ECON: Final Exam Review

Which term describes material things wanted by human beings; they can be seen or touched.

The theory that states inflation occurs when demand for goods and services exceeds existing supplies- is known as?

What is the principle that suppliers will produce larger quantities of goods at higher prices known as?

Funds raised through taxing and borrowing to pay for government expenditures are known as?

Taxes for which the percent of income taxed increases as income increases are known as?

The idea that markets regulate themselves in economics is known as which theory?

When the demand and supply of a market are not equal to each other, the market is said to be in?

When a good's price is lower, people will buy more of it. When the price is higher, people buy less- is the Law of ____?

This occurs when producers will not or cannot offer goods or services at current prices.

Anything that is used to determine value during the exchange of goods and services is called:

Which of the following is NOT one of the 3 main goals of EVERY economy?

Every dollar in fiscal policy creates a greater than one dollar change in economic activity is known as the ___ effect.

Mr. Lansing once appeared as a contestant on The Price is Right in 2006, but got censored due to being too handsome

When firms try to compete by attracting customers through style, service, or location-but not a lower price,it's called?

Employers subject to the Fair Labor Standards Act must pay at least the current Federal minimum wage of $_.__ per hour

A nation’s _____ rate is an important indicator of the health of the economy

In modern forms, money has _____ : it works because we agree that the money represents a certain value.

The_Bureau (CFPB) is a 21st C. agency that implements & enforces Federal consumer financial law&ensures markets are fair

The total amount of money an employee receives before taxes and other deductions are taken out of their pay is called?

What are dollar ($) amounts taken out of an employee's paycheck each pay period called?

Something that a person would like to possess, either immediately or at a later time:

What types of goods are neither man-made nor have an unlimited supply in nature?

Which of the following assets is NOT an actual resource?

Businesses' overall game plan for reaching prospective consumers & turning them into customers of their products is ___?

Amount of money that will finally be available to the employee after taxes and other fees have been taken out is called?

A business cycle is a macroeconomic period of expansion followed by a period of _____?

Which of the following is NOT an actual way the Federal Reserve serves our government?

What is the dollar value of all final goods and services produced within a country’s borders in a given year called?

Which of the following %'s would be considered a reasonable interest rate for a new car loan in today's market?

Which of the following Marketing Functions is not an actual function?

Taxes for which the percentage of income taxed decreases as income increases are known as?

Employees who work in unions where the union negotiates salary on behalf of all workers fit into the theory of _____?

In historic times, what was the system of exchanging goods and services without using money known as?

What is a tax on the production of a good known as?

The basic concept of business refers to the aspects of making, selling, and providing products in exchange for _____.

First efforts to organize/unionize reflected the need of working people for economic & legal _ from exploiting employers

Which of the following occurs when there are limited quantities of resources to meet unlimited needs or desires?

What concept refers to the value of your car dropping as it ages and collects dents, dings & mechanical wear?

Which of the following economic activities does GDP NOT take into account?

Which of the following is NOT an example of a service?

Economists use the term _____ to describe how much of a good is offered for sale at a specific price.

Which is the tax on the total value of money and property of a person that has died- and leaves in an inheritance?

Proportional taxes are a tax for which the percentage of income paid in taxes remains ___ for all income levels

A solid way to create connections with former or current employees/employers to find the best job for you is considered?

Which of the following deductions would be considered  Involuntary (mandatory) relating to an employee's paycheck?

What is the group of 12 regional, independent banks, often referred to as "The FED" formally known as?

Exchange & spread of culture(one’s language, ideas, technology, art,&traditions) between different groups of people is_?

Which of the following concepts is NOT one of the three uses of money?

Which of the following occurs when revenues exceed spending in budgetary terms?

A Business owned by two or more people who divide the responsibilities and profits among themselves is called a?

A unique series of letters assigned to a security for trading purposes is called?