Economics Final Review

In a market economy high wages depend on

Which of these countries has a command economy?

What is lost when you make a particular choice called?

What is the main cause in a change in quanity demanded?

What is the purpose of free enterprise?

Societies are faced with which three basic questions about production of goods?

Public goods are examples of what economists call

The price of hoodies would be increased by

The value of all goods and services produced within a countries borders is

What is lost when making a particular choice called?

What causes a shift of a demand curve

The study of behavior of entire economies is

The branch of economics that examines the behavior of individuals is

Which of the following are factors of production?

What is an advantage of a free market economy?

Equilibrium in a market means

The functions of money are

Competition improves efficiency because it

The largest companies in the U.S. trade on the

Schmoos have an elasticity of demand of 3.2. Demand is

If you add another unit and production declines, you have reached

A graph that shows alternative ways to use a resource is a

Business buy resources to produce goods and services in the

When quantity demanded exceeds quantity supplied you have

What do externalities indicate?

Two ways to make money on stock are through dividends and

Fact that consumers have the power to decide what is made is called

Why are all goods and service scarce?

Which of these economic systems have the least in common?

A business that produces and sells in many countries is a

United States money is called "legal tender" or

A tax is considered regressive when

This type of tax is used to discourage certain types of behavior

A government payment that supports a business or market

The largest expenditure for the federal government is

A major disadvantage of a corporation is

A human made object used to produce other goods and services

Which of the following is a negative externality?

Changes in quanity demanded and price have a ____relationship

A measure of how suppliers react to a change in price

Who did Karl Marx believe would benefit from socialism?

Who are the owners of the Harley Davidson Motor Company?

A cost that rises or falls depending on quanity produced

The legal maximum price that can be charged for a good is a

Limited life applies to

Common stock and limited liability are characteristics of

Better production methods will cause

a price floor set above equilibrum results in a

What is the role of profits in a market economy?

Profits are equal to