Econ FINAL REVIEW

Question 1

This is the next best alternative that you give up when you make one decision over another.

Accepted Answer

opportunity cost

Question 2

In this type of tax structure, higher income earners are charged a higher rate than those who make less money.

Accepted Answer

progressive

Question 3

According to the law of demand, as prices increase

Accepted Answer

demand decreases

Question 4

When supply or demand decrease, the curve on the graph shifts to the

Accepted Answer

left

Question 5

Economic system where decisions are made by a combination of the government and private actors

Accepted Answer

mixed/modern economy

Question 6

If the economy is experiencing high inflation, the Federal Reserve should ________ interest rates.

Accepted Answer

raise

Question 7

An extended period of decline in the stock market is known as a

Accepted Answer

Bear Market

Question 8

Who is responsible for enacting fiscal policy?

Accepted Answer

The President and Congress

Question 9

This is a term for the 3 basic resources that are needed to produce any kind of god or service.

Accepted Answer

the factors of production

Question 10

What will happen to the supply of corn if new farming technology is introduced

Accepted Answer

it will increase (shift right)

Questions 10