Econ Final Review

A price ceiling will usually result in a

GDP stands for

The Law of Supply states that when prices are relative high,

Using the guns & butter example, if a country spends more on military goods, what will happen?

A store has a 50 % off sale & sells everything today.  What economic principle is illustrated?

During the Great Depression, the Federal Reserve realized that it needed to

Of the following, which is the best example of a substitute good for bread?

Which one of the following relies on ritual to decide how to answer the 3 Economic Q's?

A price floor will usually result in a

What does CAPITA in  Per Capita Income mean?

Of the following, which is the best example of a complementary good for coffee?

Durability, portability, and uniformity are all essential characteristics of

What is an acceptable level of unemployment?

The Law of Demand states that when prices are relatively low,

Which of the following is a financial intermediary?

The District Bank Pres. who always gets to vote on the Federal Open Market Committee is from

Which of the following events would cause demand to increase?

How much can initially be loaned out if the reserve req. is 20% on a $500 deposit?

The purpose of the free enterprise system is to 

A market is said to be in equilibrium when

The M1 money supply and the monetary base both include