ECONOMICS EOC REVIEW

42. Which of the following is not a function of money?

39. Inflation hurts _______ but can actually help ________.

9. Which type of economic system answers its question through supply and demand only?

34. If the government wants to slowdown the economy to prevent inflation they use:

1. Which of the following is not a factor of production

12. What state did this market reach?

43. The Lorenz Curve demonstrates:

21. Which type of business would have unlimited liability for the owner?

24. Which market features a few sellers who form a cartel to collude?

4. Positive incentives explain _______________.

35. In order to grow the economy, the Federal Reserve can:

29. Which of the following would be a public good?

16. Creating new technology would shift the supply curve __________ and prices would _________.

15. Which of the following would shift the demand curve?

28. The roles of the entrepreneur are:

40. During the Great Depression, the unemployment rate reached an all time high of:

6. An economic system which has some aspects of supply and demand and some aspects of gov't:

3. Which of the following would be considered an "inefficient" use of resources?

22. Standard Oil was __________ integration, U.S. Steel was _________ integration.

33. Who developed the idea of using government to enact fiscal policy instead of laissez-faire?

31. Which monopoly occurs when a business is better than its competition at providing goods?

2. Scarcity can be defined as:

25. If there are two gas stations at the exit and one closes, competition will cause prices to:

24. Which market features many sellers with price dictated by supply and demand?

47. Limiting the amount of imports to a country is known as a:

13. The amount that consumers will buy at each individual price is known as ____________.

24. Which of the following markets features one seller and many barriers to entry?

10. Adam Smith's idea that the market will find the right price based on supply and demand:

14. The reason entrepreneurs are willing to combine LLC and take risks is:

7. Private property rights are essential in this type of economy:

23. Whose goal is to fight for workers' rights using collective bargaining and strikes?

32. The flat tax becomes this type of tax in the real-world:

20. Why do individuals by stock in corporations?

18. What situation would occur if we impose a price ceiling?

5. The idea that two individuals will trade only when both sides agree is known as:

9. Which type of economic system answers questions through government control and rationing?

48. If you import more than you export your trade balance is

11. The law of demand states that:

37. What is calculated by: Consumption + Investment + Government Spending + Net Exports?

44. Which of the following includes liquid money like currency and checking accounts?

46. If the U.S. is better at producing corn than every other competitor, it has a __________.

38. Which stage of the economic cycle can be described as economic growth after a recession?

45. The primary goal of the Federal Reserve is to:

19. Inelastic goods have __________ substitutes and include:

18. What situation would occur if we impose a price floor?

32. The sales tax becomes this type of tax in the real-world:

49. When traveling to another country, you want your currency to be worth __________ its.

36. Which type of unemployment is caused by individuals changing careers?

47. In order to protect their domestic economy, many countries:

32. The federal income tax is an example of:

30. The vast majority of the federal budget is ___________ spending, which cannot change.

8. The production possibility curve demonstrates: