Motu's Economics Final Exam Review

Which of the following people would be considered an entrepreneur?

When the price of a product is lower, people will demand/buy more of it. This describes:

Which of the following is NOT a way in which fiscal policies would reduce inflation?

When the government uses taxes and spending to address economic problems, it is practicing:

What form would you use to determine if you need to pay additional income taxes to the IRS or if you're getting a refund

Unemployment that occurs when there's a mismatch between skills people have learned and skills the job market requires

All of the following are barriers to entry except:

The next best use of time, money, and/or resources is called:

What is the Federal Reserve?

According to marginal analysis, rational choices and decision-making involves:

What is the consumer price index used for?

If the Federal Reserve wants to INCREASE the money supply, it can do all of the following EXCEPT:

The physical effort of people to produce goods and services describes which factor of production?

Which of the following lists the three basic economic questions that must be answered?

Someone buys a car for a large amount of money. They have completed an exchange in this part of the circular flow model:

The graph below shows:

The way in which an economy answers the three economic questions determines its:

What is the most important factor a bank will consider when deciding to give someone a loan?

The fact that people have unlimited wants but limited resources is known as:

The opportunity cost of this economy moving from point E to point A is:

Which of the following is an example of human capital?

According to the graph, how many cookies will Grace buy if the price is $1.00 per cookie?

This headline is an example of which economic role of government?

When choosing a credit card, you should consider all of the following EXCEPT:

The economic system in which the government owns and controls the factors of production:

What conclusion can you draw by looking at the graph below?

Trade-offs exist and choices must be made because:

A PRICE CEILING is a government imposed:

Which of the 4 courses of action would a rational consumer choose?

Increased investment in technology within a country would most likely cause:

Economics is BEST defined as the study of how:

In which market would you receive a paycheck from working at Chic-fil-A?

Which of the following market structures includes many businesses that sell the same products?

What is the opportunity cost of increasing the production of dolls from 200 to 300?

If you are only making the minimum payment on a loan or credit card balance each month, which of the following is TRUE?

The efficient use of resources is represented by point(s):

Which of the following would be an example of complementary goods?

Which graph shows an increase in price for suppliers?

Which of the following insurance coverages is required by law?

A type of unemployment that occurs when an individual voluntarily leaves one job to find another job:

If country XYZ produces 6 million blankets, how many shirts can it efficiently produce?

When the Federal Reserve makes decisions about the control of the money supply their decisions are referred to as:

Which of the following is NOT a problem caused by monopolies?

Which of the following examples would be included in the calculation for Gross Domestic Product?

The point at which both quantity demanded and quantity supplied are equal on a graph is known as:

The ideas & motivation a person has to produce something that people want to buy describes which factor of production?

Which of the following is NOT an indicator rused by economists to measure the overall health of the economy?

Which of the following market structures is made up of one firm that dominates the market and supplies all the output?

The amount that is being taken out of your paycheck in taxes/deductions is known as:

A PRICE FLOOR typically leads to:

What is a benefit that corporations have that other business structures do not have?

The decrease in the price of hotdogs results in a decrease in the demand for hamburgers. These two products are:

The graph below shows:

In which market structure is the consumer going to get the lowest price?

Which of the following is NOT a tool that the Federal Reserve can use to change the supply of money?

A type of unemployment that occurs when there is a downturn in the economy:

Which one of the individuals below would be considered unemployed?

A type of fiscal policy that includes a reduction in taxes and/or increased government spending:

In this business structure, the owner has full control, keeps 100% of profits, but also has 100% of the liability/risk:

Congress passes a new law taxing car producers due to the pollutants their plants create - which role of govt is this?

What is the opportunity cost for this person of moving from point a to point b?

Which of the following motivates entrepreneurs to take risks?

The interest rate that the Fed charges banks to borrow money from them is known as:

An office building is an example of:

What is the out-of-pocket minimum that you are required to pay before insurance will cover any costs?

Freedom of choice and competition are commonly found in which type of economic system?

If your credit score is _________, your interest rate will be __________.

What is the purpose of a production possibilities curve?