Econ final review

What is a production function used for?

What is the third step in the circular flow of finance?

Anti-trust law tries to do what?

Which of the following is something that affects supply?

Describe the type of supply elasticity for automobiles.

According to this act, courts could not stop peace demonstrations by unions.

What function of money is included in M2 money that is missing from M1 money?

What does diminishing marginal utility suggest?

The highest legal price that can be charged for a product.

Which of the following is an advantage of free enterprise capitalism?

Modern example of a mixed economy that has introduced market aspects but is still, overall, more of a command economy.

These are methods used to encourage people to take certain actions.

Change in price causes an exactly proportional change in quantity supplied.

According to the law of demand, price and quantity demanded have what kind of relationship?

What is the first rule of economics?

This is a short-term pro of a command economy

Why are natural monopolies mostly temporary?

Corporation that accepts deposits, makes loans, and provides other financial services.

This is a list showing the quantity demanded at all possible prices.

When we look at the inputs into short run production, which of the following apply?

An electrician would work for which type of union?

This acts as a signal guiding producers and consumers alike to take certain actions.

It is known that scarcity leads to three questions, what is the second question?

A craft union is also called what kind of union?

Business owners adjust prices without the help of bureaucracy so prices change naturally and gradually on their own.

About what percent return should you expect to get on a CD.

Why is perceived fairness a problem with rationing?

This is a price where quantity supplied equals quantity demanded.

What kind of income tax does the state of Indiana have?

Which of the following is a reserve requirement.

Which of the following is an example of complements?

Products related in such a way that an increase in the price of one reduces the demand of another.

Which of the following is something that can be learned from looking at a country's GDP?

This theory of how wages are determined is tied to the idea that wages come from supply and demand.

Modern example of a mixed economy that has a few socialist programs but is overall a market economy.

Situation where quantity supplied is greater than quantity demanded at a given price.

Money by government decree; has no alternative value.

Economic problem of having too few resources to satisfy everyone’s wants.

Which of the following is a characteristic of money?

Most businesses tend to operate in which phase or stage in production?

What is the largest category of expense for the federal government?

Which of the following is a macroeconomic issue?

Driving force that encourages people and organizations to improve their material well-being.

This type of economy features government ownership of the factors of production.

In specific terms,what is an agreement by two parties to place a dispute before a third party for a binding settlement

In the United States, who determines what will be produced?

Shows the quantities supplied at various prices by all firms in a given market place.

What does it mean to economize something?

Dollar value of all final goods, services, and structures produced within a country’s national borders during a one-year

This is a con of a market economy.

Principal of a bond or total amount borrowed.

The quantity demanded of a certain product is 24 and the quantity supplied is 24, what will the outcome?

Which of the following is true of the rise of capitalism?

Describe the type of supply elasticity for nuclear energy

What is the principle of the law of supply?

This is a federal health insurance program for senior citizens, regardless of income.

The key purpose of a cost-benefit analysis chart is to do what?

This is an example of a country with a command economy.

Which of the following is true of the trends in poverty in America?

Situation where quantity supplied is less than quantity demanded at a given price.

Portion of a change in quantity demanded caused by a change in the consumer’s income when the price of a product changes

What two aspects make up demand?

What did the US try to ration in the 1970’s?

This is the oldest form of an economy.

Which of the following is a factor of production?

Which of the following would closing down a factory contribute to?

This is an example of a market economy.

One of the factors of production is land, which refers to what?

Period during which real GDP goes up for several months or years

Less demand with the same supply means what?