Econ Final Review Fall 2018

When there is a shortage of a product, over time the price will naturally __________ .

Which of the following is an example of mandatory government spending?

a method used to encourage people to take certain actions

The Federal Reserve System is responsible for regulating the US money supply.

Capitalism is consistent with Adam Smith's economic philosophy

Wells Fargo, Chase, and Bank of America are examples of ________________.

Which of the following factors determine / influence wages?

The US dollar is an example of _______.

A ____ takes a higher % of income from high-income earners than from low-income earners.

Which of the following is an example of discretionary spending?

process in which labor unions & company representatives meet to negotiate a new labor contract

banks that are "too big to fail"....

What is an example of an unplanned expense?

Purchasing items that you didn't plan on buying.

What has been the effect of states' "right to work" laws on labor unions?

the human-made resources used to produce and distribute goods and services

What is the opportunity cost of making 8 pizzas instead of 6 pizzas?

"Laissez-faire" is the economic philosophy that...

Unlike bartering, money eliminates the need for a double coincidence of ___________.

Economics is the study of...

If you make the minimum payment on your credit card each month, you will not pay interest.

Which of the following is an example of a variable expense?

On average, what do Americans waste most of their money on?

Capitalism operates on the idea that producers naturally create the goods that consumers demand

What government program provides health insurance for people over age 65?

At least ___ percent of your income should go towards savings.

How do banks primarily earn money?

When the quantity supplied is equal to the quantity demanded, this is called...

What are the "factors of production"?

The lack of competition in oligopolies and monopolies can lead to higher prices.

Your "gross income" is your income _______ taxes.

the knowledge & skills that allows workers to be productive; includes education & training

diversification usually provides lower risks than investing in a single industry or sector

The Federal Reserve System (aka the Fed) is the central bank of the United States

Name this function of money: "an asset that is used primarily for trade, not consumption."

a financial institution that has membership requirements

The economic thinker Adam Smith supported capitalism, laissez-faire, and the invisible hand.

What government program provides funds for retired and disabled workers?

What does the average US consumer spend the most money on?

Which of the points on the graph represents an inefficient use of resources?