Econ Final Review

The cost of producing one more unit of output

A demand curve only displays a "snapshot" of a market because

Which of the following is an example of a flexible expense

The goal of economic stability has two concerns:

A person who attempts to start a new business

An example of a time deposit is a

Exists when the quantity demanded is less than the quantity supplied

If substitutes are readily available for a product, it has

Occurs when the quantity supplied and the quantity demanded for a product are = at the same $

Government regulation that establishes a minimum level for prices

Which of the following is a reason for saving money

According to the law of demand, when price of a good goes up

Market size can be affected by

The change in output that occurs as a result of adding one more unit of input.

Which of the following can consumers in a free enterprise economy choose to do w/ their money

Anything people consume beyond what is necessary for survival

Which goal of the U.S. economy is concerned with questions of fairness

Which type of economy is closest to the pure market model?

If substitutes are not readily available for a product, it has

Most economies today are actually

Human economic wants

Which of the following terms refers to the amount of money consumers have available to spend?

Bank loans help the economy grow by helping

The rate of inflation describes

A manufactured item, such as machinery, that is used to produce goods and services

A command economy is

Children are likely to carry on the economic roles of their parents in a

All of the product a company makes in a given period of time

Which of the following is an example of a fixed expense

A person who supplies goods and services

Allows consumers to pay for an item over time

When someone who does not produce or consume a product bears part of the cost of its production

The sum of the fixed costs and the variable costs

The key motivation behind suppliers' behavior in providing goods to the marketplace

Which of the following is a disadvantage of using credit cards?

Most financial institutions are protected by

A person who purchases goods and services

When someone who does not produce or consume a product benefits from its production

Used as a standardized basis of exchange

Situation in which each worker is assigned small number of task

Economic efficiency is making the best use of

U.S. currency gets its value from

Production costs that do not change as the level of output changes

The total fixed costs of a company

The system under which business can be conducted freely with little government intervention

Which of the following is an advantage of credit cards?

Which direction will the demand curve shift if consumers incomes rise?

Government regulation that establishes a maximum price for a particular good

Exists when the quantity supplied is less than the quantity demanded

A natural item, such as farmland, that is used to produce goods and services

Which statement best describes the relationship between households and government in the U.S.?

The total dollar value of all final goods and services produced during 1 year within a country

Production costs that change as the output changes

Fiscal policy is

A person whose main goal is to earn income is most likely to put savings into

Anything that is necessary for survival

Payment of money or benefits by the government to private businesses

The system on which a free enterprise economy primarily relies to answer the three economic ?'s

Economists measure savings to

Which of the following is a non price determinant of demand

The economy of the U.S. is

As more units of a product are consumed, the satisfaction from consuming each additional unit

Payment to the government to help fund government services