Econ Final Review

The former Soviet Union would be best described as what type of economy?

If supply increases faster than demand, what will happen to the price of the product?

If the economy is experiencing inflation, what would be the correct fiscal policy to use?

In traditional economic systems, economic decisions are based on

FICA (social security and medicare) will deduct approximately what % from your paycheck?

A "W-2"

If everyone has to pay a $1 toll to cross a bridge, which type of tax would the toll represent?

Which of the following best describes the US Federal income tax?

Why does a CD pay higher interest rates than a regular savings account?

High market prices affect production by

If a life insurance policy holder dies, the person who receives the payment is called the

Which economists is know for his invisible hand theory?

Recent trends in employment patterns indicate

If demand for a product increases faster than its supply, what will likely happen to the price?

State and local governments spend the most money on

Which of the following investments has the highest risk?

The FDIC insures each bank account against a loss up to which following amount?

The President and congress want to lower taxes. What type of policy are they using?

In a command economy resources are managed by

What would be the correct monetary policy to use in a recession?

In a free market economy how are prices determined?

Which group of people will be hurt the most by inflation?

Which of the following is a disadvantage of using credit?

Which of the following is a justification of having a large national debt?

What problem faces all economies?

Approximately how much is the United States national debt?

The best alternative given up when making a choice is known as

Which of the following scenarios will hurt your credit score?

What is the Dow Jones?

Prices are important in a free market economy because

The value of all the things you own (assets) is

The amount paid out of pocket by the policy holder before the insurance coverage begins is the

Which of the following is not one of the basic choices that all societies must make?

Why are some people opposed to increasing the minimum wage?