Econ EOCT Review 1

What is a characteristic of a market economy?

Why are all goods and services scarce?

The study of economics is most closely related to which concept?

According to the law of demand, as prices increase

Which of the following an example of an inelastic good or service?

Which of the following is an assumption of command economies?

In a market economy, how are the basic economic questions of what, how, and for whom to pro

Mr. Matesich is tired of working part-time and decides to quit his job - he is ____ unemployed.

What is the opportunity cost of a decision?

Which of the following business structures can sell stocks and bonds to raise money?

What determines the price and quantity produced of most goods?

The national debt in the United States is defined as the amount of debt

Which is NOT one of the three economic questions?

Point G on the following production possibilities graph..

A new automation process has caused Jon to lose his job. This is what type of unemployment?

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

What is occurring in the following supply and demand graph?

What could have caused the shift in the following supply an demand graph for ice cream?

The Consumer Price Index (CPI) is an indication of which of the following?

What is an important advantage of a free market?

Which of the following would an economist consider a capital good?

What is the main role of the Federal Reserve?

The federal govt is attempting to discourage spending. What could they do?

Point F on the following production possibilities graph...

The following countries are involved in which trading block?

Which of the following is a trading block made up of just European countries?

What is a characteristic of pure competition?

#4 on the following business cycle represents

Point #1 on the following business cycle represents

Increasing production from 95 to 120 units of clothing incurs an opportunity cost of

What would you conclude about an economy characterized by increasing real GDP, low unemployment

Who is hurt most by inflation?

Which example BEST illustrates the principle of specialization?

Why are investors attracted to high-risk investments?

Which of the following is an example of "C" in the equation for gross domestic product?

According to the law of supply, the higher the price....

Which of the following WOULD be counted for the United State's GDP?

Which person’s desire to make a profit is responsible for the development of new products?

Point "e" on the following supply and demand graph is determined by

What phase of the business cycle has the high unemployment?