Econ Final Review Part B

Economist refer to conditions not planned for and can be positive or negative as

Type of economist that believes in government involvement in economy.

Which of the following is a characteristic of an entrepreneur?

One problem associated with public goods is

In a market economy the questions of what, how and for whom to produce are answered by

A European country agrees to replace their money with the Euro, what function of money was primarily being affected?

In a command economy the questions of what, how, and for whom to produce are answered by

Who is the chairmen of the Federal Reserve?

Post WWII the U.S. took a leadership role in creating this world wide agency where countries can get short term loans

High taxes doesn’t necessarily mean high revenue.

That portion of the economy made up of individuals, businesses, and non-government entities is the

A sewing machine would represent which factor of production?

If prices increase by 10% during a period when wages increase by 5%, what function of money is primarily being affected?

Economists call how the government taxes and spends is called what?

The essential ingredients or requirements needed to produce any product or service are referred to as

The simplest explanation is correct.

Which tool of economic policy has shorter inside lag times?

The public sector is best suited to deal with externalities because it

Money serves which of the following purposes or functions?

The additional or extra expense of producing one more item is called

Consumers who abuse credit and end up taking out a consolidation loan my generally end up paying

The opportunity cost of doing your homework rather than going to the basketball game is

The branch of economics which deals with issues, policies, and wants relating to an individual or a business firm is

Why must the graph be concave?

What business competition has one sell who controls the entire market?

The amount of time you have is the time you use.

Cotton represents which factor of production?

Which is more correct to produce at?

Consumers who borrow money must generally accept which of the following consequences?

Relating to the human economic condition, which of the following is virtually limitless?

When we give up one thing to gain another, it is called the

The incentive(s) to produce in a market economy is/are

Which of the following statements represents a function of the public sector?

When you hire an employee, the employee would represent which factor of production?

What is the universal economic problem, forces us to make choices in a world of limited resources and unlimited wants?

Choosing which of our needs and wants will be satisfied and how much of our resources will be used to satisfy them is

What is the first step in union-management negotiations?

Economic model which shows visually the output potential with limited amount of resources and technological condition

The basic economic problem is

What do economists call the condition which “since no one owns it, no one feels responsible” for it?