Econ Exam Review

a low price in the market tells buyers to

an increase in interaction between U.S. economy & nations all of the following are true EXCEPT

which is not one of the three basic economic questions?

gas tax that a driver has to pay used to repair roads used by the driver is an example of

Which market structure has many firms, selling identical products, with no barriers to entry

When GDP, employment, and prices go up, the economy is in which phase of the business cycle?

Labor, entrepreneurship, natural resources, and capital are?

To build a good credit history, a person could

Insurance on a car helps

a low price in the market tell sellers to

Trade barriers are enacted for all of the following reasons EXCEPT

Which of the following is NOT one of the seven social and economic goals?

One key to economic growth is the power of innovation and new ideas. Which factor of Production

The fundamental economic problem is concerned with

The idea that the more of a product we get the less eager we are to get more illustrates

When a country can produce more of a good at a lower opportunity cost it has

Which of the following will cause the supply curve to shift left

On a graph any graph a shift to the right is a

In this type of business the owner makes his own decisions and is fully responsible.

An expansionary/easy money policy by the Fed will likely result in all of the following EXCEPT

Barriers to international trade include all of the following EXCEPT

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

Decreasing an individual’s taxes would most likely lead to all of the following EXCEPT

Using taxing and spending to correct the economy is called

All of the following are functions of government in a market economy EXCEPT

If the Govt. use fiscal policy, decreasing taxes to producers & consumers which will not happen

What do business's pay the government

The concept of Laissez-Faire means

To be a successful medium of exchange, money must be all of the following EXCEPT

During a recession the Federal Reserve will increase the money supply by

Assume the U. S. produces new products that citizens of other countries buy in large quantities

U.S. increases mutually-beneficial trade w developing countries which will be LEAST likely

Curves that slope down are

Which of the following would be more demand inelastic?

In a market economy the decisions of what to produce are often determined by

The following trade organizations eliminated tariffs between the U.S., Canada, and Mexico

output expenditure model of C+I+G+F(x-m)=GDP, the largest portion of the economy is represented

Which of the following is the greatest source of income at the local level?

Circular flow illustrates the concept of

Police and fire protection are examples of what role of government in the economy?

Total dollar value of goods & services produced inside the U. S. adjusted for inflation?

What type of unemployment is development of cars leads to a loss of jobs in the train industry.