PBMF (1st) Semester Exam Review

Buildings, equipment, and supplies are examples of ______?

In the US, anyone over the age of 21 who does not have a job is considered unemployed

The __ curve for a product illustrates the relationship between the price of a product and the quantity produced

In what type of economy does the government control all economic resources and decides how they're used

All countries use the same banking system?

What is the first step in the decision making process

The principle of ___ means you can own whatever you want and decide how you want to use it

GDP measures a country's economic output during

A nation's plan for answering the three economic questions is called its

Who owns the resources in a market economy

Which of the following is NOT a want?

Goods and services sold to other countries.

The accepted behaviors, customs, and values of a society

What is the rivalry between businesses called?

Which of the following countries has an absolute advantage in coffee production?

Things that are required in order to live are known as?

Which of the following is not included in GDP

People producing goods and services are called

Which item would be counted when measuring GDP

Some countries limit the amount of money citizens can take out of the country when they travel

What is true about every nation?

If the GDP growth slows for at least ____ quarter(s) of a calendar year the economy is in a recession

A nation with a trade surplus has a favorable trade positions

If you purchase a government bond, that makes you a (n)

Which of the following countries has an absolute advantage in coffee production?

It is difficult to define economies in terms of borders

What is another name for the economic system of the US

Personal economic freedom is most limited in what economic system

A 14 year old would be considered part of the labor force in the US

Joint venture is an agreement among countries to remove trade barriers on products traded among them

How many countries does the US conduct trade with?

The difference between the amount of money that comes into a country and goes out

All nations have the same economic needs

In the graph, the equilibrium price is approximately

Dividing GDP by total country population results in that country's

What is an example of a cultural influence?

If a nation imports more than it exports it has a . . .

Businesses offering very similar products to the same customers

A lack of competition will result in lower prices for goods and services

____ are individuals and organizations that determine what products will be available for sale

Inflation...

Business cycles are the recurring ups and downs of GDP

During periods of deflation, prices drop so demand increases

____ refers to the production output in relation to unit of input (Ex: a worker)

Which of the following occurs at the peak of a business cycle

Retail sales...

The salaries and wages as well as investment income and government payments to individuals is referred to as

The money for capital spending and projects come from:

All economic resources have a limited supply

Goods and services are also purchased by business

What is the most likely effect of wages going up faster than prices?

A trade ___ is a restriction to free trade

All of the following are important principles of the US economy EXCEPT

The point at which supply and demand are equal

Who makes all of the decisions in a command economy?