Economics Test Review

What does the RED section of the graph represent?

All economic questions are answered by the government in which economic system?

No economy is purely any one economic system.

What type of US economy did colonists barter with goods and services?

What type of US economy did the Industrial Revolution occur?

What is a rivalry that exists between two businesses selling the same product?

Which country below is an example of socialism?

What indicator tells us that the cost of living is getting more expensive?

What market occurs if supply is greater than demanded? 

GDP is at its highest and unemployment is at its lowest in this stage.

Historically, which stage do many big businesses begin during?

What line on the graph does A stand for?

What point on the graph does C stand for?

What are raw materials that are found in nature?

What type of US economy did rapid movement of information occur?

What are things that add to the comfort of our lives, sometimes referred to as luxuries?

What market occurs if supply is less than demanded? 

What is the rise and fall of economic activity over time?

What stage is also known as a trough, this stage can last six months or more?

What type of US economy was farming the common way of life?

What line on the graph does B stand for?

Which of the following is NOT an economic question that define a nation's economic system?

Which country below is an example of communism?

What is human effort used for production?

This occurs when supply is greater than demand.

Which mixed economy is characterized by government control?

How many steps are in the decision making process?

What is the number of people who are willing & able to work but cannot find a job?

Which economic system is characterized by marketplace competition and no government involvement

Which of the following is a service?

What is the United States' rank in the worlds for GDP as compared to other nations today?

Two or more businesses that offer dissimilar G&S that may substitute for each other are called.

Which mixed economy is characterized by total government control?

What type of resources include: buildings, machinery, and tools?

What are things that are satisfied through the efforts of others?

What is the point at which producers receive maximum profit?

In this law, as price increases, quantity also increases.

Examples of this include food, water, clothing, and shelter.

GDP is increasing, unemployment is decreasing in this stage of the cycle.

Which is a competition?

What are tangible objects?  Things that you can see and touch?

Which mixed economy is characterized by private ownership of business and competition?

What does the BLUE section of the graph represent?

What is a depression sometimes referred to?

Which mixed economy is similar to capitalism, but with greater government involvement?

What type of US economy  was farming the common way of life?

What is the sum of all goods and services produced within a country in a given year?

What are figures used to measure the performance of a nation's economy?

What class does Mr. Donovan teach?

Which of the following is a good?