Economics Final Review

4 broad categories of unemployment are cyclical, structural, seasonal and _______.

Total costs is the sum of...

The lowest legal price that can be paid for a product is known as...

The philosophy that government should not interfere with business...

An invisible barrier that hinders women and minorities...

The profit-maximizing quantity of output is found where...

Situation where some necessities have little value while non-necessities have higher value is..

Money loses its value when it ...

Money paid for the use of another's money is...

In a pure market economy, producers of goods/services make decisions based on...

Profit is maximized when marginal cost is...

Which of the following is a non-profit business?

Economic system that combines command, market, and traditional systems is...

This is the branch of the Treasury Department in charge of collecting taxes...

Activity that urges the public not to buy from certain companies is known as...

A government payment made to encourage or protect a certain type of economic activity is...

The $ value of all final goods/services produced within a nation's boarders in a year is...

Basic ownership in a corporation that includes voting rights is through...

Rent payments and property taxes are counted as...

A legal order from a court preventing an activity such as a strike is known as...

Non-profit organizations may...

The census is taken how often?

The most important function of the Federal Reserve is...

Who is considered: protector, provider regulator, and consumer in the U.S.?

Government health care for low-income earners is...

ALL activity in regards to producing goods and services in a nation represent its...

The minimum wage is an example of a federal law that supports...

Gasoline taxes are good examples of...

This regulates the sale of stocks in a corporation.

A loose-money policy may encourage...

An organization working to obtain better wages and working conditions for its members...

The following are considered needs EXCEPT...

____________ is anything producers use to produce goods and/or services.

A high tax placed on socially undesirable products is...

Exceptions to avoid paying taxes is known as...

What is the most common form of business organizations in the U.S.?

This is a non-cash charge a business takes for the general wear and tear on its capital goods.

A method management uses against striking employees is...

Stocks represent ___________ while bonds represent ____________.

A tax levied on most consumer purchases is...

A non-bank financial institution that specializes in making loans directly to consumers is...

The basic problem of economics is...

Money spent on a DVD is called __________ income.

Small loans made to mostly women for projects to generate income is known as...

Exceptionally risky bonds are known as...

When analyzing advertisements, you should ask if it...

Buying 1 drink instead of 2 drinks at lunch time describes what concept?

This money has value only because of government order...

There are 5 factors of production:  Land, Labor, ___________, Entrepreneurship, and Technology.

In a command economic system, major economic decisions are made by...

A situation in which the quantity supplied is greater than the quantity demanded is known as...

Which type of econ system allows private individuals rights to own the factors of production?

Which is true about REAL GDP...

The gift tax is used to prevent people from avoiding the...

Amount of a product that could be bought at all possible prices in a market is known as...

A system of allocating goods and services without prices is known as...

A 3rd party tries to get both union and management to reach an agreement (not binding)...

An economy with high unemployment and acute shortages is known as...

During a period of inflation, the average consumer...

What marked the beginning to the Great Depression in 1929?

_______ is a partial refund of the original price of a product.

A trade-off for investing in real estate would be...

Electronic business or exchange conducted over the internet is known as...

A 12-month financial planning period that may or may not coincide with a calendar year...

_______ is the quality of life based on the ownership of things that make life easier.

Factors affecting wages are...

The renewable resources that contributes most to our energy today is...

This is the interest rate banks' best customers pay for borrowing money.

A line-item budget expense that benefits a small group of people is...

A business cost that does not change even if there is little or no activity is known as...

When interest rates rise, the amount of credit sought after usually...

Cost-benefit analysis that compares the extra benefits to the extra costs of an action is...

Costs for electricity, shipping, and labor are examples of...

The use of science to develop new products and methods is called...

________ is the desire, ability, and willingness to buy a product.

An enterprise that does not pay taxes is know as...

Economic theory that deals with behavior and decision making by individuals and businesses...

What type of currency does over half of the European Union use today?

The maturity of a bond is...

The ability to start a new business is called...

Tobacco and cattle are considered to be what form of money?

Companies issue stocks in order to...

Federal Income Tax is an example of which tax?

Money accepted as payment of public and private debts is known as...

Who does the FDIC protect?

The largest source of revenue for states is...

A monopoly based on the absence of other sellers in certain locations is called...

This system breaks down a job into small tasks...

The purchase of one corporation of another is called...

Taxes on imports designed to increase their prices in the domestic market...

Process where unions and management meet to negotiate conditions of employment...

This is a federal tax used to pay for Social Security and Medicare...

An increase in the price of milk causes a decrease in the demand for cereal. These products are

When businesses agree to charge the same or similar prices for products this is known as...

A government document granting permission to create a corporation is called...

A situation in which the quantity supplied is equal to the quantity demanded is known as...

This cost changes when the business's rate of operation or output changes...

Which of the following conditions is characteristic of a healthy economy...

Act of buyers and sellers engaging in market transactions is known as...