Economics Final Exam Review

What is the main function of the entrepreneur?

Which decade were government assistance programs most effective at reducing poverty?

Which type of business organization has no limit to liability, short of bankruptcy?

The entry of women into American labor force during WWII changed the PPC/PPF. How?

Which of the following most clearly indicates a way out of poverty?

What is the payment for Land, Labor, Capital, and Entrepreneurship?

This is the result of demand exceeding supply?

Which of these is demand most expected to decline by 2050?

What is the type of unemployment that is natural in a free market economy due to career choice?

Which is an example of a market economy?

An economy at its production possibilities frontier (curve) is operating _________.

If gas prices rise, what shift would happen to tires? Why?

A market economy rewards people according to what?

What happens to price when their is a shortage in the market?

Macroeconomics approaches the study of economics from the viewpoint of what?

How did business cycles change after World War II?

Which is the dollar value of all final goods and services and measures a country's output?

Which model is used to illustrate the concept of opportunity cost?

Which type of organization may raise money by issuing bonds?

Which is most important for economic growth?

Which of the following would give an investor an overall picture of the value of the market?

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

What is the purpose of government in a command economy?

In a free market system, what determines the actions of millions?

What is equilibrium?

Which is an example of investing in human capital?

What is the term used for when the general level of prices rise?

What is the basic purpose of the consumer price index (CPI)?

If you paid $8 for a movie instead of buying an $8 meal, what is the opportunity cost?

What is the term when actions in one country have an economic impact on what happens elsewhere?

If there was a decrease in cost of production, what would happen to supply?

What is the term for the money used to buy the tools and equipment needed for production?

Who is your favorite teacher?

What is likely to happen if a nation encourages entrepreneurship?

Why was the FDIC created?

In discussing taxes, what is the opposite of regressive?

How does labor and entrepreneurship interact?

What does a trough indicate?

This is the result of supply exceeding demand?

What is the name for the characteristic of money that allows you to carry it a wallet or purse?