Econ Final

to arrive at an economic decision, a decision making grid may be used to evaluate 

For most products and services, increased price results in 

Most stocks in the United States are traded on the 

manufactured goods needed to procduce other goods and services are called 

Bonds

INcrease in price of cameras results in decrease of demand of film. The two prducts are..

the concept of voluntary exchange means

A market economy

Which group of people ultimately determines the products that a free enterprise economy produce

as a result of the financial institution crisis of the 1980s, S&Ls are now insured by

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

this regulates the sale of stock in a corporation

The incidence of a tax 

an advantage of a corporation is that

because a modest price increase has little or no effect, the demand for the product is

A merger of corporations involved in different steps of manufacturing or marketing is known as

an economy at its production possibilities frontier is operating 

Advertising fashion trends and new product introductions serve to 

The flat tax

Total cost is the sum of the...

The largest category of state spending is 

When a customer's need for production is not urgent, demand tends to be

In order for money to have value, it must have all of the following characteristics EXCEPT

actions in one part of country or wolrd taht have an economic impact on what happens elsewhere

workers with knowledge-based managerial skills are 

Ann earns $10,000 with $1,000 in tax Jerome earns $60,000 with $20,000 in tax. The tax paid is 

Junk Bonds

the study of economics is important because it enables us to 

Money loses its value when it

division of labor is a characteristic of 

When a bank is about to collapse,

Workers who have the skills to operate machines & who require a minimum amount of training are

Willingness to replace a costly item with a less costly item is an ex of..

Pain medication was reduced by 30%, profits declined by 30%, demand for the product is..

the local chamber of commerce works to

The largest category of spending for most local governments is

A demand schedule shows

all of the following are ex. of the government playing a direct role in economy EXCEPT

unlike a general partnership, in a limited partnership

The supply of a product normally decreases if

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

$ value of final goods and services and the most comprehensive measure of country's production

the purpose of government in a command economy is to 

An example of mandatory spending is financing for

increase in the price of milk causes a decrease in the demand for cereal. The two products are

which of the following is NOT a nonprofit organization?

Rent payments and property taxes would be counted as...

the authority to levy a federal income tax comes from

 some necessities have little value while some non-necessities have a much higher value 

The flat tax

in a general partnership

FICA includes taxes to pay for

The incidence of a tax

Labor and management ask a third party to collect information about a dispute, they are using..

an example of a market economy is 

All of the following can change the market supply curve EXCEPT

The FDIC was established to