Economics Final Exam Review

Protects you against inaccurate and unfair credit billing and credit card practices. 

People with lower incomes pay a larger percentage of their income than people with higher incomes do.

The insurance company assumes some responsibility for a claim and you are responsible to pay the insurance company.

The US worried that inflation rate is too high. What fiscal policy would the US gov adopt to reduce the inflation rate?

Money deposits places securely in a bank or other financial institution, so the funds will be available for later use.

Are the following Shifters of Supply or Shifters of Demand? Related Goods, Tastes, Market Size, Expectation of Consumers

The amount your pay each month to have insurance.

 A trade tariff is a trade barrier that 

What is a rational economic decision?

The maximum price that a business can charge for a good or service

Corporations that stores deposits and makes loans in order to earn a profit.

People with higher incomes pay a larger percentage of their income than people with lower incomes do.

The amount of risk or liability that is covered for an individual or entity by way of insurance services.

All the human tools, machines, and other equipment that a business needs.

Extra sales tax on items such as alcohol and tobacco, which is collected by the federal government.

During winter months, a lifeguard at the beach may be

The mental and physical efforts of human workers.

Are the following Shifters of Supply or Shifters of Demand? Government Interference,Technology,Number of Sellers,Income

Which of the following is a common feature of high unemployment levels?

The amount of loss you must pay yourself before the company will step in and pay the rest.

Economic condition in which market supply and demand balance each other, and as a result prices become stable.

When a person task a risk to start and manage a business in hopes of earning a profit.

Protects consumers from taking out mortgages that are beyond their means to pay the loan.

What is the opportunity cost of the following scenario?

Interest charge only on the original amount of a loan; Used for long-term loans (ex: house car)

Ability to obtain goods and services now, based on an agreement to pay for them later.

Type of tax imposed on land and buildings, which is usually collected by local governments.

Economic system in which all economic decisions are made by the government.

Insurance that provides money to the people you leave behind when you die.

Insurance that pays your medical bills when you are sick or injured.

Economic condition where the quantity demanded is greater than the quantity supplied at the market price.

When you move to another city, you are

When a business needs to decide whether a certain action is worth the cost, the most helpful analysis would be a(n)

The cost of using credit.

If there is a high demand for steel and cars in both countries, which situation would MOST benefit Germany and Russia?

Higher demand for U.S. exports will typically result in

A card that is connected to a person's checking account, which can be used to withdraw money and/or pay for goods.

If Germany banned all trade with Ukraine, what kind of trade barrier is in place?

1.Fewer large sellers 2.Identical/differentiated products 3.High barriers to entry 4.Control price with price leadership

What is opportunity cost?

Taxes in which people with higher incomes pay the same percentage of their income as people with lower incomes.

Type of tax levied on the wages, salaries, dividends, interest, and other income a person earns in a year.

High unemployment rates during the Great Depression is an example of

Economic system in which all economic decisions are made by consumers/private businesses.

Prohibits debt collection companies from using abusive, unfair, or deceptive practices to collect debts from you.

1.Large number of buyers/sellers 2.Similar products; many brands/quality 3.Low/no barriers to entry 4.Some price control

1. Steady job 2. Pay bills on time 3. Installment Plan to pay fixed amount per month within a specified number of months

ALL the alternatives that we give up when we make a choice.

If you own a home this can protect your belongings and the value of your house.

The skills and knowledge of a company’s workers.

Economic system in which some economic decisions are made by consumers/private businesses and others by the government.

Insurance that offers safeguards such as liability, comp&collision, uninsured motorists/medical payments &rental/towing.

Includes the land itself, all the natural resources on the land, animals, and improvements made to the land.

Countries around the world specialize production and trade with other countries based upon

Promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies.

A tax put on retail goods and collected by the retailer.

1. One seller has all control 2. One product dominates market 3. High barriers to entry 4. Strong control over price

What kind of unemployment do we want to avoid?

A person who fixes VCRs for work may be

Interest charges on the original amount borrowed and on the existing amount owed, including previously accrued interest.

The minimum price that a business can charge for a good or service

1. Doesn't really exist 2. Large number of buyers/sellers 3. Low/no barriers to entry 4. No price control

Economic condition where a person, group, or economy has more of a good or service than it actively consumes.

A written agreement between you and the insurance company.

If you live in an apartment/rent a home it helps you replace your belongings if they are stolen or destroyed by a fire.

Not-for-profit financial institution owned&controlled by its members, usually people who work in the same company/field.

Why are young people targets for Identity Theft?