Economics Final Review 2018-2019

Complete Ownership, No Special Taxes, unlimited liability are characteristics of:

Which of the following factors can slow or halt the process of globalization in the world?

Which of these economic systems have the ​least​ ​in common?

With regard to the goods in the PPC below, what does point B represent?

A person who wishes to incorporate a business needs to ________.

Which is the primary source of revenue for the federal government?

Paying rent instead of purchasing tickets to a concert is an example of:

Which is a good synonym for the word barter in the term barter economy?

In the U.S. free enterprise system one of the primary roles of the government is to:

Scarcity is a basic economic problem because:

What does a protective tariff seek to protect?

If you defaulted, you failed to _______ .

W/ a given amt of resources, a country with comparative advantage will produce a product with:

One of the primary functions of financial institutions in an economy is to:

The US has a “modified” free enterprise economy as almost everything we do & everything we buy:

Eco systems that are characterized by govt control of the econ decision making process are:

Which of the following could be considered a synonym for FICA?

You can easily carry money in a pocket or purse. This reflects what characteristic of money?

Paradox of value refers to the:

1 seller ● complete barriers to mkt entry ● no product differentiation describes which?

Who pays interest on a loan?

The value people place in a good or service and what one gives up in order to obtain is

In the model GDP = C + I + G + (X - M), “I” stands for _______.

Unemploy. rate risen to 9% & GDP declined for 2 qtr in a row. What phase of biz cycle is it?

An advantage to getting a federal student loan as opposed to a private loan would be the:

Economic development is important in countries because it _______.

What two economic concepts result in the necessity of choice?

“THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE” This reflects money’s function as

The terms proportional, progressive, and regressive refer to ______

Why do nations trade?

Identify the phase of the business cycle where Real GDP stops going up.

Country A can produce more coal than Country B an economist would say that Country A has

Reasons economics is considered a science would include all of the following ​except

A nation’s wealth is determined by its:

Elementary schools, police departments, and electrical service are typically paid for by ?

Resistance to new technology and ideas is a disadvantage of which economic system?

Which of these statements is descriptive of a market economy?

Which of the following statements best describes the PPC?

Societies are faced with which three basic questions about production of goods?

High levels of unemploy. w/ high levels of inflation indicates biz cycle has entered into a

Tariffs are taxes on?

The Federal Reserve System, or Fed, is an example of which type of bank?

When an economist uses the term utility, what are they referring to?

The risk of ending up w/ the equivalent of a never-ending loan is one of the disadvantages of

Identify which of the following is ​not​ used to measure a nation’s economic performance

Which is the primary source of revenue for the federal government?

Which of the following describes a partnership?

Which of the following actions would improve a credit score?