Economics Final Review

Adam Smith talked about a self guiding market force called?

Who is the father of economics?

This is something that may be purchased to protect a consumer from buying a faulty product.

Which characteristic of money would disqualify diamonds as a good currency?

Demand for a good that is very responsive to price change is said to be...

The study of how people seek to satisfy their needs by making choices.

The term for the government's use of tax dollars to influence the economy.

The specific name given to the United States economic system. 

Type of economic system that relies upon ritual and custom.

On the monopoly board, what is an example of a natural monopoly that can be formed?

Which of the options is NOT an economic system.

Which two countries are part of the NAFTA agreement 

Term for the actions the Fed Reserve takes to influence GDP and inflation.

Which of the following is NOT a condition for Perfect Competition?

The picture is a representation of which factor of production

Food Stamps and TANF are examples of...

All of the following are examples of nonprice competition except...

The 5 main cell service companies are an example of which type of market structure?

On the monopoly board, what is an example of a general monopoly that can be formed?

Which of the following is the most common form of business organization (75% of all)?

All of the business organizations in the picture are examples of...

As the price of American flags goes down, people purchase more. This is an example of what?

Recovery and prosperity occur during which phase of the business cycle?

The next best alternative to a choice that is made.

The major advantage to incorporating a business is?

In which category is a majority of the government's money spent?

Chance graduates from high school and gives up looking for a job. What term best describes him?

Which of the following is NOT a Factor of Production?

The most common form of market structure that we encounter in the economy is...

Santa and the Easter Bunny experience what type of unemployment during non-holiday periods?

The picture is a representation of which factor of production

Which of the following is determined by the intersection of the Supply and Demand Curves?

Monthly expenses that change from month to month are...?

Which of the following is an example of a public good?

A majority of the government's discretionary spending is spent on which category?