Econ Final Review

When you prepare to buy a car, what should you NOT do?

Capitalism is synonymous with

High-end fashion items are examples of

Which of the following is a benefit that a business is likely to attain from purchasing new equipment?

Most countries use a mixed economy

Points inside the production possibilities curve...

Which of the following is a good example of inflation

What is an insurance deductible?

What is principal?

What do taxes pay for?

You are always required to put at least 25% down to get a mortgage when buying a house?

how does supply and demand determine equilibrium price and quantity

Opportunity Cost is

How would scarcity & shortages most accurately be compared?

What is a W-2?

If I make a lot of claims on my insurance, my insurance cost will probably go down.

100% of your income after you retire will probably come from social security and companies that employed you.

The equilibrium price is the price at which

Any point outside the production possibilities curve...

All of the following are true of monopolies except

Comprehensive insurance is when your insurance company usually _____

The Amish community uses what type of economy?

The purpose of life insurance is to protect your car in case of an accident

At Point A in the Production Possibilities Graph, the economy:

If a general partnership fails, who is responsible for the debt?

Production Possibilities Frontier

Which of these is most likely NOT a corporation?

If you invest your money early and often when you are young

All of the following are advantages of partnerships EXCEPT

The practice of voluntary exchange in a free market economy reflects the characteristic of

The legal obligation to pay if someone is injured at your business is known as

A monopoly occurs when

What is supply?

The fast-food industry represents which of the following market structures?

In a free market system, the factors of production are owned by

The ability to control prices and total market output is

All people have unlimited wants but limited resources.

The soda ban in New York City is meant to promote public health, but at the cost of

An increase in productive capacity can be shown on the production possibilities curve by:

An individual who takes a risk to produce goods and services in search of profit is known as a

Around what percentage of businesses are sole proprietorships?

Which of the following would you assume has the easiest time rasing financial capital?

When the price of an online movie subscription rises from $10 to $30 per month, what is a likely result?

The equilibrium price and quantity would be...

Communist economic systems are based on

The main reason most people don't invest on a regular basis is

A minimum price set above the equilibrium price is a:

A progressive tax means you pay a larger percent of your income in taxes as you make more money

Why is Luxottica's dominance of the eyewear market a bad thing for the economy?

Which of the business organizations gives the most control to the owner (being your own boss)?

All of the following are advantages of sole proprietorships EXCEPT

The law of demand says

What is the main risk you face when you buy stocks as investments?

In the debate over guns v butter, which of the following is an example of butter?

The cost of insurance can vary wildly between insurance companies

Who is responsible for filing your federal tax returns?

What's an opportunity cost?

A shortage exists because prices are too ___, but can be fixed it prices ___.

Whats the Opportunity cost of going to the cinema instead of going to the park?

Which of these factors causes a monopolistically competitive firm to have little control over the price of its products?