Economics Final Review PHS Manning

Economics is the study of how people make choices based on the concept of

What is an example of Peer to Peer (P2P) payment app

Monopolistic Competition engages in primarily non-price competition.

If the gov't increases regulations in an industry this will happen...

An example of income distribution in the U.S. economy is

Unemployment resulting from recessions and economic downturns is called

in a market economy, rational self-interest was the motivating force. What was said to be the regulating force?

Companies use advertising as a way to influence Demand by which Determinant of Demand?

An example of a capital resource would be

A tax collected from a higher % from higher income citizens, is considered a Regressive Tax

U R having trouble finding a job because of a lack of education / skills in demand, U R experiencing _____ unemployment.

Which of the following would not influence the business cycle?

A market with a few large sellers and is VERY hard for others to enter that market is called?

Demand for a good is considered "elastic" when

the economy enters a period of contraction in the business cycle & companies reduce spending on capital goods, GDP will

What is the difference between gross pay and net pay?

The three basic economic questions are

Which statement would best describe expansionary policy?

Classified as part of the labor force if

Sales tax is what type of tax structure?

A surplus of a good on the market means,

The FIXED cost at a movie theatre is the candy?

Which type of policy would the President initiate to avoid a recession?

The purchasing power of money

What is considered one cause of inflation?

If there is an increase in price of a good, & consumers still buy as much as they did before the price change, Demand =

When countries specialize in the goods in which they have a comparative advantage, this is true...

Which is a leading indicator of a change in the business cycle?

Who answers the three basic economic questions in a mixed economy?

Which of the following is a public good?

This sentence describes? "As the price of a good rises, consumers are willing and able to buy less of that good".

Savings account is the most liquid, considered safest, but earns least amount in interest.

Which of the following transactions would not be included in GDP?

Which of the following should the Gov't use when it wants to increase demand for goods?

Using the business cycle model, where would you find the highest rate of unemployment?

If you spend less than you earn every month you have a discretionary balance.

What do you call everything given up, or sacrificed, when making a choice ?

market structure forces producers to use all of their resources in most efficient manner in order to offer lowest price

Rent is a variable expense

Inventory of unsold cars produced in 2020 in the Tennessee plant is counted in our GDP by

The equilibrium price is where the supply of goods matches demand

US Navy buys 100 F115's from Boeing, this is part Government Spending GDP

economic theory proposes that changes in aggregate demand drives economy & changes in gov't influence consumer behavior

a rise in consumer income affect the market equilibrium price for an inferior good?

Which of the following characteristics would be considered part of frictional unemployment?

A company or a nation is said to be operating at maximum efficiency if it is operating

When choosing between a checking & a savings account you need to look at...

A partnership is ...

Which is the preferred tool that the Fed uses in Monetary Policy?

Why are monopolies and oligopolies bad for consumers and the economy as a whole?

Dividends are another way to make money in the stock market, other than after "buy low, sell high".

The price of hot dogs increases, what happens to Demand for hot dog buns?

Who argued that in a market economy, rational self-interest was the motivating force.

Which two members of the World Bank Group, make up the World Bank

How do consumers benefit from business competition?

A mechanic that works for an auto repair shop is an example of a transfer between Gov't & household resource market.

Which phase of the business cycle is our nation most likely in when GDP is going up and unemployment is going down?