Economics Final Exam Review

For something to have value, it must...

Which of the following forms of business organizations does not focus on financial gain...

You deposit $1000 into a savings account and earn 10% interest. The $1000 is the...

Demand-Pull, Cost-Push, and Wage Spiral are examples of three different types of...

All of the following are examples of a federal tax except...

When you make a choice about something you want, the loss of value of what you did not choose..

In the US, two-thirds of all people 16 years of age or older are...

The Girl Scouts is an example of a...

Who makes the economic decisions in a pure market economy?

The individual income tax...

In what business organization do two or more people enjoy equal decision making authority?

The most common form of business organization in the US...

Food, clothing, and shelter are...

People are forced to make decisions about how to use resources effectively because...

The number of people in poverty in the US is determined by...

When a car is used to deliver pizzas, it is a...

A person who leaves a job to look for a better job is an example of...

Factory workers in 1890 might expect to...

The unemployment rate is...

An excise tax is a tax on...

About what percentage of the US labor force is in agriculture today?

Social Security taxes are...

A general rise in prices is called...

What do right-to-work laws prohibit?

What is economic interdependence?

During the winter months many farm workers face...

A severe recession with high unemployment, acute shortages and excess manufacturing capacity is

In recent decades, union membership has dropped because of...

Two disadvantages that sole proprietorships and partnerships share are lack of longevity and...

During the Great Depression of the 1930s, the US faced severe...

A government's financial plan is called its...

Full employment means...

What are consumer goods?

Which of the following would not be counted in a nation's GDP?

A disadvantage of a sole proprietorship is...

Which of the following describes the collection of individual income taxes?

Which of the following best describes an entrepreneur?

The buildings, structures, machinery, and tools used in the production process are called...

A hammer in the hands of a carpenter would be an example of a...

The relationship between a worker's education and his or her income level is...

Economic growth is important because it...

Which of the following do state and local governments rely on heavily for tax revenues?

People use these things to make what they want and need...

Private property can be owned in which of the following economic systems?

The dollar value of all final goods and services of a country's final output is called the...

The government's budget will have a deficit whenever...

The number of women in the labor force is...

Profits paid to stockholders of corporations are called...

The factors of production are...

What is the basic problem of economic life?