Economics Final Review

The government's price floor on low wages is called the

In a general partnership, liability and responsibility are shared

Which of the following is NOT a goal of unions?

Two types of money must be the same in terms of what they will buy, that means they must be ___

Any establishment formed to carry on commercial enterprises is known as a

This is a semi-independent business tied to a parent company

The act of redirecting resources from being consumed now so they may create future benefits.

This is a market structure in which a few large firms dominate the market.

What is the difference between a shortage and scarcity?

This is earned when a stockholder sells stock for more than he or she paid for it

The Money supply is made up of

Which of the following is an example of a durable good?

The dollar value of all final goods and services produced within a country's borders in a year.

What factors create the phenomenon of the “invisible hand”?

The total amount of money the federal government owes is the

When there are more revenues than expenditures in a budget you have a

The money an investor receives above and beyond the money initially invested is called

The purpose of both deregulation and antitrust laws is to

Each society determines who will consume what is produced based on

Why do people need to buy and sell goods or services?

A(n) _________ is an arrangement that allows buyers and sellers to exchange goods and services.

This is a prolonged economic contraction.

Actions taken by the Federal Reserve.

When you get benefits from a certain good or service without paying, you are considered a

The belief that the money supply is the most important factor in terms of macroeconomic perf.

This is a market dominated by a single seller.

This is a debt that the government or a corporation must repay to an investor.

The Federal Reserve was created to

A ___ is a government payment that supports a business or market. (Government encouraging Prod)

What is the general term that refers to government assistance to the poor?

This represents a portion of ownership in a company.

The federal Government's use of taxing and spending to keep the economy stable is

What is the source of fiat money's value?

If demand for a good is ___________ then consumers are NOT very responsive to changes in price.

If a fund is available whenever a depositor demands it by writing a check, it is called a

Which of the following falls in the category of skilled worker?

This is a period of economic expansion followed by a period of contraction.

A merger of two or more firms at the same market with the same good or service is a

In general, if there is higher risk there is

This is the doctrine that government should not interfere in the marketplace. (“Hands off”)