?

Starting a new business or taking a job to make money is known as

The Equilibrium shows:

When supply decreases the supply curve shifts

The tools (tools, money, buildings) that people use to produce goods and services

Economy = Based largely on customs & beliefs, low productivity, subsistence

In which market structure would you find many small companies selling identical products?

The yearly total value of all finished good/services produced within a country is known as...

An increase in demand will cause the equilibrium price to

Which of the following is NOT a factor that economists would look at to determine economic health?

Macroeconomics is to a hotel as Microeconomics is to the

Sergio is a chef but his restaurant closed. He is now looking for work and has an interview next week. Sergio is?

In the market for chocolate, disease in cocoa trees reduces the size of the harvest

The Federal Reserve is...

I have to make a choice of how to spend my money, The thing I do not pick is called the

Which scenario best illustrates the problem of cyclical unemployment?

Economy = a lot of gov't intervention, private property, high taxes, wealth redistribution

An economy will grow faster if...

When demand increases, the demand curve shifts

If the price of apples rises, what will happen?

Prices in a free market are largely determined by

Which of the following is not a duty and responsibility of the Federal Reserve?

A decrease in supply will cause the equilibrium price to

In which market structure would you see a single seller, selling a unique product?

When the supply curve shifts right, what happens to market price and quantity?

In the market for new homes, consumer incomes rise

The graph in the picture is also known as a...

Brandon has a job at Market Basket, but the workers have decided to go on strike (again). Brandon is:

What is an advantage of a franchise?

In which market structure would you find many small companies selling differentiated products?

If the demand curve shifts left, what will happen to the market price and quantity?

When you go to buy a car you are a

The US economy is

According to the law of supply, as prices fall

When supply shifts to the left, what happens to market price and quantity?

The amount of money spent from households is which part of GDP calculation?

Cost-push inflation is when businesses push their rising cost of production onto consumers.

What phase of the business cycle is point 2?

Which term is the best indicator of how much value the nation buys or sells (produces) in a given time period?

What does purchasing power refer to?

If consumer income rises, how would the demand curve change?

C+I+G+(X-M) =

Consumers control the market place when they "vote" with their dollars --

In the market for wheat, new technology improves farming and harvesting techniques

Which of the following might have caused the demand curve to shift right?

If Government increases spending and decreases taxes a negative effect will be...

People who start a business

Which policy could the government try if America was trying to get the economy to expand?

A company in which management and ownership are separate is what form of organization?

Which of the following will be least likely to occur in a recession?

If you worked at a car factory you would be a

Brent (33) hangs out in his moms basement all day, and is not looking for a job. Is Brent:

When should the Federal Reserve sell government securities and raise interest rates?

Resources are limited but wants are unlimited =

This period on the business cycle is often refered to as a recession

Which would cause the shift shown in the graph? (Product is blueberries)

Consumer Price Index (CPI) is a measurement of...

The knowledge and skills people use to produce a good or service

The work that people do

Workers concentrating on one job which creates efficiency in production