Economics Test Review

Which one of the following is a tax on a specific good, like alcohol or tobacco

If demand or supply DECREASE, which way would the curve move?

Who owns the factors of production in a command economy?

Which one of the following is about how the government taxes and spends its money

What happens when DEMAND is greater than SUPPLY?

In which type of business is an owner LEAST liable (responsible)

If a company OUTSOURCES its production of a product, where is that product produced?

Which of the following helps keep prices low and quality high?

What is the strongest motivating force in a market economy?

If demand or supply INCREASE, which way would the curve move?

The government places a huge tax on pig farms.  What happens to the market for pork?

What does a country have when it EXPORTS more than it IMPORTS

GDP is the value of all goods and services produced in a country in a 

Who owns a sole proprietorship?

Which one of the following is about how much money is in circulation (and the Federal Reserve)

If one country can produce a product better or more cheaply than another, it has a...

What does a country have when it IMPORTS more than it EXPORTS

The trade agreement between the US, Canada, and Mexico

What do we call it when supply and demand are equal to one another?

The average temperature goes down to -25.  What happens to the market for insulated coats?