Economics EOC Review

Question 1

A situation in which the quantity demanded changes little as the price changes.

Accepted Answer

Inelastic Demand

Question 2

A general increase in prices in the economy

Accepted Answer

Inflation

Question 3

Chemotherapy is an example of a(n) ....

Accepted Answer

Inelastic Good

Question 4

Ray Ban has to pay more for their lens. What happens to prices?

Accepted Answer

Equilibrium Price increases

Question 5

Whose job is to keep unemployment and inflation at bay using Monetary Policy?

Accepted Answer

The Federal Reserve

Question 6

The ability of 1 trading nation to make a product more efficiently than another trading nation

Accepted Answer

Absolute Advantage

Question 7

An economic system based on private ownership of the factors of production

Accepted Answer

Capitalism

Question 8

An economic system in which the gov't makes all or most of the economic decisions

Accepted Answer

Command Economy

Question 9

Which action could the Fed use to control inflation (tight policy)?

Accepted Answer

Increase Reserves, Sell Bonds

Question 10

Tax system that taxes everyone at the same rate equally.

Accepted Answer

Proportional

Question 11

What do we call the central bank of the United States?

Accepted Answer

The Federal Reserve

Question 12

What happens when the government mandates a price floor on wages?

Accepted Answer

Surplus of workers

Question 13

Who is NOT hurt by inflation?

Accepted Answer

Borrowers

Question 14

Which action could Congress use to control inflation (contractionary)?

Accepted Answer

Increase Taxes, Decrease Gov't Spending

Question 15

Tax system that taxes the rich at a lower rate than the poor.

Accepted Answer

Regressive

Question 16

Which of the following is a function of money?

Accepted Answer

Medium of Exchange

Question 17

The relationship between the value of a country's exports & its' imports...

Accepted Answer

Balance of Trade

Question 18

A limit on the amount of a product than can be imported

Accepted Answer

Quotas

Question 19

The market structure in which only a few sellers produce a similar product

Accepted Answer

Oligopoly

Question 20

Chik-Fil-A buys new ovens/fryers that cook food faster, how does this affect price?

Accepted Answer

Equilibrium Price Decreases

Question 21

As the price of a good/service decreases, quantity demanded increases. This is the...

Accepted Answer

Law of Demand

Question 22

A situation that exists when there are not enough resources to meet human wants...

Accepted Answer

Scarcity

Question 23

Tax system that taxes the rich at higher percentages than the poor.

Accepted Answer

Progressive, Ability to Pay Principle

Question 24

Entrepreneurs are risky... what motivates them to do this?

Accepted Answer

Profit

Question 25

What type of unemployment occurs when a person's skills don't align with available jobs?

Accepted Answer

Structural

Question 26

How much consumers are willing and able to buy at a certain price

Accepted Answer

Quantity Demanded

Question 27

What do you call a period of growth in GDP in the business cycle?

Accepted Answer

Expansion

Question 28

What happens if the government mandates a price ceiling on cable service (i.e. Comcast)?

Accepted Answer

Shortage Occurs

Question 29

What is the type of unemployment that occurs due to it taking time to find a job?

Accepted Answer

Frictional

Question 30

A market structure with only one seller that sells a product that has no substitute

Accepted Answer

Monopoly

Question 31

Land, Labor, Capital, & Entrepreneurship are

Accepted Answer

Factors of Production

Question 32

Which business organization has the disadvantage of unlimited liability for its owner?

Accepted Answer

Sole Proprietorships

Question 33

What is a good/service provided by the government and consumed by the public as a group?

Accepted Answer

Public Good

Question 34

A market situation in which the costs of production are cheapest when only one firm provides

Accepted Answer

Natural Monopoly

Question 35

The sum of all the supply in an economy

Accepted Answer

Aggregate Supply

Question 36

The point where market supply and market demand intersect is called ...

Accepted Answer

Market Equilibrium

Question 37

If the price of a large Dominos Pizza goes up by $3, what happens to the demand for Papa Johns?

Accepted Answer

Demand Curve shifts right

Question 38

Which type of unemployment is most affected by new technology? (think)

Accepted Answer

Structural

Question 39

An economic system based on individual choice & voluntary exchange

Accepted Answer

Market Economy

Question 40

The ability of 1 trading nation to produce something at a lower opportunity cost than another

Accepted Answer

Comparative Advantage

Question 41

What is the type of unemployment that occurs due a decrease in GDP?

Accepted Answer

Cyclical

Question 42

A market structure in which many sellers offer similar but not identical products to consumers.

Accepted Answer

Monopolistic Competition

Question 43

The value of a nation's currency in relation to a foreign country

Accepted Answer

Exchange Rate

Question 44

When prices go down, suppliers will supply...

Accepted Answer

Less

Question 45

A fee charged for goods brought into a country from another country

Accepted Answer

Tariff

Question 46

Shares of ownership in a corporation are called

Accepted Answer

Stocks

Question 47

What is the formula for GDP?

Accepted Answer

C+I+G+Nx

Question 48

The monetary value of all final goods/services produced w/in a country's borders in a given yr

Accepted Answer

Gross Domestic Product

Economics EOC Review

Questions 48

Economics EOC Review

Questions 48