Econ Final Review

store of value, unit of account and medium of exchange

The value of one nation's currency in relation to another nation's currency.

One reason women MAY not be getting top jobs

Land, labor and capital are

Why is there scarcity

having to find someone who has what you want and you have what they want is a negative with

Why do some think rationing is bad

Hotel and airline industries were hit especially hard by

if we are in debt, why not just print more money?

As supply increased prices drop.

the ability to produce a good with the greatest efficiency is called

If the price of something goes up and demand drops, the good or service is said to have

if other market factors remain constant

Torchy's Tacos has raised their prices so I buy an Egg McMuffin instead. This is an example of

The use of the right monetary policy tools at the right time can help

entitlement programs effect the fiscal policy

watching on demand movies instead of going to the movie theater

Who regulates the stock market

which of the following would lower costs in the US

What disadvantage do partners and franchisees share?

This part of the Constitution helps protect American's property rights.

Which of the following is NOT a part of the business cycle?

Which is not a a characteristic of monopolistic competition

What typically happens when a market is thrown into disequilibrium?

Who is moving from a manufacturing economy to a service producing economy

Coins last a long time shows

someone who stopped looking for work

How the cost of an item changes the supply is shown on a

If there is no cyclical unemployment then it is said

if owners get together to set prices, and it causes people to pay too much...

What is under-employment

An excise tax will often

a recession is when

When Iraq had Kuwait's oil fields, what did that do to Iraq's production possibilities curve?

children’s wood blocks, dry pasta, plain t-shirts

According to the law of demand, when the price of pizza goes up,

A monopoly is

Which advantage of a sole proprietorship could also be a disadvantage?

spending that Congress is required by existing law to do

Foreign investment is

What goods/services should be produced, how should they be produced and who will consume them?

What should a business do if fixed costs exceed revenue?

A person who loses his job because people buy online instead of in stores

demand is the desire to own something and

Which of the following causes a production possibilities frontier to shift to the right?

a business owned by an individual

which is likely to have the most inelastic demand

Who takes risks to acquire profits

What is the profit motive?

A shortage of potatoes has cause the demand to rise significantly, How do we if it quickly?