Economics Final Exam Study Guide

A _______________ is when a market is dominated by a few large firms.

Which term means fixed costs plus variable costs?

The _______________ effect is when prices of goods rise and consumers find things to substitute for that good.

When spending exceeds revenue it is known as a savings deficit.

What economic system would Robin Hood like? (Robin Hood stole from the rich to give to the poor.)

Politicians do not work to balance the budget or have a budget surplus because they will not get what if they do?

The amount of money that you have to pay before your health insurance pays a claim is called a _______________.

Sales tax is a progressive tax.

The U.S. income tax is a progressive tax.

What term means the cost of producing one more unit of a good?

What economic system gives the most incentive to work hard?

You will most likely use a _______________ form to file your tax return.

_______________ policy is when the government uses taxes and spending to influence the economy.

_______________ is the desire to own something and the ability to pay for it.

_______________ cost is the most desirable alternative given up as a result of a decision.

An _______________ is a person who creates their own business.

Car insurance that covers acts of God is called _______________.

A lack of leadership to deal with the budget, savings, and trade deficits is known as the leadership deficit.

The EPA regulates our food industries.

The FDA regulates our food and pharmaceutical industries.

What term means excess demand?

A _______________ is the same no matter who produces it.

Entitlements are part of mandatory spending.

What kind of curve is this?

The least popular tax is the _______________ tax.

Which term means quantity supplied = quantity demanded?

What term means excess supply?

The concept of _______________ means that the government should not intervene in the marketplace.

A _______________ is when a market is dominated by a single seller.

A general increase in prices is _______________.

_______________ is the study of how people make choices to satisfy their needs and wants.

_______________ policy is when the FED uses money supply and interest rates to influence the economy.

The Law of Supply states that when prices go up, supply goes _______________.

A savings deficit and a budget deficit are the same thing.

The three factors of production are land, labor, and _______________.

Your employer has to give you a _______________ by the end of January.

The _______________ effect is when the change in consumer consumption is based on a change in an individual's income.

The Law of Demand states that when prices go up, demand goes _______________.

Which term means all other things held constant?

Paycheck deductions for health insurance are called _______________.

Which term refers to a cost that doesn't change?

What kind of curve is this?

What term is the cost of finding a good?

What is not an example of financial warfare?

What term is the price × quantity sold?

Revenue minus cost is profit.

When imports are greater than exports this is known as a trade deficit.

You will file your state tax return using a _______________ form.

Revenue that the government collects is called _______________.

One's _______________ is their commitment to the value of work and purposeful activity.

Which term refers to a cost that changes based on the amount produced?