Economics Final Exam Review

Goods that are often used in connection with one another are considered

The choice of the highest value that was not taken

A loan given by a corporation or business that is returned with interest is considered a

Goods that see an increase in demand as the result of a fall in income are considered

Which type of money is considered most liquid

James pays 4% of his income in taxes, John pays 8%. John is paid more.  Which tax is this

This is the model we use to show the potential output in a model economy

Monetary Policy is enacted by the

The sum of the national deficits is known as 

Everything that is given up when a choice is made.

This occurs when there is greater supply than demand for a product

Tools, equipment, machinery, and factories used in the production of goods and services

Which of the following is considered the largest problem in calculating GDP?

One of the major debates in economics is

Which of the following will cause a shift in the demand curve for apples

Which of the following is a business structure in which firms have differentiated products

The water that cools a nuclear power plant would be  which of the factors of production?

Elasticity measures the consumers response to a change in

Which of the following types of economies is able to make quick changes

The point on the business cycle where GDP is at it's lowest level

Money that also has an alternative use as an economic good is

The principle that we have unlimited wants, but limited resources with which to fill them

Which of the following would be considered a service

Which of the following would fall into the category of government transfers

Which of the following IS NOT a basic question of economics?

A market structure in which an individual has complete control over price is a(n)

In International trade, a nation that can produce a good at a lower opportunity cost has

Finish this statement: As price increases, the quantity demanded _______

A tax on goods that are brought into the country

The study of how and why people make decisions

Jamie is laid off after the plant she works for has a bad quarter.  Which type of unemployment?

The study of the economy as a whole

Which of the following types of businesses is popular because of "limited liability"?

The money that a bank is required to keep in the vault is called

Luke is a recent college graduate.  He is applying for several jobs, which unemployment is this

Which of the following nations represents a command economy

Which of the following is not a factor of production?

The largest category of spending for local governments is often