Economics Final Study Guide - 2014

If the price of an item rises, quantity demanded usually

When a person declares bankruptcy, she must continue to pay

a major characteristic of a pure market economy is

Every purchase decision involves the use of two scarce resources

Which US President first spoke to Congress about consumer rights

The value of the next best alternative that has to be given up for the action that is chosen is

When the price of a good is too high for consumers, they look for

Making a trade off involves

Which of the following is an example of a durable good?

Diminishing marginal utility refers to the fact that

A usury law 

what is the basic problem of economics

In a capitalist system, most property is

Economists build economic models

The interaction of supply and demand determines the

A companys office buildings are an example of

Automobile liability insurance covers

What do you have to pay when you borrow funds?

An advantage of home ownership is

It is easier to start your own business in a

a car used by a messenger service is a type of

In addition to style and durability, what other factor helps determine value of clothing

Economics is primarily concerned with which of the following

What is the purpose of a credit check?

the word, equity means

If the price of a product is above its equilibrium price, the result is a 

Generally, the more substitutes there are for a good, the

Before you can comparison shop, you must

Bait and Switch, is an example of

According to the law of supply, higher prices prompt producers to 

Comparison shopping for food involves a trade-off between

Some consumers prefer generic products over brand-name products because

Another term for a capitalist system is

The quantity demanded of a product is affected by

Demand for one particular brand of coffee is probably