Econ Final

Most frequent argument used to support trade barriers is that they

Competition among sellers often results in 

an economic system is

Which of the following is proof that int'l trade is beneficial?

effect does an increase in int rates have on business investment spending on housing, cars etc.

Series of growing and shrinking periods of ec. activity measured by inc or dec in real GDP

Mrkt value of all final g&s's produced within a nation in a given time?

When a customer's need for a product is not urgent, demand is

Most common ec. system is a

a product that consumers consider identical to other products in the same market is called a 

Kind of mrkt has condition of steadily declining stock prices over long period of time

Which of FOP's = organizing productive resources to produce G&S's, with hope to earn profits?

What condition in the economy indicates economic expansion?

What is the difference between the budget deficit and the national debt?

In general, investments with high rates of return

Jobs related to service industries

Sales of digital cameras increase, so do sales of photo printers. Factor is affecting demand?

Taxes that increase in percentage as income increases is know as

What does a point inside the production possibilities curve indicate?

The three types of business organizations include

Mrkt structure in which only one seller sells a product

The money used to buy the tools and equipment needed for production is known as

Most investors choose to invest in the stock market to 

What does a bank use to make loans?

Which of these statements would be the best description of economics;

According to the law of demand, what happens when prices go down?

Use the Rule of 72, how many years would take to inv, to dbl when the int rate is 12 percent?

Sellers in a monop. comp gain their limited monopoly by convincing consumers that product is

Total cost is the sum of the

If town increased population 10%, what will happen to demand?

An increase in a nation's real gross domestic product

Sum of all the supply in economy?

The sum of all the demand for goods and services in the economy

What payroll tax is taken out to cover Medicare and Social Security?

The three basic economic questions are

Decrease in economic activity

ability of a nation to more efficiently produce a given product than another nation is

an extended period of high unemployment and reduced business activity whose effects are severe

A period of slow business activity coupled with inflation

What is the term used to describe the money taken out of a paycheck before worker receives it?

A prolonged economic contraction lasting at least two quarters

What kind of market has the condition of steadily increasing prices over a period of time?

What is a graph that shows a demand schedule?

The circular flow model represents

Which of these is NOT an effect of inflation?

A shortage is created by

When hungry, you receive most satisfaction from first orange and les from each additional, why?

The amount of output produced from a set amount of input

Intangible items that have value but often cannot be seen, touched or show to others are

What is the intent of our government when it issues bonds?

Int'l agency that administers trade agreements and settle trade disputes

Collateral is

To implement an expansionary fiscal policy, government is likely to 

Jobs related to conversion of natural resources such as logging, fishing and mining

Fed. gov. agency that protects indiv's deposits in banks

Arrangement through which potential buyers and sellers come together to exchange g and s's.

What is the number one economic problem in any society?

A surplus is created by

Items of value that can be seen, touched and shown to others are known as

If Mankato's population increased by 10% last year, what will happen to demand?

Mrkt activities that are unreported b/c illegal, or to avoid taxation

Jobs related to manufacturing

Increase in economic activity

Only gas station within a radius of 300 miles has a

Term is defined as change in the amt consumers will buy b/c purchasing pwr of their $ changes?

Buyers and sellers that are well informed about market conditions are always found in

NAFTA attempts to create free trade between US and?

What condition(s) in the economy indicate economic contraction?

The value of something that is given up to get something else that is wanted is its

Maximum amount goverment requires that sellers may charge for a good or service is called?

Investors commonly maximize returns and limit risks by

What is the basic economic problem?