Economics Semester Review KS

How does the process of specialization change an economy?

In every economic system, what must people choose to do?

Which of the following is true of an investment in bonds?

Which strategy is most likely to improve a person's financial situation over his/her lifetime?

In economic terms, what are land, labor, capital and entrepreneurship?

In general, what type of economy does the U.S. have?

Which type of economy produces the highest standard of living for its citizens?

Which of the following statements will help to maximize your stock investment?

What is the benefit of competition in a free market system?

Which of the following describes what you are doing when you invest in a mutual fund?

What is the most basic economic issue for all societies?

What is the primary incentive that motivates a manufacturer to sell a product?

In economic terms, what does the statement below mean?

A company decides to install more machines & lay off workers. Which economic "?" is addressed?

Which of the following describes a publicly held corporation?

Which of the following is a characteristic of traditional economies?

Jane won $2000 & plans to use the $ to pay her tuition in 4 months. Why use a savings account?

In which of the following economic systems is the "factors of production" privately owned?

In economic terms, what is a "stock?"

Why is investing in a money-market mutual fund a higher risk than investing in a CD?

Gov't sets quotas & prints and distributes posters to inspire workers to increase productivity

What is the greatest advantage to diversification in a stock portfolio?

Which of the following is an opportunity cost of building a new public high school?

My shoes were designed in U.S. & assembled in Asia. What type of enterprise does this involve?

What is "compounding interest?"

Which of the following is true of both a traditional economy and a command economy?

In a market economy, what is the government's role?

B/c bonds are considered a safe investment, which characteristic would you expect them to have?

Gov't owns all industries, sets production & wages, and provides all education and medical care

Jenny has enough $ to buy a CD or go to a movie. What is the choice that Jenny "gives up?"

To deal with the problem of scarcity, societies establish which of the following?

Which of the following is the Rule of 72 intended to approximate?

Customs & religion of previous generations determine how the economy will use scarce resources

Which of the following will guarantee that a person will make money in the stock market?

Unlimited Wants + Limited Resources = ???

Which of the following is a result of the specialization of labor?

Why invest in mutual funds instead of a single stock?

What is the main idea behind the study of economics?