Econ Final Review Part B

Which of the following is a characteristic of an entrepreneur?

The public sector is best suited to deal with externalities because it

Which of the following statements represents a function of the public sector?

What business competition has one sell who controls the entire market?

The amount of time you have is the time you use.

Money serves which of the following purposes or functions?

What is the universal economic problem, forces us to make choices in a world of limited resources and unlimited wants?

The basic economic problem is

The essential ingredients or requirements needed to produce any product or service are referred to as

Which is more correct to produce at?

Economists call how the government taxes and spends is called what?

High taxes doesn’t necessarily mean high revenue.

Consumers who abuse credit and end up taking out a consolidation loan my generally end up paying

When we give up one thing to gain another, it is called the

Economic model which shows visually the output potential with limited amount of resources and technological condition

The incentive(s) to produce in a market economy is/are

Which tool of economic policy has shorter inside lag times?

Economist refer to conditions not planned for and can be positive or negative as

A European country agrees to replace their money with the Euro, what function of money was primarily being affected?

Relating to the human economic condition, which of the following is virtually limitless?

Cotton represents which factor of production?

Who is the chairmen of the Federal Reserve?

Why must the graph be concave?

The additional or extra expense of producing one more item is called

Post WWII the U.S. took a leadership role in creating this world wide agency where countries can get short term loans

One problem associated with public goods is

In a market economy the questions of what, how and for whom to produce are answered by

When you hire an employee, the employee would represent which factor of production?

A sewing machine would represent which factor of production?

What is the first step in union-management negotiations?

That portion of the economy made up of individuals, businesses, and non-government entities is the

The simplest explanation is correct.

If prices increase by 10% during a period when wages increase by 5%, what function of money is primarily being affected?

The branch of economics which deals with issues, policies, and wants relating to an individual or a business firm is

Choosing which of our needs and wants will be satisfied and how much of our resources will be used to satisfy them is

The opportunity cost of doing your homework rather than going to the basketball game is

Consumers who borrow money must generally accept which of the following consequences?

What do economists call the condition which “since no one owns it, no one feels responsible” for it?

Type of economist that believes in government involvement in economy.

In a command economy the questions of what, how, and for whom to produce are answered by