Economics Finals Review IHS

What is a factor that can change demand?

The sales tax is an example of which type of tax?

If supply is high, but demand is low, there will be a _____ of goods

100 percent of government revenue comes from taxes.

Which Type of Unemployment only exists during a recession?

If the economy is in a recession, which of the following policies is the government LEAST likely to do?

A ______ is a tax on an imported good.

A _______ economy does not use very much technology, and most workers work in agriculture

At what point on this graph would a business operate at peak efficiency?

The United States is a ______ economy

Increasing the money supply lowers the value of that money. This is called ______.

Which of the following is NOT an economic indicator?

A financial motivation to make a decision is called an economic _______

A _______ is a business run by one person

If GDP is decreasing, this is an indication that the economy is doing well.

______ cost is an economic cost that is NOT money

How do you pronounce my name?

What Factors Can Effect Your Wages?

Law of Demand: As price goes up, demand goes ______

If an economy is run by a centralized authority, it is a ______ economy

When the government spends more money than they have, they are running a ______

Law of Supply: As price goes up, supply goes ______

_______ is when there is an infinite want, but a finite amount of resources

The idea that the government should not interfere with the economy is called ______ economics