Final Exam Economics Review

What type of economy does the U.S. have?

Producers produce nearly identical products and thus have no control over price in this market

If the economy is currently operating at point X, this means that...

What is the purpose of an easy money policy?

Human capital is

In this kind of market, barriers to entry are almost impossible due to patents.

Economics is best defined as the study of how people, businesses and governments...

Obama's stimulus bill was inspired by John Maynard Keynes who believed

What kind of unemployment is this?

What is the equilibrium price?

Which of the following are not included in the civilian labor force?

Rent controls are a type of

Who made this mess?

Any point along the curve indicates...

What kind of policy is Trump referring to?

What is likely to happen next as a direct result of this?

Which of the following countries has the best example of a command economy?

This sign is an example of the results of what?

An item's demand curve will be inelastic when

Which of the following could be an example of a free-rider?

If the company shifts production from 7 phones to 8 phones, what is the opportunity cost?

Which of the following is not a determinant of demand?

An example of capital would be...

The following image is an example of

What does point B represent

When the market price for a good is higher than the equilibrium price,

The FDIC was formed as a direct result of the

Workers across the country pay more in income tax, which demand determinant is thisreferringto?

All of the following are roles played by the federal government except...

The resources used to make all goods and services are called the...

Why is GDP an important economic indicator?

Certificates of ownership in a corporation are

During periods of long contraction interest rates will usually___ to increase consumer spending

This mismatch is called a...

If buyers expect the price of gas to go up in the future, the result is...

If the economy is operating at point Y this means that...

What kind of tax is this?

Which of the following is included in GDP?

The fast food market is an example of ______ because a few large firms dominate the market

Which of the following terms means the highest valued alternative given up?

Consumers demand 600 cars & suppliers supply 200. What happens to price to get into equilibrium

Over half of the discretionary spending budget goes to which category?

All of the following are functions of the Federal Reserve except