Economics Final Review

6 to 18 months of low GDP and high unemployment

Who is the chairman of the FED?

What is the term for all the time, effort, and talent that goes into production?

When comparing prices from the past, what economic indicator should you use?

What is the opportunity cost of increasing production of wheat from 3 (B) to 9 (D)?

How do banks earn most of their money?

Goods that can replace each other are called:

What is the reserve requirement?

What is a tax on an import  called?

How can you still make money in a bear market?

What is taken into account when computing comparative advantage?

A stocks 52 week chart will tell you what?

The value of your next best choice in a decision.

When quantity demanded is the same as quantity supplied:

What does the picture represent?

What established the Federal Reserve System

What is the FEDs most important job?

What happened to Supply?

What is the term for work that you can buy?

What is profit?

a corporation is funded by:

What is the greatest advantage to investing in a mutual fund?

Borrowing stock from your broker and hoping it goes down is:

The dollar has less buying power today compared to the dollar in the past

What does the picture represent?

Which of the following is a characteristic of a monopoly?

Too much money chasing limited numbers of goods is called

What does a price floor create?

Who wrote "The Wealth of Nations?"

What is the study of the economy on a large scale?

to make 10 t-shirts you go from producing 100 shoes down to 75 shoes; opportunity cost?

How do individuals choose?

Finish this thought: Resources are. . . 

Name of one of the deer behind my desk

Which kind of money has no backing?

What form of business gives all profits to one individual?

Laws made to break up monopolies are called:

Minimum wage is an example of what?

Which level of competition is best for the consumer?

What is Economics?

Which kind of economic system is the U.S. closest to?

What is a bull market?

Which is true of an elastic good?

If the FED lowers the discount rate, what happens to the money supply?

When supply is greater than demand:

If only 3 companies dominate supply, what level of competition exists?

What is the term for when you sell stock for more than you bought it?

When one country is better at producing everything, what kind of advantage do they have?

What are goods and services bought from another country?

What kind of economic system has the gov't own the factors of production?