Economics Semester Exam Review

Which of these describes an item for which a change in its supply is proportional to a change in its price?

​Which of these is a feature of open market operations?

Which of the following characterizes the union started by César Chávez?

What do Fed member banks do with customer deposits?

What is the relationship between income and demand?

Consumers are powerful because

An organization that buys bulk amounts of goods to distribute to members is a

Which of these names the only thing that can cause movement along a demand curve?

​Which of the following is currently considered one of the seven major economic and social goals in the United States?

fixed costs and overhead are two terms similar in meaning

Which of the following is a term for a labor-dispute settlement tactic used by neither unions nor management?

The level of production that generates just enough revenue to cover its total operating costs is called the:​

A corporation has all the rights and responsibilities of _____. 

At which point in the stages of production does the maximum profitable number of workers become most apparent? 

What have some states done to protect workers from adverse economic events such as layoffs and illnesses?

What is the name of the federal health insurance program for senior citizens?

Which of the following is a disadvantage of a market economy?

How does the government operate in a free enterprise economy?

Which of these helps explain why mixed economies develop?

The Federal Reserve is the nation’s Central bank.

Consumers in a free enterprise economy ultimately determine ________ to produce.

Which of these could a firm accomplish during a short-run production period? 

Which terms describe costs that are incurred regardless of a firm’s rate of production?

What risk does a firm take by neglecting to do periodic marginal analyses?

Which statement best explains why money was invented? 

Which country is an example of a capitalist country?

What is the main cause of a change in quantity demanded?

Which of these best describes the influence of high prices on the behavior of producers?

An effective tax is one that exhibits one or more of the following characteristics.

Why might a producer’s introduction of a new technology result in a brief shift of a product’s supply curve to the left?

Utility refers to the usefulness or satisfaction derived by using an item?

Which of these statements best states the quantity theory of money?

Pure competition and monopoly are opposites.

Which of these can be added to determine total costs?

A demand schedule is best described as _______ 

A supply schedule lists various quantities of a specific product with

Prices for common vegetables tend to be elastic. Why?

Which of the following is an advantage of sole proprietorship?

Who issues municipal bonds?

The risk of ending up with the equivalent of a never-ending loan is one of the disadvantages of using

The statement on paper money :THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE. Reflects money’s function as

Which of the following descriptions best explains the meaning of opportunity cost?​

Which of the following illustrates why the wage gap between women and men is discriminatory? 

The study of economics involves

What is the main difference between Japanese capitalism and capitalism in the United States? 

 Which of these is the most important reason for a firm to do periodic marginal analyses?

The most comprehensive measure of a nation’s wealth is provided by its

What conclusion can be drawn about capitalism from South Korea’s economic growth in the late 20^th century?

Which nation today is the most striking example of successful privatization?

Which program, sponsored by President George W. Bush and passed by Congress, bailed out banks in the Great Recession?