Final Exam (CP)

The skills and knowledge necessary to perform a job

_____________ is the closest example to a Command economy.

When QD = QS

A surplus is also known as...

Jerome Powell is the Chair of the Federal Reserve.

This economic goal tries to achieve a fair distribution of wealth

The natural resources used to make a Crunchwrap Surpeme

Which of these is a safety net?

Land, Labor, Capital make up the....

During a period of contraction, the government and Fed want to put in place what type of policy?

A subsitute for Nike's would be...

This tax impacts the wealthy more than the poor or middle-class.

IPL is an example of which type of market structure?

When the price of a good decreases, what happens to quantity supplied?

This accounts for the total value of ALL goods and services produced within a country's borders

Sales tax is an example of which type of tax...

When the GDP is shrinking, wages are decreasing, and unemployment is increasing.

A shortage is also known as...

When the GDP is increasing, wages are increasing, and unemployment is decreasing.

The soft-drink industry is an example of which market structure?

Staples buying Office Depot would be an example of a ________________ merger.

This group runs fiscal policy.

The jobs that people have...

This economic goal stresses that all goods and services will be available, and a safety net will protect individuals

The study of choices and how we deal with scarcity

A business that is owned by one individual

The three economic questions are answered by the government...

Someone who stops looking for a job and is not counted in the current unemployment rate.

The cost of the next best alternative

The four phases of the business cycle: Recession, Depression, Peak, Trough

If a Honda car is made in the US but sold in Japan, it counts for Japan's GDP.

The USA is an example of which economic system.

Fast Food Restaurants are an example of which market structure?

The three economic questions are answered by individuals..

The three economic questions are answered by both the government and individuals.

This is an example of a regressive tax

Limted Resources to satisfy unlimited wants and needs

If a point is on the line on the PPF...it is considered

You CAN have DEMAND for something with $0 to actually spend.

If the price of a specific good changes, it is considered a change in...

This group runs monetary policy.

Our current tax system in the USA is a progressive tax system.

When the price of a good does up, what happens to quantity demand?

When there is a recession and people lose their jobs.

If a point is OUTSIDE the PPF, it is considered...

Which is the best example of a public good?

The human-made tools and machines used to create products

You can either do THIS or THAT but not both

Shoes and Socks are considered...

Socialism best represents the specific type of mixed economy in the US

There is SUCH thing as a fully Command Economy.

A legal entity, owned by individual stockholders, each of whom has limited liability for the firm's debts

When people lose their factory jobs to machines/robots.

Monopolistic Competition sets the prices with all the firms in its market.

When someone's credentials are overqualified for their job...

If a point is INSIDE the curve...it is considered

The person who brings the factors of production together

This economic goal tries to increase jobs and the overall standard of living

Someone who quits their current job to find a new one.

eBay buying PayPal in 2002 would be an example of a _________________ merger.

What allows the PPF to shift outwards.

This tax, also known as a __________ restricts and taxes imports.

A ________________ shows the combination of maximal production of two goods.

A monopoly has FULL control over its price.