2016 Civics Final Exam

An extended period of high unemployment and limited business activity

Public goods are funded by 

An externality is a side effect of a transaction that affects

A supermarket running out of bananas is an example of 

A surplus happens when...

Which of the following often happens during a contraction

Absolute loyalty to the people in power is required in which system

The biggest problem associated with representative money is 

Women tend crops and raise children while men hunt is often found in which economic system

One of the economic properties of money is 

Equilibrium price is the price at which quantity demanded and quantity supplied are

Twelve regional banks with a central decision-making board

Expansionary monetary policy is sometimes called

When a nation’s economy nationalizes it changes from 

One of the physical properties of money is 

The market value of all final goods and services produced within a nation in a given time

A business owned and managed by a single person 

A provider of goods and services

A business operated for the shared benefit of its owners, who are also its customers

A specific region in which trade between nations takes place without protective tariffs

Trade barriers tend to

A shortage of a particular good is often a signal for a producer to 

Two factors that are necessary for demand are

An example of real capital is

Which of these would be included in the GDP of the United States for 2006

A society that has public schools and ownership of private property has elements of both

Taxes on imports which are levied specifically to raise money 

Human time, effort, and talent that go into the making of products

All interactions that occur in a market economy can be found in what

The willingness and ability of producers to offer goods and services for sale

The rate of change in prices over a set period of time

An example of intellectual property is a(n)

Harvest-time customs represents the influence of which type of economy

If a company controls a specific process for making windows, it has a 

In a market economy, the real power in the market place is held by 

Money whose value is based on the type of material from which it is made is called

The four Factors of Production

A merger happens when one company

The value of what you give up by choosing one alternative over another is called

A need is fulfilled by...

Contractionary monetary policy is sometimes called

Any law passed to limit free trade between nations is called a trade

Monopolists are able to control prices because they have