EOC review

Which one of the following might benefit from spiraling rates of inflation?

A limit on the number of a particular item that can be imported from a particular country is a

if the price of newcars decrease slightly, the demand of new cars is likely to increase greatly

One major difference between banks and credit unions is that

Which issue might a professor of microeconomics specialize in?

Which of the following statements about the disadvantages of credit cards is false?

the formula for calculating GDP is

Using labor in an assembly line in the manufacturing process is an example of worker

If 1 euro in 2006 = 1.25 US dollars, and in 2007 1 euro = 1.42 US dollars, then you could say

compound interest on a 4 year loan of $1800 at 8.5% would be

Which of the following is an example of government transfer payments?

How are economic questions answered in a command economy?

A company upgrading its capital equipment to increase its production rate is an investment that

money serves as a standard of value because

direct financial aid, often through tax credits/tax deductions to certain domestic industries

When the US gov't hires postal workers and FBI agents, it makes transactions in the

in which of the following situations are two nations MOST likely to trade?

In the past 20 years computers have increased the productivity of the American economy which

A decrease in the average price of goods and services is known as

Which basic economic problem does the US share with all other nations

How is monetary policy different from fiscal policy?

the BEST way to improve efficiency in a two man car washing business would be to have

If a nation's imports one year are worth $5.2 billion and exports worth $5.3 billion, it has

Which of the following represents an investment in human capital?

Which of the following is true about a rational economic decision?

which situation might the Fed. Reserve sell government securities and raise the discount rate?

Which sentence describes the most likely effect of a US tariff on imports?

A shift to the left of the USA's aggregate demand curve might be caused by

A person who favors a protectionist policy would MOST likely

a tax rate that decreases as your income increases is called a

Product differentiation/branding is a characteristic of firms in what kind of market structure?

What is one result of the North American Free Trade Agreement (NAFTA)?

How are most public goods and services paid for in the United States?

your creditworthiness, or ability to get a loan, depends on

In the circular flow diagram, the flow of labor into the job market goes through the

Salaries for workers trained in advanced technology are higher because

A sales tax is considered a regressive tax because

If unemployment rate ofa nation is slowly beginning to rise, and GDP is slowly beginningto fall

To obtain goods and services, people in a capitalist economy depend MOSTLY on

a government imposed maximum limit on the price of gas that is lower than the equilibrium price

a reduction in the demand for US exports will usually result in

Which worker BEST illustrates the problem of cyclical unemployment?

fiscal policy designed to expand the economy, which action would Congress most likely take?

Which of these choices is the most likely effect of a strong US dollar?

When the US dollar is weak, or depreciates, US exports _________and prices of exports go _____.

Which of the following is an example of entrepreneurship?

Which sentence BEST describes the organization of the Federal Reserve System?

simple interest on a 4 year loan of $1800 at 8.7% would come to

Payments for the use of capital are called

a person who opposes free trade would most likely

Only final goods are included in the calculation of GDP

What is the MOST important function of government patents in a market economy?

On a production possibilities curve, a point on the curve represents

which group in the USA establishes the nation's monetary policy?

a person who invests in mutual funds is choosing an investment that

Another name for the equilibrium price is the

One negative consequence of a protectionist policy in regards to trade would be

if USA produces 120 shirts and 160 tractors and China produces 100 shirts and 40 tractors

On a production possibilities curve, a point inside (to the left of) the curve represents

Workers with a cost of living adjustment in their contracts . .

On a production possibilities curve, a point outside (to the right of) the curve represents

business organization that has the advantage of limited liability but less control in decisions

If you deposit $650 in a savings account with simple interest rate of 3.2% per year, in 2 years

Which choice BEST describes an area that a macroeconomist might specialize in?

If aggregate demand increases faster than aggregate supply, which is most likely to happen?

the unemployment rate is calculated by

if $1 US dollar equals 10.70 Mexican pesos, $200 US dollars equal how many pesos?

Which of the following is a likely effect of a weak dollar?

In year 1 market basket was $840, year 2 same basket was $875. CPI was approx what in year 2?

a price ceiling set lower than the equalibrium by the government would most likely result in a

2 advantages of a market economy, as compared with a command economy are

Since the early 60s until recently, the US government has forbidden all imports from Cuba,

What isthe relationship between the national debt andthe government's budget deficit this year?

if you put money into savings for college rather than buying a video game, the opportunity cost

Which of the following might cause a supply curve to shift to the left?

If a bank charges 4% interest on loans, how much interest will it pay on savings?

Which sentence describes market conditions at the equilibrium, or market clearing, price?

A disadvantage of choosing an insurance policy with a higher rather than lower deductible is

Which government decision represents possible effects of deregulation?

American rules about the quality of goods imported into the US are known as

to calculate potential savings in a budget, you must