Econ Final

Which of the following factors influence the business cycle?

Clothing, food, and shelter are examples of human

A person who leaves a job to look for a better one is a percentage of those who are

If a pizza company purchases a faster oven, the supply of pizza will

When sellers secretly agree to set production levels or prices, it is called

The Law of Demand states that as price goes up:

Consumers choose what to

If the price of jelly goes up, the demand for peanut butter will

During the winter months, many farmers and landscapers experience

When people are buying stock, 7 the Dow Jones Industrial Average rises over a period of time

To set products apart from  competitors, sellers in a monopolistic market use product

What is the approximate point of equilibrium price and quantity of  DD and SS?

If the cost of a product is small portion of consumers’ income, that product will have

For a period of time, most people considered Microsoft a

Salt has inelastic demand.  How will a small increase in price affect the demand for salt?

The basic fact of economic life is

If a study showing eating beef increased a person’s lifespan, what would probably take place?

The most common type of business organization in the United States is the

If you wanted to be guaranteed that you are in a union, you would be in this type of business

“I felt good because I helped someone who had a problem.”  This person experienced

According to curve DD, at an original price of 4, consumers demanded an approximate quantity of

Liquidity refers to the ability to quickly

In this market there was

If the inflation in a particular country is extremely high, it means that

Which speaker is describing a command economy?

A nation’s bridges, roads, schools, and airports are part of its

Which sector of GDP would the purchase of airplanes by the United States Air Force be included?

Patents and copyrights are associated with what market structure?

According to curve S’S’, suppliers supply an approximate quantity of _____ at a price of 4

Which phase of the business cycle is characterized by economic growth?

Competition in the field of agriculture best fits into what market structure?

As a whole, these business organizations bring in the most money in the United States

Ownership of private property is a characteristic of

A certificate of deposit is an example of a

Which of the following is a market dominated by a few large sellers?

The total cost of credit expressed as a yearly percentage is known as the

In what business organization do 2 or more people enjoy equal decision-making authority?

Which speaker is discussing a mixed economy?

The construction of a shopping mall is an example of  which of the following 4 sectors of GDP?

This is the study of concepts and ideas that affect an entire economy

The numerical standards often used for employing women and minorities are known as

Which one of the following is a court order requiring workers to report back to work?

The state would set the price of consumer goods in which of the following economies?

Which phase of the business cycle is characterized by a slowdown in business?

An example of a nonprofit organization is

These are two benefits people experience when they save money

The disadvantages of partnerships include

What is the approximate point of equilibrium price and quantity of D’D’ and S’S’?

This is the idea that government should not interfere in an economy

Which speaker is discussing a traditional economy?

All of the following are economic questions except

Liability is also known as

If consumers expect the price of beef to rise the next month, the demand for beef will

The structures, buildings, machinery, and tools used in the production process are called

Profit is best defined as

People are forced to make decisions about how to use resources effectively because

Shopping you see pants & a T-shirt you like. If you buy the pants, what's the opportunity cost?

Entertainment expenses are an example of

“An airline buys oilfields and a fuel transportation network.”  This would be an example of a

Which of the following would be considered a fixed cost?

All of the following are weapons used by workers except:

In this market, supply might have changed because:

“An airline buys another airline.”  This would be an example of a

Designer jeans and different fast food restaurants are part of what type of market structure?

In this market, demand might have changed because

When a 3rd party makes a legally binding decision, union and management have engaged in

If a pizza company pays more for cheese, what would probably take place?

Ideas & laws guaranteeing representation of women & minorities in the workplace are 

All of the following are weapons used by management except:

If you own a share, you actually own

The demand for _______ would be inelastic

Which of the following is a franchise?

Which speaker is describing a capitalist economy?

If new pollution controls are imposed a wrench company, the supply of wrenches will

Which category of GDP includes the largest percentage of the money?

In the cereal market, 3 companies have ~ 80% of sales.  Why are there many brands of cereal?

The payment that financial institutions receive in return for making loans is called

A table showing the quantity supplied at different prices is known as a

Hamburgers and hamburger buns are considered

Full employment means

Choosing a variety of investments is known as

Serious recessions in 1974-75, 1980-82, 1990-91, and 2007-2009 were marked by high levels of