Final X Review Part 2 2018

Which of the following is NOT a shifter of the Demand Curve?

The end of a recession. The point where GDP stops rising and begins to decline.

The law of demand states that:

Which of the following would be excluded from the civilian labor force

In the circular flow diagram, households:

the total dollar value of all final goods produced within the country's borders in a year.

Whenever the scarcity of money or time forces you to make a choice, you face

The basic requirements for survival

Resources are exchanged for money in:

Which of the following is not a shifter of supply

The Expenditure Method for calculating GDP is

Which of the following would be included inthe GDP? The purchase of

A recession begins when the economy reaches a _______,the point where GDP stops going up.

Anything drawn from nature for use in the production of goods describes which scarce resource:

The branch of economics that deals with the economy as a whole is called

Which of the following are substitutes?

If the price of cereal goes up, what happens to its complement milk?

When the qty supplied is greater than the qty demanded one has a

When the quantity demanded is greater than the quantity supplied, there is a

Something other than price that shifts the supply curve

This shows the max. qty of 1 good that can be produced for each qty of another good

The amount of a good that consumers are willing and able to purchase at aparticular price is:

A government-imposed limit below which prices cannot fall is

Tony has to decide whether to study of play soccer. He studies. What is the opportunity cost?

What factor makes an economy inefficient?

The sum of all people 16 years & older who are either employed or actively seeking employment.

People who give up and stop looking for work are called:

A period during which GDP declines for at least two quarters in a row [6 months]

The people in a society with a market economy:

The Law of Supply states that: The higher the price, the greater the quantity supplied

The price at which the number of units supplied equals the number of units demanded.

When some necessities have little value while some non-necessities have a much higher value

An economy operating along its production possibilities curve is operating

A rightward shift of demand will:

Which of the following are characteristics of a traditional economy?

In the circular flow diagram, households:

A movement up and down the supply curve that is affected by price

Economics is:

Workers changing jobs or waiting to go to a new job

A popular model used to illustrate the concept of opportunity cost is called?

Unemployment that arises from a mismatch of skills between job seekers and the jobs available.

The time and effort people contribute to the production process describes the scarce resource

A bulldozer used in the construction of a house in can be best described as

The capacity to be useful and provide satisfaction is known as a

Many indigenous people, such as Australian Aborigines and the Inuits of Canada have a

Something other than price that shifts the demand curve

Which of the following is NOT an example of a resource?

A movement up and down the demand curve that is affected by price

Workers who would like to work more hours or prefer a job that better matches their skills are