Final Exam 2015

Most visitors to the united States must obtain a 

This organization is the central banking system of the United States.

Into what four categories do economist divide factors of production?

The Fed is controlled by 

The guiding strategies and goals that direct U.S. relations with other countries are its

Equilibrium Price is the price at which the quantity demanded and the quantity supplied are

An externality is a side effect of a transaction that affects

What is a business owned and managed by a singe person called?

One of the economic properties of money is 

The power to raise revenue and pass appropriations is a power of

Public facilities and private property are examples of

When a nation's economy nationalizes it changes from 

The value of all final goods and services produced within a nation in a given time is called

This program helps people who are temporarily out of work

The value of what you give up by choosing one alternative over another is called

A need is  fulfilled by

Historically, the Constitution reserved for the states the right to control this area.

Which one of these programs is health insurance for low-income families?

Expansionary Monetary Policy is sometimes called

A shortage of a particular good is often a signal for a producer to 

Contractionary Monetary Policy is sometimes called 

A specific region in which trade between nations takes place without protective tariffs is 

Which of the following exists when a few firms dominate a particular industry?

The rate of change in prices over a set period of time is called

The main way  the Federal Government raises revenue is through

The situation where women tend crops and raise children while men hunt is often found in a

This is a hands-off approach to the economy.

Which of the following is an example of a entitlement program?

What program helps those who are ill, unemployed, and the elderly?

Money whose value is  based on the type of material from which it is made is called

This regional security pact was developed by the United States and Western Europe

Mergers occur when

The supervisor of the diplomatic activities of the United States is the

The Constitution gives the power to declare war to

Which of the following would be considered an intellectual property?

Supply is defined as

In a market economy, the real power in the market place is held by the

This negotiated between the president and a foreign leader,doesn't need approval by the Senate

The human time, effort and talent that go into the making of products is called

Public goods are funded by

What two factors are necessary for demand?

In the United States, harvest-time customs represent the influence of a 

An extended period of high unemployment and limited business activity is call

If a company controls a specific process for making a product, it has a 

One of the physical properties of money is

Any Law Passed to limit free trade between nations is called a trade

Taxes on imports which are levied specifically to raise money are called

An example of real capital is

A circular flow model shows how

A supermarket running out of bananas is an example of

Absolute loyalty to the people in power is required by a(n)

Who is a producer?