ECONOMICS EOC REVIEW

20. Why do individuals by stock in corporations?

45. The primary goal of the Federal Reserve is to:

49. When traveling to another country, you want your currency to be worth __________ its.

1. Which of the following is not a factor of production

2. Scarcity can be defined as:

21. Which type of business would have unlimited liability for the owner?

44. Which of the following includes liquid money like currency and checking accounts?

31. Which monopoly occurs when a business is better than its competition at providing goods?

15. Which of the following would shift the demand curve?

36. Which type of unemployment is caused by individuals changing careers?

19. Inelastic goods have __________ substitutes and include:

11. The law of demand states that:

18. What situation would occur if we impose a price ceiling?

22. Standard Oil was __________ integration, U.S. Steel was _________ integration.

13. The amount that consumers will buy at each individual price is known as ____________.

9. Which type of economic system answers its question through supply and demand only?

12. What state did this market reach?

30. The vast majority of the federal budget is ___________ spending, which cannot change.

6. An economic system which has some aspects of supply and demand and some aspects of gov't:

24. Which of the following markets features one seller and many barriers to entry?

29. Which of the following would be a public good?

4. Positive incentives explain _______________.

16. Creating new technology would shift the supply curve __________ and prices would _________.

47. In order to protect their domestic economy, many countries:

18. What situation would occur if we impose a price floor?

28. The roles of the entrepreneur are:

39. Inflation hurts _______ but can actually help ________.

10. Adam Smith's idea that the market will find the right price based on supply and demand:

35. In order to grow the economy, the Federal Reserve can:

8. The production possibility curve demonstrates:

23. Whose goal is to fight for workers' rights using collective bargaining and strikes?

37. What is calculated by: Consumption + Investment + Government Spending + Net Exports?

40. During the Great Depression, the unemployment rate reached an all time high of:

32. The sales tax becomes this type of tax in the real-world:

32. The flat tax becomes this type of tax in the real-world:

47. Limiting the amount of imports to a country is known as a:

42. Which of the following is not a function of money?

5. The idea that two individuals will trade only when both sides agree is known as:

7. Private property rights are essential in this type of economy:

32. The federal income tax is an example of:

38. Which stage of the economic cycle can be described as economic growth after a recession?

33. Who developed the idea of using government to enact fiscal policy instead of laissez-faire?

43. The Lorenz Curve demonstrates:

48. If you import more than you export your trade balance is

46. If the U.S. is better at producing corn than every other competitor, it has a __________.

34. If the government wants to slowdown the economy to prevent inflation they use:

3. Which of the following would be considered an "inefficient" use of resources?

24. Which market features many sellers with price dictated by supply and demand?

24. Which market features a few sellers who form a cartel to collude?

9. Which type of economic system answers questions through government control and rationing?

14. The reason entrepreneurs are willing to combine LLC and take risks is:

25. If there are two gas stations at the exit and one closes, competition will cause prices to: