Economics Final Review

The following graph represents supply and demand.

Which of these is not a characteristic of pure competition?

Which of the following best describes free trade?

A market that is an oligopoly has _____________.

Which of the following is NOT an effect of NAFTA?

All of the following are benefits of the U.S. free enterprise system EXCEPT__________.

Which of the following statements describes a market economy?

Which of the following statements describes a major advantage of a market economy?

What do all types of monopolies have in common?

Which of the following is NOT one of the 3 basic economic questions?

Which of the following is NOT a factor of production?

Which of these items is a characteristic of a developed country?

The ability of individuals to make their own decisions about what to buy and sell is called_________.

The concept of ____________ allows consumers to make a purchase and pay for it later.

If you are producing at point A, then you are underutilizing your resources.

The law of supply states, when price is low then supply is low.

What term describes, the cost of choosing one alternative over another?

When buyers will purchase exactly as much as sellers are willing to sell, what is the condition that has been reached?

Why is a mixed economy needed to some extent in a modern society like the United States?

What is economic globalization?

Which of the following is NOT a way to maintain a good credit score?

Having limited resources and unlimited demand illustrates which of the following concepts?

Most economies use elements of capitalism and government regulation. These types of economies are called...

Which social indicator would an economist LIKELY study to determine the technical skill of a nation’s labor force?

The value of a nation’s currency in relation to another nation’s currency is the ____________.

1. What relationship does risk have to return?

What is monopolistic competition?

How does competition influence markets in the free enterprise system?

Which of the following is a purpose for government regulation?

When the value of currencey decreases then it DEPRECIATES.

What incentive motivates a manufacturer to sell a product?

A loan that is obtained by offering an asset as collateral to ensure repayment is known as a secured loan.

An economy where the government owns the factors of production and makes economic decisions is called__________.

When the value of currencey increases then it DEPRECIATES.

The law of demand states, when the price is high then demand is high.