Econ EOC/Final Review

What are the three types of economies?

When investing, what is the relationship between risk and reward?

Which of the following are disadvantages to Sole Proprietorships?

What shape describes a Supply Curve?

Which of the following are benefits to partnerships?

When Americans buy more foreign goods, but foreigners buy less American goods - What's that called?

What is the result of the federal government spending more than it receives in revenue?

What economic issue deals with how to fulfill unlimited wants and needs with limited resources?

Which of the following is part of the factor Capital?

How are the three economic questions answered in a command economy?

Which federal program insures bank accounts up to $250,000 to prevent runs on a bank and protect people’s money?

What are the three main types of business organizations?

How are the three economic questions answered in a market economy?

What was the name of the job creation program created during the great depression?

What is the acronym for the factors that affect supply?

What happens to price when supply increases?

Why is Real GDP better than Nominal GDP?

Who is considered the father of Communism and wrote the communist manifesto?

Which is an advantage of a traditional economy?

What is the point where quantity demanded equals quantity supplied?

Which of the following is part of the factor Land?

What is the name for a fee or tax placed on items made in foreign countries and then shipped to the U.S.?

In what ways can the government institute expansionary fiscal policy?

What entity would oversee a trade dispute between Canada & South Africa?

What shape describes a Demand Curve?

True or False: The Federal Reserve controls Monetary Policy.

How do Progressive Taxes work?

What does GDP stand for?

What happens to price when demand decreases?

On a supply and demand chart, what happens to the demand line when Supply decreases?

What three questions do all economic systems answer?

What kind of tax is an income tax?

What is the result of the federal government having a higher revenue than spending?

On a supply and demand chart, what happens to the demand line when demand increases?

What is a disadvantage of a market economy?

What are the three ways the Fed can impact monetary policy?

What are the two types of fiscal policy?

What results when the price of a good is set below equilibrium price?

Who owns Corporations?

Which of the following are utilized to calculate GDP?

How do Regressive Taxes work?

What is the difference between a deficit and debt?

Which of the following is NOT a way that the Fed can participate in expansionary monetary policy?

What is the difference between demand and quantity demanded?

What is the most common economic system?

True or False: Inflation is when the purchasing power of money decreases.

What is the most commonly used economic indicator?

What results when the price of a good is set above equilibrium price?

What are the four factors of production?

How do tariffs affect domestic goods/services?