Economics Final Review

What is the term for all the time, effort, and talent that goes into production?

What is the term for when you sell stock for more than you bought it?

What does the picture represent?

What is profit?

What is the opportunity cost of increasing production of wheat from 3 (B) to 9 (D)?

What is the reserve requirement?

Which kind of economic system is the U.S. closest to?

What does the picture represent?

What form of business gives all profits to one individual?

What is taken into account when computing comparative advantage?

What is the term for work that you can buy?

Goods that can replace each other are called:

How do banks earn most of their money?

Minimum wage is an example of what?

How do individuals choose?

If the FED lowers the discount rate, what happens to the money supply?

Who wrote "The Wealth of Nations?"

Which is true of an elastic good?

Who is the chairman of the FED?

A stocks 52 week chart will tell you what?

What is a tax on an import  called?

What is the greatest advantage to investing in a mutual fund?

When supply is greater than demand:

When one country is better at producing everything, what kind of advantage do they have?

What does a price floor create?

What happened to Supply?

Borrowing stock from your broker and hoping it goes down is:

How can you still make money in a bear market?

What are goods and services bought from another country?

When comparing prices from the past, what economic indicator should you use?

What is the study of the economy on a large scale?

What kind of economic system has the gov't own the factors of production?

What is a bull market?

a corporation is funded by:

Which kind of money has no backing?

Which level of competition is best for the consumer?

Which of the following is a characteristic of a monopoly?

If only 3 companies dominate supply, what level of competition exists?

The value of your next best choice in a decision.

When quantity demanded is the same as quantity supplied:

Too much money chasing limited numbers of goods is called

What is the FEDs most important job?

The dollar has less buying power today compared to the dollar in the past

What established the Federal Reserve System

6 to 18 months of low GDP and high unemployment

Laws made to break up monopolies are called:

Finish this thought: Resources are. . . 

What is Economics?

to make 10 t-shirts you go from producing 100 shoes down to 75 shoes; opportunity cost?

Name of one of the deer behind my desk