Economics Final Review 2018-2019

Which of the following actions would improve a credit score?

With regard to the goods in the PPC below, what does point B represent?

Paying rent instead of purchasing tickets to a concert is an example of:

Which is the primary source of revenue for the federal government?

“THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE” This reflects money’s function as

A nation’s wealth is determined by its:

The risk of ending up w/ the equivalent of a never-ending loan is one of the disadvantages of

Identify the phase of the business cycle where Real GDP stops going up.

Scarcity is a basic economic problem because:

Paradox of value refers to the:

W/ a given amt of resources, a country with comparative advantage will produce a product with:

Which of the following could be considered a synonym for FICA?

What does a protective tariff seek to protect?

You can easily carry money in a pocket or purse. This reflects what characteristic of money?

A person who wishes to incorporate a business needs to ________.

Complete Ownership, No Special Taxes, unlimited liability are characteristics of:

The Federal Reserve System, or Fed, is an example of which type of bank?

Which of these statements is descriptive of a market economy?

Resistance to new technology and ideas is a disadvantage of which economic system?

One of the primary functions of financial institutions in an economy is to:

Which of the following statements best describes the PPC?

When an economist uses the term utility, what are they referring to?

Which of the following factors can slow or halt the process of globalization in the world?

1 seller ● complete barriers to mkt entry ● no product differentiation describes which?

An advantage to getting a federal student loan as opposed to a private loan would be the:

The US has a “modified” free enterprise economy as almost everything we do & everything we buy:

Economic development is important in countries because it _______.

Which of these economic systems have the ​least​ ​in common?

In the U.S. free enterprise system one of the primary roles of the government is to:

Why do nations trade?

High levels of unemploy. w/ high levels of inflation indicates biz cycle has entered into a

Which of the following describes a partnership?

Societies are faced with which three basic questions about production of goods?

If you defaulted, you failed to _______ .

Tariffs are taxes on?

Who pays interest on a loan?

What two economic concepts result in the necessity of choice?

Eco systems that are characterized by govt control of the econ decision making process are:

Which is the primary source of revenue for the federal government?

Country A can produce more coal than Country B an economist would say that Country A has

Unemploy. rate risen to 9% & GDP declined for 2 qtr in a row. What phase of biz cycle is it?

Which is a good synonym for the word barter in the term barter economy?

Elementary schools, police departments, and electrical service are typically paid for by ?

Reasons economics is considered a science would include all of the following ​except

The value people place in a good or service and what one gives up in order to obtain is

The terms proportional, progressive, and regressive refer to ______

In the model GDP = C + I + G + (X - M), “I” stands for _______.

Identify which of the following is ​not​ used to measure a nation’s economic performance