Economics Final Review

Goods that can replace each other are called:

What is a tax on an import  called?

What is the term for work that you can buy?

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

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

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

What happened to Supply?

Which kind of money has no backing?

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

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

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

How do individuals choose?

When supply is greater than demand:

Who is the chairman of the FED?

Name of one of the deer behind my desk

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

Laws made to break up monopolies are called:

What established the Federal Reserve System

What is Economics?

Minimum wage is an example of what?

The value of your next best choice in a decision.

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

Finish this thought: Resources are. . . 

What does the picture represent?

Which of the following is a characteristic of a monopoly?

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

What is a bull market?

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

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

What does a price floor create?

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

a corporation is funded by:

Which level of competition is best for the consumer?

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

A stocks 52 week chart will tell you what?

How can you still make money in a bear market?

What are goods and services bought from another country?

What is profit?

Too much money chasing limited numbers of goods is called

How do banks earn most of their money?

When quantity demanded is the same as quantity supplied:

What is the reserve requirement?

What does the picture represent?

What is taken into account when computing comparative advantage?

Who wrote "The Wealth of Nations?"

What form of business gives all profits to one individual?

What is the FEDs most important job?

6 to 18 months of low GDP and high unemployment

Which is true of an elastic good?

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