(9th grade) Economics Final Review

What is the general term that refers to government assistance to the poor?

Economic patterns in which an economy goes through periods of prosperity and depression

Price discrimination is

A ___ is a shared good for which it would be impractical to make everyone pay for.

If demand for a good is _____ then consumers are NOT very responsive to changes in price.

What factors create the phenomenon of the "invisible hand"?

All of the following are causes of the Great Depression EXCEPT

Which factor of production is most directly affected by a hike in unemployment?

The Federal Reserve System was created to

The amount of money banks must have on hand is known as the

What happens to the value of money when more is printed without removing any?

When a point falls under the PPC, that is considered to be _____.

An economy that is producing the maximum number of goods and services (point falls on PPC) is

In a ____ economy, the consumers/citizens control the means of production.

The total amount of money owed by the U.S. government plus interest is known as the

A ____ is a tax placed on goods and services you buy.

The ___ effect states that when the price of a good increases, consumers will buy another good.

Antitrust laws allow the US government to do all of the following EXCEPT

Sole proprietorships

A ____ is an arrangement that allows buyers and sellers to exchange goods and services.

In a _____ economy, the government owns the means of production.

Monetary policy is

Easy money policies aim to

A period in a business cycle during which the economy is growing is known as

______ is the doctrine that government generally should not interfere in the marketplace.

What advantage does a partnership have over a sole proprietorship

The Federal Reserve does all of the following actions EXCEPT

Why do people need to buy and sell goods and services?

A _____ is an individual who can assist in purchasing stock in a business or corporation.

Which Federal Reserve district is Somerset, KY in?

A monopoly is

Which of the following serves as a bank to the national government?

Welfare includes all of the following EXCEPT

A sharp decline in a country's business activity, during which many workers lose their jobs

What is a tax on luxury or special goods called?

The purpose of both deregulation and antitrust laws is to

Owning a portion of a business or corporation is known as ____.

What is the difference between shortage and scarcity?

To improve its standard of living, a nation's economy must

A _____ is a tax you pay out of your income that is returned to you when you retire.

A business franchise

Fiscal policy is

A severe contraction in a business cycle or when the economy is declining is known as

When you get benefits from a certain good or service without paying, you are considered a

The government's price floor on low wages is called the

Tight money policies aim to

What has been the pattern of union membership in recent years?

All of the following are advantages of corporations EXCEPT

When the demand for a good increases, the supply of that good _____.

A rise in the cost of goods and services is known as

Two types of monetary policy are

Which of the following is not a goal of unions?

When you place money into a savings account, it collects ____

Each society determines who will consume what is produced based on

A high point in a business cycle is known as

How is a general partnership organized?

A ___ is a government payment that supports a business or market.

The following are all uses of money EXCEPT

The Federal Reserve provides all of the following services to the government EXCEPT

If the price of a good increases, what will happen to the supply of that good?

Water, insulin, and gas are all examples of goods with _______ demand.

Planning how you will spend your money is known as making a ___.

A production possibilities frontier shows

____ is a social and political philosophy that wealth should be distributed evenly.

How have the earnings of U.S. workers changed over the last 20 years?