Economics End of Course Test Review

The value of the next best alternative that could have been chosen but was not.

An assembly line can increase a factory's productivity because it allows workers to

A recent college graduate that is looking for their first job is what type of unemployment?

If the quantity demanded is greater than the quantity supplied than there is a....

Economic equity means

This policy refers to taxes and spending by the government to influence the economy

What do price ceilings create?

What is the unit of study in Micro-Economics?

A increase in the international value of foreign currencies will create

What happens to the nation's money supply when the Federal Reserve sells government bonds

In which market structure does a firm have greatest control over its product's price?

Which of the following is an example of cost-push inflation?

A person who forms a business in order to make a profit

The Federal Reserve System which consists of the Board of Governors and the FOMC

Which of the following situations would shift the demand curve to the right?

The best example of cyclical unemployment is

The best example of a regressive tax in the United States which hurts low income earners

The Federal Income Tax is an example of which type of tax

If exports exceed imports than a country has a....

A point INSIDE the production possibilities frontier/curve illustrates which of the following?

The payment for land is

When a person's job skills do not match the economy's needs is what type of unemployment?

What is the basic problem of Economics that all nations face?

The three basic economics questions are answered by the government in this economic system

A tax on imported goods

According to the "Law of Demand" an increase in the price for a good or service will cause

What happens to price levels and Real GDP when the Aggregate Supply curves shifts to the right?

Increase in GDP, decrease in unemployment, increase in sales, and increase in inflation 

C+I+G+ F (X-M) is the formula for?

Land, Labor, Capital, and Entrepreneurs are the four

According to the Law of Supply an increase in the price of goods or services will cause a

Which institution has the highest interest rates on loans and provides loans to people with bad credit?

Movement along the production possibilities curve illustrates which of the following concepts?

In which market structure are products identical?

A limit on the amount of imports

Which of the following is the study of Macro-Economics?

Individuals and Businesses answer the three basic economics questions in this economic system

Which of the following by the Federal Reserve would increase the money supply?

The social science studying the allocation of scare resources and goods

The United States, Canada, and Mexico are members of what trade block?

When one country has the lowest opportunity cost for producing the good or service (reason for why countries trade)

Which of the following is NOT a basic economic question?

When the Federal Reserve lowers the discount rate what happens to Aggregate Demand?

A corporation MOST often seeks to increase its profit and expand the size of its operations by

The Federal Reserve (which consists of the Board of Governor which sits on the FOMC) conducts....

Definition of when a country imports more than it exports

New Technology will