Econ final review

The quantity demanded of a certain product is 24 and the quantity supplied is 24, what will the outcome?

Why are natural monopolies mostly temporary?

Which of the following is something that can be learned from looking at a country's GDP?

What is a production function used for?

According to this act, courts could not stop peace demonstrations by unions.

This is an example of a country with a command economy.

One of the factors of production is land, which refers to what?

About what percent return should you expect to get on a CD.

This type of economy features government ownership of the factors of production.

Economic problem of having too few resources to satisfy everyone’s wants.

This is a price where quantity supplied equals quantity demanded.

Which of the following is a factor of production?

Shows the quantities supplied at various prices by all firms in a given market place.

This acts as a signal guiding producers and consumers alike to take certain actions.

An electrician would work for which type of union?

Dollar value of all final goods, services, and structures produced within a country’s national borders during a one-year

What is the third step in the circular flow of finance?

Which of the following is a characteristic of money?

This is an example of a market economy.

Money by government decree; has no alternative value.

Which of the following is something that affects supply?

Business owners adjust prices without the help of bureaucracy so prices change naturally and gradually on their own.

A craft union is also called what kind of union?

Principal of a bond or total amount borrowed.

Which of the following is true of the rise of capitalism?

Describe the type of supply elasticity for automobiles.

Modern example of a mixed economy that has a few socialist programs but is overall a market economy.

This is a federal health insurance program for senior citizens, regardless of income.

Situation where quantity supplied is greater than quantity demanded at a given price.

What does it mean to economize something?

What function of money is included in M2 money that is missing from M1 money?

Products related in such a way that an increase in the price of one reduces the demand of another.

When we look at the inputs into short run production, which of the following apply?

Which of the following would closing down a factory contribute to?

Which of the following is true of the trends in poverty in America?

Which of the following is a reserve requirement.

This theory of how wages are determined is tied to the idea that wages come from supply and demand.

Which of the following is a macroeconomic issue?

In specific terms,what is an agreement by two parties to place a dispute before a third party for a binding settlement

Most businesses tend to operate in which phase or stage in production?

Change in price causes an exactly proportional change in quantity supplied.

What did the US try to ration in the 1970’s?

Describe the type of supply elasticity for nuclear energy

What does diminishing marginal utility suggest?

In the United States, who determines what will be produced?

What is the largest category of expense for the federal government?

The highest legal price that can be charged for a product.

It is known that scarcity leads to three questions, what is the second question?

Which of the following is an advantage of free enterprise capitalism?

Portion of a change in quantity demanded caused by a change in the consumer’s income when the price of a product changes

Which of the following is an example of complements?

The key purpose of a cost-benefit analysis chart is to do what?

What is the first rule of economics?

This is the oldest form of an economy.

Driving force that encourages people and organizations to improve their material well-being.

This is a list showing the quantity demanded at all possible prices.

These are methods used to encourage people to take certain actions.

Why is perceived fairness a problem with rationing?

Modern example of a mixed economy that has introduced market aspects but is still, overall, more of a command economy.

What kind of income tax does the state of Indiana have?

Less demand with the same supply means what?

Period during which real GDP goes up for several months or years

What is the principle of the law of supply?

What two aspects make up demand?

This is a con of a market economy.

Corporation that accepts deposits, makes loans, and provides other financial services.

Anti-trust law tries to do what?

According to the law of demand, price and quantity demanded have what kind of relationship?

This is a short-term pro of a command economy

Situation where quantity supplied is less than quantity demanded at a given price.