Economics Final Exam

. ​A decline in real GDP lasting at least two quarters or more is called a

Economics is best defined as the study of how socieites dela with

How do economists use aggregate supply and demand curves?

Inflation causes people to

Equilibrium is reached hwne what occurs

In which of these systems is the govt most likely to provide people with goods & service thye could not otherwise afford

Which activity is illegal in a state with a right to work law?

When two companies that produce the same kind of product merge, this is called a

What are the causes of price changes most of the time?

Which of these will mostlikely create a challenge for our nation within the next few decades?

Most successful investors invest

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When deciding how to use resources, you need to evaluate the costs & benefits of each choice to decide this is called

The three synonymous terms to describe the US economic system are free enterprise, capitalism, and

The level of produciton that genrates just enough revenue to cover its total operating cost is called

A business run by a single person is a

What does a stockholder hold?

What does a protective tariff seek to protect?

Which of these best names the policy implemented by the Fed when a short term expansion of the economy is called for?

Which of following would give an investor an overall picture of the value of the market

Which of the following is a disadvantage of a market economy?

Which of these describes a general connection between the money supply and interest rates?

Which of these is an accurage statement about mixed economies today?

What are the characteristics of demand

The Sherman Act, the Clayton Act, and the Federal Trade Commission Act were all designed to

Which of the following terms describes a strong stock market

What do most economists believe is the most efficient way to allocate resources?

Socieities are faced with which three basic questions about production of goods

Which of the following replaces a costly item with a less costly one?

What is the main advantage of a mutual fund for an investor?

Which of the following would not be considered part of a nation's GDP?

Why is it important to live on a budget?

A woman borrows money to buy a house, if she doesn't pay the money back, she loses the house. What is the house?

Supply-side policies aim to

How does population growth affect a country's natural resources?

What do state governments spend the most on?

What motivates people to work, save, and invest

Which of the following is one of the three functions of money?

The risk of ending up with the equivalent of a never-ending loan is one the disadvantages of using

Opportunity cost refers to