Economics Final Review 2018-2019

The US has a “modified” free enterprise economy as almost everything we do & everything we buy:

Which of these statements is descriptive of a market economy?

If you defaulted, you failed to _______ .

Which is the primary source of revenue for the federal government?

Which of these economic systems have the ​least​ ​in common?

Which of the following describes a partnership?

Country A can produce more coal than Country B an economist would say that Country A has

Societies are faced with which three basic questions about production of goods?

Identify the phase of the business cycle where Real GDP stops going up.

Paradox of value refers to the:

Unemploy. rate risen to 9% & GDP declined for 2 qtr in a row. What phase of biz cycle is it?

Economic development is important in countries because it _______.

1 seller ● complete barriers to mkt entry ● no product differentiation describes which?

You can easily carry money in a pocket or purse. This reflects what characteristic of money?

High levels of unemploy. w/ high levels of inflation indicates biz cycle has entered into a

Elementary schools, police departments, and electrical service are typically paid for by ?

When an economist uses the term utility, what are they referring to?

Tariffs are taxes on?

Paying rent instead of purchasing tickets to a concert is an example of:

Which of the following actions would improve a credit score?

A person who wishes to incorporate a business needs to ________.

The value people place in a good or service and what one gives up in order to obtain is

W/ a given amt of resources, a country with comparative advantage will produce a product with:

Who pays interest on a loan?

In the model GDP = C + I + G + (X - M), “I” stands for _______.

A nation’s wealth is determined by its:

Which of the following factors can slow or halt the process of globalization in the world?

Complete Ownership, No Special Taxes, unlimited liability are characteristics of:

“THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE” This reflects money’s function as

In the U.S. free enterprise system one of the primary roles of the government is to:

Resistance to new technology and ideas is a disadvantage of which economic system?

The Federal Reserve System, or Fed, is an example of which type of bank?

Which is a good synonym for the word barter in the term barter economy?

Scarcity is a basic economic problem because:

What does a protective tariff seek to protect?

Which is the primary source of revenue for the federal government?

Which of the following could be considered a synonym for FICA?

With regard to the goods in the PPC below, what does point B represent?

The risk of ending up w/ the equivalent of a never-ending loan is one of the disadvantages of

What two economic concepts result in the necessity of choice?

The terms proportional, progressive, and regressive refer to ______

Reasons economics is considered a science would include all of the following ​except

One of the primary functions of financial institutions in an economy is to:

Why do nations trade?

Which of the following statements best describes the PPC?

Identify which of the following is ​not​ used to measure a nation’s economic performance

An advantage to getting a federal student loan as opposed to a private loan would be the:

Eco systems that are characterized by govt control of the econ decision making process are: