Economics Final Exam Review

a pencil is an example of

The payments for land, labor, capital, and entrepreneur are

If a nation encourages entrepreneurship, then which of the following is likely to occur

An economy at its production possibilities frontier is operating

If there is a shortage in the market

How did business cycles change after WWII

The dollar value of allfinal goods and services and measure a country’s total product output is

 A popular model used to illustrate the concept of opportunity cost is

What is the opposite of a regressive tax

The money used to buy the tools and equipment needed for production is known as

The 16th amendment

Which type of unemployment is natural in a free market economy?

Carrying money in a pocket or purse illustrates what characteristic of money

FDIC

3 questions economists must answer are:

A person pays $8 to see a movie and not an $8 meal.  What's the opportunity cost of the movie?

An example of a market economy is

Law of Demand

Actions in one part of the world have an eco. impact on what happens elsewhere are examples of

horizontal merger is:

What is the basic purpose of the CPI

What determines actions of people with varying desires and abilities to pay

which of the following is most important for economic growth?

What economic problem do both higher-income nations and lower-income nations have in common?

by 2050 there will be a decline in demand for

the main function of an entrepreneur 

What gives an investor an overall picture of the value of the market

The purpose of command government

Which of the following is an example of an investment in human capital

Division of labor makes a company more productive by

When the general level of prices rises, the economy is experiencing 

What does a trough indicate

Macroeconomics is the study of

Entrepreneurship and labor interact in which of the following ways?

Law of supply

A partnership