Final Exam Review

NOT used as a barometer of the stock market's health

The abbreviated term that is used to identify a stock for trading purposes

treated as guaranteed funds because the bank, rather than a person, is responsible for paying

Producers will offer more of a good as the price increases and less as the price decreases

Buying products because of the "statement" they make about social position: like a Rolex Watch

Soda, chips, and airline tickets are

a stock market in which prices are rising.

Value of the next best alternative. That what must be given up when making a choice.

Which of the following is an example Traditional Economy in the United States?

Which is an example of Complementary Goods

In the Circular Flow chart, what do individuals sell to businesses

TISNSTAAFL

A company in which employees are not required to join the union, but must pay union dues

A market structure with many companies selling products that are differentiated

Two or more firms that are competing in the same market joining together

Which is not one of the three basic questions of economics?

What would happen if headline read "Movie Stars & followers become vegetarians"

On a Production Possibility Curve, points ABOVE the curve are

What is the fundamental problem of economics?

A market structure in there is one product with limited substitutes

A scarce item which the consumer pays to have less of

What is used to illustrate the concept of opportunity cost?

Gasoline, insulin, salt are

Which of the following would be considered a complement to salsa in the context of demand?

Capacity to be useful and provide satisfaction

on a Circular Flow Model, what interacts with both households & businesses?

"The government should provide discounts to low income college students" is a

The government grants the right to have monopoly because it makes sense to only have one

based on the stock prices of 30 of the largest companies in NYSE

Which of the following is NOT a Determinants of Supply?

In Starbucks coffee shop, which of the following would be an example of the capital?

As an economic term, land includes:

The quantity of a good or service that producers are willing and able to sell at each price

Examines the choices of individuals concerning one product, one firm, or one industry would be

Index based on the stock prices of 30 of the largest companies in New York Stock Exchange

A worker association that bargains with employers over wages, benefits, and working conditions

Policy that government should interfere as little as possible in the nation's economy.

Private property is most prevalent in a

Which of the following is NOT a Determinants of Demand

an economic system which combines characteristics of more than one type of economy

Which is NOT a question to determine Elasticity

A measure of the responsiveness of a change in quantity based on a change in price

Settling a dispute by agreeing to accept the decision of an impartial outsider

Resources are distributed more equally in a

A market structure in which a few large firms dominate a market

Which of these is NOT a factor of production?

A economic system in which the government, owns and controls the means of production

Market structures is the most competitive and generally provides products the most efficiently?

A business with authorization to sell a company's goods or services in a particular area

Adam Smith's concept that turns self-directed gain into social and economic benefits for all

The person who organizes the factors of production

A person who buys good and services

In a school, which of the following would be considered an example of capital?

the price at which the quantity demanded equals the quantity supplied

Scarcity forces

Which of the following is NOT part of the history of the United Farm Workers?

A group's refusal to have commercial dealings with a business in protest

Analysis which states what ought to be. Based on a value

Which of the following is a disadvantage to a Market Economy (Capitalist) Economy?

A saving in costs gained by an increased size of production

the study of the economy as a whole, includes inflation, unemployment, and economic growth

Gems are valuable but provide very low utility (usefulness). What is this situation called?

A business owned by one person

Cesar Chavez was the first Mexican-American to be on the cover of Time Magazine.

Negotiation of wages and other conditions of employment by an organized body of employees.

economic system- decisions of what to produce and how to produce made by individuals

Examines the choices of individuals concerning one product, one firm, or one industry.

the woman who worked along side of Cesar Chavez in the development of farm worker unions.

A situation in which quantity supplied is greater than quantity demanded

Quantity does not respond at all to changes in price

A disadvantage of this type of business is that its profits are taxed twice

Branch of economics that examines the behavior of the whole economy at once