Final Econ Review 2021

All of the following are the three questions every economic system must answer EXCEPT

The point on the graph where supply and demand cross is called the

In a free market, who ultimately dictates the prices for goods and services?

What phase of the business cycle is characterized as a recession

At what point in the business cycle is unemployment at it's lowest and GDP is at its highest?

In order to lower your risk as an investor, you should?

If you choose to spend 2 hours studying rather than going to the movies, your opportunity costs is?

An economic system that is completely controlled by the government is a?

The law of supply states that when the prices of goods increase, producers will?

All of the following are true statements about a monopoly EXCEPT

A person who creates a new good or service and assumes all of the financial risks is called an?

Resources are limited because

If a producer charges a price higher than the equilibrium price, what will develop?

Which organization establishes Monetary Policy?

If a shortage exists within a market, producers will?

All of the following are factors of production EXCEPT

Economic growth is most often times measured by using

All of the following are the goals for a nation's economy EXCEPT

New forms of technology or the discovery of additional resources can lead to?

The Law of Demand states that if prices go up, quantity demanded will?

Price floors and price ceilings are established by

The policies created by Congress that are used to regulate the economy is called?

An economic system that is controlled by the Invisible Hand is a?