Economics Final

Profits will be maximized when marginal revenue

A Sherman Antitrust Act

The study of economics is important bc it enables us to

A competitive market economy

Money that has an alternative use as an economic good is

Costs for electricity, shipping, and labor are examples of

Under perfect competition

Which of the following will cause the market supply curve to shift?

Money loses it value when it

Many businesses are engaging in e-commerce because

According to the demand-pull theory, inflation is caused by

A competitive market is equilibrium, and if there is a sudden demand increase, then a temporary

Economics may best be defined as a(n)

Deficiency payments are part of a federal program to assist

A increase in the price of cameras results in a decrease in the demand for film. 2 products are

When producers offer fewer products for sale at each and every price,

Bonds

The concept of voluntary exchange means

For most products and service, an increase in price results in

A stock transaction that is made immediately at the market price is made in the

A market economy

This marked the beginning of the Great Depression in 1929:

A par value of a bond is

The Federal Reserve

Prices enable a market economy to adjust to unexpected events by

In a market economy, a high price is a signal for

Statistical series used to measure price changes for a representative sample of used items

Federal minimum wage law demonstrates

One reason the government is involved in the U.S. economy is to

An advantage of a corporation is that

A merger of corporations involved in different steps of manufacturing or marketing is known as

In a short run, an increase in the money supply results in

In its direct role as an economic organization, American government

Most stocks in the United States are traded on the

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

Inflation in excess of 500 percent per year called

An example of the government playing an indirect role in the economy?

Which economic system can change direction quickly and drastically?

Advertising, fashion trends, and new product introductions serve to

A market where existing financial assets can be resold to new owners is called a

An increase in the price of milk causes a decrease in the demand for cereal. 2 products are

Actions in 1 part of the country/world that have an econ impact on what happens elsewhere are

Unlike a general partnership, in a limited partnership

At any given price, a surplus occurs when

The FDIC was established

Which of the following is a for-profit business?

Unemployment that is directly related to swings in the business cycle is

A market structure in which one firm has a monopoly because of its location is a

If a modest price increase has little or no effect, the demand for the product is

This regulates the sale of stock in a corporation

Consumer's willingness to replace a costly item w/ a less costly item is an example of

Which of the following is a characteristics of a traditional economy?

When a major car company lowers its prices, other car makers will probably

Clayton Anti-trust Act

A perfectly competitive market

Junk Bonds

Rent payments and property taxes would be counted as

The first step to take in measuring inflation is to

Perfect competition is characterized by

Mergers and acquisitions might result in

An example of a market economy is

Manufactured goods needed to produce other goods and services are called

Who plays 1 of the most important role in the free enterprise system by starting new businesses

Entrepreneurs are considered the driving force in an economy bc they

Total cost is the sum of the

A monthly series that reports prices received by domestic producers is called the

The United States can best be described as having a

The supply of a product normally decreases if

A monopoly that is based on the ownership, process, or other scientific advance is a

Which of the following is a characteristic of allocation by rationing?

A group of people ultimately determines the products that a free enterprise economy produces?

When money is easily transferred from one person to another, it is said to be

A decrease in competitive within an industry often results in

Changes in technology and changes in consumer tastes can cause

A risk-take in search of profits is known as a(n)

Non-bank financial institution set up to provide financial protection for survivors of insured

The purpose of government in a command economy is to

Which act was the nation's first significant law against monopolies?

When the rate of increase in total production is starting to slow down, the firm is operating

The level of profit-maximizing output is reached when marginal cost is

When the Fed refers to M1, it is referring to such elements of the money supply as

The minimum wage is an example of a federal law that supports

The situation of workers between jobs is called