Mrs. McGowen's Economics Final Review

The United States has this type of economy.

A defined contribution plan for retirement.

The type of inflation that is caused by demand rising faster than production.

What does a price ceiling tell producers?

Congress increases taxes and decreases spending.

The Fed wants to slow the economy down.

The law of supply shows...

All final goods and services in a year.

Taxpayers that earn more money pay more taxes.

If you are in a market with sellers that sell similar products the market is called....

Banks are required to keep a certain amount of money.

GDP with inflation added to it.

If you are in a market with many sellers and many buyers the market is called....

The Fed wants to speed the economy up.

The independent agency created to maintain confidence in the banking system.

A corporation is......

All of the following are examples of oligopolies, except

The law that states a person can work where they are hired, regardless of union.

What is elasticity of demand?

Workers that earn a salary.

When a country can make a good more efficiently than another country.

When the stock prices rise steadily over time....

The name of the central bank in the United States.

If you are in a market with few sellers and many buyers the market is called....

A market where goods and services are the same price.

If you take money and put it into stocks, an IRA, or mutual funds what are you doing?

Workers that earn an hourly wage.

If a store doesn't have apples,but they will have them tomorrow.

When the union and business cannot agree on a solution they go to...

North Korea has this type of economy.

How goods and services are exchanged between people. 

When a country exports more goods than it imports.

If demand is elastic and price increases that means consumers....

This is used to identify a persons' credit worthiness.

Congress decreases taxes and increases spending.

Type of government where there is limited private ownership.

When the stock prices decline steadily over time.... 

An economic theory that has government intervene when there is a recession.

Private ownership and trade are in this type of government.

What is it called when you invest in many things for your portfolio?

If a country produces a good because of low opportunity cost what is it?

When a country adds a tariff to a good, they are showing..... for their country.

Poor people pay a larger portion of their income than wealthy people.

When a bank pays you interests on all the money in your account.

What is a traditional economy?

GDP that measures current year products.

The following businesses all have limited liability, except

Money that can be exchanged for something of value, like gold.

What happens in the law of demand?

When workers refuse to work.

The government owns all factors of production.

The investment company that gathers people's money and invests it.

I take the same percent of tax regardless of income level.

What is scarcity?

Money that is guaranteed by the government.

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

If you are in a market with only one seller it is called....

A price floor tells producers......

When a country imports more than it exports.

The measure used to see what price changes occur in consumer goods. 

If government makes a budget then brings in more taxes than it spends.

Something that has value on its own, not just as money.

A partnership is....

If the sellers have to differentiate their products what kind of market are they in?

If government makes a budget then spends more than it collects in taxes.

What is it called when you have too much of a good or service?

When goods and services are exchanged it is called...

The type of inflation that is caused by production costs pushing up prices.

When you put your money into an account and it earns interest.

Define the Law of Demand.

What is a business owned and operated by one person called?