Economics Civics NCFE Exam

This is the lowest point in an economic contraction. 

If consumer tastes change away from a product, demand and supply will __________.

this refers to the physical/ mental talents that people contribute to producing goods/services

Buyers and sellers voluntarily come together to make exchanges with no government interference

the next best alternative

Which is not one of the three basic economic questions all societies must answer

The percentage of money banks are required to keep on hand by the federal reserve

A surplus can be eliminated by __________ the price. 

The percentage of people who are out of work and actively seeking a new job 

Government makes all of the decisions.

What banks charge their customers to borrow money

The fundamental economic problem that results from limited resources and unlimited wants. 

If your business fails, your creditors can come after you and all of your belongings

The interest rate that the FED charges to borrow money

If coke doubles the price of a 2 liter, demand for pepsi will _______________.

If the FED wants to boost the economy it will __  interest rates

This type of for profit business can raise funds quickly. 

Which is not a factor of production

If workers get more training, productivity and supply will __________.

If a factory closes in a town, demand for goods and services will ____________.

Higher ___________ mean higher costs, which cause a decrease in supply. 

Microsoft decides to sell stock. What form of business organization does this fall under

The bank of the government 

If your business fails, you only lose what you have invested in your business

A shortage can be eliminated by ______________ the price. 

This factor of production includes things like the factory, trucks, machines, tools, etc

An economic system in which private citizens own factors of production in order to seek profit

What does the Consumer Price Index track?

A basic necessity for survival

This type of for profit business is owned and operated by one person