Economics Midterm Review

What is the purpose of a price floor?

What type of account is best for everyday transactions?

Which of the following is correct in reference to price floors and price ceilings?

Which of the following is a key concept about a credit union?

The United States as well as most economies of the world operate as a ___________ economy.

Which of the following would be considered a need and not a want?

What defines a durable good?

What does a production possibility curve show?

What is the monetary value of all final goods, services, and structures produced within a country’s borders?

What are Commercial banks who are backed by the Federal Reserve known as?

What is an important aspect of the Federal Reserve?

The study of how people try to satisfy unlimited and competing needs and wants through careful use of scarce resources?

What does a decrease in supply do to equilibrium price?

________________ is a meet place or mechanism through which buyers and sellers of an economic product come together.

What is a problem with CD’s?

An economy in which the state owns and controls all factors of production is called a _________________ economy.

Economy in which people provide their own food, shelter and needs and usually do the same job as their parents is called

A term that refers to non-essential value that we place on items is what?

The entity that determines all monetary policy and controls the M2 money supply is known as the what?

Who is known as the father of Communism?

Given a set amount of resources, what would happen to price with an increase in demand?

The term “FDIC Insured” has what effect on the consumer?

The economy with no government intervention is called a __________ economy.

Which of the following accounts TYPICALLY DOES NOT YIELD INTEREST?

What type of account typically yields low interest but allows you to still have access to your money?