Economics Semester Exam Review

A situation in which quantity supplied is greater than quantity demanded?

An advantage of this business organization is that it has limited liability

Identify the graph

All of the following can cause an increase/decrease in SUPPLY except..

__________ markets steadily move upward, while ____________ markets steadily move downward

The situation in which quantity demanded is greater than the quantity supplied

To decrease the money supply, the Fed can

Identify the graph

What should be included where the question mark appears in the illustration?

An examination of economic behavior of individuals and firms is known as?

The market structure that the letter "C" in the table represents

What is an example of an inelastic good?

What is the basic problems of economics?

Low interest rates will

I refuse to work for less than $100/hour. I am frustrated and given up. Counted in labor force?

Which of the following would NOT affect the DEMAND for a product?

A disadvantage of this business organization is double taxation.

Which letter represents a phase of the business cycle in which real GDP is decreasing?

Which country is an example of a Command Economy?

Which Act was the first legislation to limit and control monopolies?

Movie Trivia: What color was Chris Gardner painting his apartment when he was arrested?

Investing $ in many different places such as the stock market and bonds would be an example of?

Identify the graph

What country has a market economy?

Law of Supply: As the price of a good rises, the quantity supplied will....

Movie Trivia: What NFL game did they attend in Pursuit of Happyness?

In a free enterprise economy, who decides what should be produced?

The five factors of production are: land, labor, entrepreneurship, technology, and ___________?

What is the purpose of the government in a command economy?

According to the supply curve above, 400 movie videos will be supplied at what price?

During periods of inflation, people living on a fixed income (retirement) have..

An advantage of this business organization is that the owner gets to keep all the profit

If a major car company lowers its prices, other car makers will probably...

Movie Trivia: What airline did Frank pretend he was with when impersonating an airline pilot?

Which letter would the fast food industry represent?

The type of investment that carries the greatest risk

A long term tax-sheltered investment for retirement

Identify the graph

He said that the government should keep its hands off the economy in a Laissez Faire policy

All of the following are included in GDP except:

Unemployment: Henry has recently moved from NY to IL and is looking for a new job

Movie Trivia: What class was Frank teaching when he was pretending to be a substitute?

Movie Trivia: How much money did Wayne owe Chris when he told him you owe me money? (POH)

Stock index that lists 30 of the largest American companies

If the price of new automobiles goes up, then the demand for used cars will?

Henry Ford's assembly line would be an example of?

PNC and Chase are attempting to merge. What type of merger would this be?

What is the least common form of business organization in the U.S.?

A portion of a corporation's profits paid to its stockholders

When someone saves money, who does this benefit?

Most savings institutions in the U.S. are insured by the FDIC for up to $____________?

Unemployment: Selena lost her job during the recession as businesses cut back on their spending

The number of district and branch banks that make up the Federal Reserve

Social Security and unemployment are an example of which social/economic goal of the U.S.?

If an investment has a low risk, what type of return can you usually expect?