Economics Final Review

Which of the following is the most common form of business organization (75% of all)?

The specific name given to the United States economic system. 

The 5 main cell service companies are an example of which type of market structure?

The term for the government's use of tax dollars to influence the economy.

The picture is a representation of which factor of production

This is something that may be purchased to protect a consumer from buying a faulty product.

All of the following are examples of nonprice competition except...

Chance graduates from high school and gives up looking for a job. What term best describes him?

The next best alternative to a choice that is made.

Term for the actions the Fed Reserve takes to influence GDP and inflation.

Which of the following is determined by the intersection of the Supply and Demand Curves?

Type of economic system that relies upon ritual and custom.

Monthly expenses that change from month to month are...?

In which category is a majority of the government's money spent?

On the monopoly board, what is an example of a natural monopoly that can be formed?

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

Which of the following is NOT a condition for Perfect Competition?

Which of the options is NOT an economic system.

Which characteristic of money would disqualify diamonds as a good currency?

The study of how people seek to satisfy their needs by making choices.

On the monopoly board, what is an example of a general monopoly that can be formed?

Which of the following is NOT a Factor of Production?

The picture is a representation of which factor of production

The most common form of market structure that we encounter in the economy is...

As the price of American flags goes down, people purchase more. This is an example of what?

Santa and the Easter Bunny experience what type of unemployment during non-holiday periods?

A majority of the government's discretionary spending is spent on which category?

Adam Smith talked about a self guiding market force called?

The major advantage to incorporating a business is?

Demand for a good that is very responsive to price change is said to be...

All of the business organizations in the picture are examples of...

Food Stamps and TANF are examples of...

Who is the father of economics?

Which two countries are part of the NAFTA agreement 

Recovery and prosperity occur during which phase of the business cycle?