Economics Final Exam Review

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

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

Social Security taxes are...

Who makes the economic decisions in a pure market economy?

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

During the winter months many farm workers face...

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

What is economic interdependence?

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

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

Profits paid to stockholders of corporations are called...

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

What are consumer goods?

What is the basic problem of economic life?

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

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

The Girl Scouts is an example of a...

The unemployment rate is...

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

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

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

Food, clothing, and shelter are...

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

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

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

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

Factory workers in 1890 might expect to...

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

Economic growth is important because it...

An excise tax is a tax on...

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

The factors of production are...

The individual income tax...

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

A general rise in prices is called...

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

For something to have value, it must...

What do right-to-work laws prohibit?

A disadvantage of a sole proprietorship is...

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

Which of the following best describes an entrepreneur?

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

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

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

Full employment means...

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

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

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

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

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