Economics EOC Review

Two goods that statisfy similar wants or needs are called...

Minimum wage laws are an example of a ________ and result in a ________ of workers

What type of exchange rate is currently used?

Proposed that during a depression governments should spend to increase aggregate demand

The law of demand says...

________ is used to measure the size of an economy

Largest part of government expenses...

How would a suppy/demand curve for oil change if new technology was added to production

When a nation imports more than it exports, that is country is said to have a trade...

Mr. Owen deposits $100 in his savings. What function of money is represented?

What happens to unemployment when the economy experiences a recession?

Who wrote the Communist Manifesto?

What characteristic do sole proprietorship and partnerships have in common?

What is the classic example for explaining production possibilities...This is a trade-off

Machinery is an example of which Factor of Production

What is the basic law of supply?

Money that is easily accessible and immediate as a medium of exchange...

Which of the following is most likely to have inelastic demand?

If the Federal government spends more money than it recieve, it is experiencing  a  budget ....

Market structure where there is one seller...

Policy goal where resources are utilized to attain optimal benefit or output

Which of the following is a public good?

In which type of economic system are decisons based on individual choice and voluntary exchange

A patented product represents which type of monopoly?

Who believed that markets are efficient if everyone pursues their self-interest?

If the price of salsa rises, what will most likely happen to the demand for tortilla chips?

Which type of buisness is taxed most heavily?

The most desirable alternative given up as the result of a decision...

What is the basic problem of economics...

Which of the following is NOT a basic question of economic systems?

If the economy is experiencing a recession, what can the Federal Reserve  do?

Factor of productions that includes work, actions, or activities people do to produce  goods

Economic system where the government make all the decisions on the three econ questions

 A utilities company represents which type of monopoly?

Factor of production that includes natural resources..