FINAL

Question 1

Government revenuecollection (mainly taxes) and expenditure (spending) to influence the economy

Accepted Answer

Fiscal policy

Question 2

A limited quantity ofa product under official controls can be produced, exported, or imported

Accepted Answer

Quota

Question 3

inflation rate is high, the economic growth rate slows down, and unemployment remains high

Accepted Answer

Stagflation

Question 4

Who benefits from inflation?

Accepted Answer

people in debt

Question 5

the next best choice given up when people, businesses,and govt face scarcity by making choices.

Accepted Answer

Opportunity Cost

Question 6

Government- or group-imposed price control or limit on how low a price can be charged

Accepted Answer

Price Floor

Question 7

Aggregate Demand is...

Accepted Answer

demand for all goods and services

Question 8

The graph shows the various combinations of amounts of two commodities that an economy can make

Accepted Answer

Production Possibilities Frontier

Question 9

competition such that many producers sell products that are different brands or quality

Accepted Answer

Monopolistic Competition

Question 10

As the price of a good increases, the quantity of goods that suppliers offer will increase

Accepted Answer

Law of Supply

Question 11

Your insurance premium is

Accepted Answer

your monthly payment

Question 12

a basic condition that exists when unlimited wants exceed limited productive resources.

Accepted Answer

Scarcity

Question 13

Monetary Policy is done by

Accepted Answer

The Federal Reserve

Question 14

The total supply ofgoods and services produced within an economy at a given overall price level

Accepted Answer

Aggregate Supply

Question 15

the cost or benefit that affects a party who did not choose to incur that cost or benefit.

Accepted Answer

Externality

Question 16

A company or group of people authorized to act as a single entity(legally a person)

Accepted Answer

Corporation

Question 17

When there is a mis-match between the jobs available and the skill levels of the unemployed.

Accepted Answer

Structural unemployment

Question 18

All firms sell an identical product

Accepted Answer

Perfect Competition

Question 19

Typically a ban on trade, possibly limited to certain sectors such as armaments

Accepted Answer

Sanction

Question 20

Cyclical unemployment happens during a...

Accepted Answer

recession

Question 21

The degree to which a demand or supply curve reacts to a change in price is

Accepted Answer

Elasticity

Question 22

To impose an official ban on (trade or a country or commodity)

Accepted Answer

Embargo

Question 23

Mutual Funds are....

Accepted Answer

generally a safe investment compared to individual stocks, a bunch of stocks put together

Question 24

In the Circular Flow Model, Businesses are the buyers in the _________.

Accepted Answer

Factor

Question 25

A tax system thatrequires the same percentage of income from all taxpayers

Accepted Answer

Proportional tax

Question 26

The branch of economics that analyzes the market behavior of individual consumers and firms

Accepted Answer

Microeconomics

Question 27

value of all the finished goods and services produced in a country's borders in a specifictime

Accepted Answer

Gross DomesticProduct

Question 28

Savers want a _________interest rate

Accepted Answer

High

Question 29

owned and run by 1 person and there is no legal distinction of the owner and the business

Accepted Answer

Sole Proprietorship

Question 30

social ownership of the means of production and co-operative managementof the economy

Accepted Answer

Socialism

Question 31

financial support extended to an economic sector with the aim of promoting economic policy

Accepted Answer

Subsidy

Question 32

Encourages one to do something or a payment or concession to stimulate greater output

Accepted Answer

Incentive

Question 33

Measures changes in the price level of a market basket of consumer goods and services

Accepted Answer

Consumer PriceIndex

Question 34

Monopolistic Competition...

Accepted Answer

Has many sellers with similar products

Question 35

A fall in GDP intwo successive quarters

Accepted Answer

Recession

Question 36

develops a business model and is fully responsible for its success or failure of a business

Accepted Answer

entrepreneur

Question 37

tax that takes alarger % from the income of high-income earners than it does from low-income

Accepted Answer

Progressive tax

Question 38

Which is better for savers over time, compound interest or simple interest?

Accepted Answer

Compound

Question 39

The national debt is...

Accepted Answer

all the yearly deficits added up

Question 40

Why is he worse off?

Accepted Answer

He is losing 1% purchasing power

Question 41

Borrowers want a _________interest rate

Accepted Answer

Low

Question 42

Who loses from inflation?

Accepted Answer

People on a fixed (not changing) income

Question 43

NAFTA is an example of

Accepted Answer

Free Trade

Question 44

A situation in which a particular market is controlled by a small groupof firms

Accepted Answer

Oligopoly

Question 45

In the circular flow model, Households are the sellers in the __________market.

Accepted Answer

Factor

Question 46

The value ofthe best alternative forgone or given up

Accepted Answer

Opportunity Cost

Question 47

Land, Labor, Capital and entrepreneurship are the?

Accepted Answer

Factors of Production

Question 48

The total demand forfinal goods and services in an economy at a given time

Accepted Answer

Aggregate Demand

Question 49

Government-imposed price control or limit on how high a price is charged for a product

Accepted Answer

Price Ceiling

Question 50

The rate at which one currency will be exchanged for another

Accepted Answer

Exchange Rate

Question 51

Distribute (resources or duties) for a particular purpose

Accepted Answer

Allocate

Question 52

A controller for an XBOX 1 would be considered a

Accepted Answer

Complimentary Good

Question 53

The tools of fiscal policy are...

Accepted Answer

Taxing and Spending

Question 54

Unemployment that relates to the cyclical trends in growth and production

Accepted Answer

Cyclical unemployment

Question 55

The value of all final goods and services, produced within a countries borders is

Accepted Answer

GDP

Question 56

Fiscal policy is done by...

Accepted Answer

The Govt. (president and congress)

Question 57

limited need for a type of work based on factors like deadlines or climate.

Accepted Answer

Seasonal unemployment

Question 58

The actions of acentral bank that determine the size and rate of growth of the money supply

Accepted Answer

Monetary policy

Question 59

In perfect/Pure competition, the only thing sellers compete on is...

Accepted Answer

Price

Question 60

Additional utility that a person receives fromconsuming an additional unit of a good or service

Accepted Answer

Marginal Benefit

Question 61

Unemployment that is always present in the economy

Accepted Answer

Frictional unemployment

Question 62

Says that the higher the price, the lower the quantity demanded

Accepted Answer

Law of Demand

Question 63

Structural unemployment is...

Accepted Answer

lacking the skills for a job

Question 64

Deficit spending is when the govt.

Accepted Answer

spends more $ than it takes in taxes in a year

FINAL

Questions 75

FINAL

Questions 75