Economics Final Exam Review

The unemployment rate is...

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

What is the basic problem of economic life?

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

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

Social Security taxes are...

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

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

Who makes the economic decisions in a pure market economy?

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

What are consumer goods?

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

A disadvantage of a sole proprietorship is...

What is economic interdependence?

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

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

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

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

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

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

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

For something to have value, it must...

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

The Girl Scouts is an example of a...

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

During the winter months many farm workers face...

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

What do right-to-work laws prohibit?

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

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

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

The factors of production are...

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...

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

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

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

Which of the following best describes an entrepreneur?

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

An excise tax is a tax on...

Profits paid to stockholders of corporations are called...

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

Food, clothing, and shelter are...

A general rise in prices is called...

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

Economic growth is important because it...

Full employment means...

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

The individual income tax...

Factory workers in 1890 might expect to...