Economics Semester Review

The policy of not interfering in the economy is called:

Manufactured goods needed to produce other goods and services are called

What is a firm or business enterprise having different economic activities in different unrelated industries.

What is occurring when the GDP contracts for six months?

Which item would be considered inelastic

This business organization where the owners have limited liability:

A monopoly that is based on the ownership or control of a manufacturing method, process, or other scientific advance is

The lowest point in the business cycle is referred to as the

The three Economic questions are - What to produce- How to produce and

Which of the following would be a good example of cyclical unemployment?

How might advertising lead to a shift in the demand curve?

Which of the following is the best example of a perfectly competitive market?

The Scottish economist Adam Smith believe that

Which group of people ultimately determines the products that a free enterprise economy produces?

When calculating GDP, the word Investment is best defined as:

A consumer might consider in-line skates and elbow-pads to be

Human capital includes

A ________________ tax is where taxes increase in line with incomes.

Which of the following is the best example of a public good?

Which of the following is physical capital?

The law of Diminishing marginal utility states that additional satisfaction increases as we add more units of a good.

Oligopoly have

A wildfire has put a major lumber producer out of business. How might this be shown in a graph

Profits will be maximized when marginal revenue

__________ is a type of elasticity where there is a small change in the amount demanded based on a change in price.

What is the most common form of business organization?

What economic system meets the goals of the government of what to produce?

Which is the following is a good example of a natural monopoly?

Under normal circumstances if the price of a good increases people will generally buy less of that good.

This society needs to determine if it should make cars or tanks. What basic economic question is being involved?

Which of the following are factors of production?

Which of the following will cause the market supply curve to shift?

Which economic system can change direction quickly and drastically?

A bull market occurs when:

What can cause an entire demand curve to shift?

If you choose between two summer jobs, the one you do not choose is the ______ of your decision.

Which is a positive externality of a new high school?

Every decision involves trade-offs because

The three C's of creditworthiness are:

One way that firms in a monopolistic competition engage in nonprice competition is through