Economics Exam

The minimum wage is an example of a federal law that supports

Services for medical doctors are

Unintended side effect that either benefits or harms a third party not involved in the activity

Which of the following is included in the unemployment rate

Income tax is an example of what type of tax

resources are privately owned, and competition is allowed with a minimum of government interference

Uranium processing would be an example of what type of monopoly?

Who plays one of the most important roles in free enterprise system by starting new businesses?

when the factors of production are privately owned

A type of business in which all partners are involved in the management and finances.

composed of 4 or more businesses, each making unrelated products, none of which is responsible for all of its sales

extent to which persons or organizations are better off at the end of a period than they were at the beginning

What two main goals has Congress given the Federal Reserve System?

Which stage of production keeps growing but the rate of increase is smaller?

Cell phone & Cell phone charger are examples of what?

A decline in the real GDP lasting at least two quarters or more

Medicare is an example of what type of tax

When the number of workers hired is so great that the workers begin to get in each others' way

Which economic system can be characterized by a central authority that makes most of the major economic decisions?

Which of these is an example of a nonmarket transaction?

A tax where percentage of income paid in tax goes down as income rises

the measure of responsiveness that tells how a dependent variable responds to a change in an independent variable

basic requirement for survival; includes food, clothing & shelter

arrangement in which workers must join a union before they are hired

tools, equipment, machinery, and factories

Baby Formula is an example of Supply

Which type of business organization is the most numerous and profitable?

If the price of ice cream decreases, then the quantity demanded of ice cream will

Workers who have skills to operate machines and who require minimum amount of training are

What does a trough in the GDP indicate?

process of negotiation between union and management representatives over pay & job related matters

Which of the following is an example of vertical merger?

A period of recovery from recession is known as

A monopoly that is based on the ownership or control of a manufacturing method or process

Market structure that is characterized by a large number of sellers & buyers

A market structure in which one firm has a monopoly because of its location or the small size of market is a

Formal agreement to set prices or to behave in a cooperative manner

labor union whose members perform the same kind of work

the dollar value of all final goods, services and structures produced within a country's borders in a single year

The Law of Supply states that when the price of a product goes up, the quantity supplied

Which of the following factors contribute to a market failure?

The Law of Demand states that when the price of a product goes up, the quantity demanded

income that does not increase even though prices go up

fundamental economic problem facing all societies

Hourly wage, raw materials, freight charges, and electricity are examples of

When a major car company lowers its prices, other car makers will probably

labor union whose members perform different kinds of work in the same industry