Economics Final Review

The Money supply is made up of

Each society determines who will consume what is produced based on

A ___ is a government payment that supports a business or market. (Government encouraging Prod)

This is a market dominated by a single seller.

Which of the following is an example of a durable good?

In general, if there is higher risk there is

In a general partnership, liability and responsibility are shared

Two types of money must be the same in terms of what they will buy, that means they must be ___

Actions taken by the Federal Reserve.

The Federal Reserve was created to

Which of the following falls in the category of skilled worker?

The dollar value of all final goods and services produced within a country's borders in a year.

What is the general term that refers to government assistance to the poor?

What factors create the phenomenon of the “invisible hand”?

The government's price floor on low wages is called the

If demand for a good is ___________ then consumers are NOT very responsive to changes in price.

When you get benefits from a certain good or service without paying, you are considered a

If a fund is available whenever a depositor demands it by writing a check, it is called a

What is the difference between a shortage and scarcity?

Any establishment formed to carry on commercial enterprises is known as a

This is a debt that the government or a corporation must repay to an investor.

The total amount of money the federal government owes is the

This is a period of economic expansion followed by a period of contraction.

The money an investor receives above and beyond the money initially invested is called

The purpose of both deregulation and antitrust laws is to

This is a semi-independent business tied to a parent company

The federal Government's use of taxing and spending to keep the economy stable is

Why do people need to buy and sell goods or services?

A(n) _________ is an arrangement that allows buyers and sellers to exchange goods and services.

This is a prolonged economic contraction.

This represents a portion of ownership in a company.

Which of the following is NOT a goal of unions?

The act of redirecting resources from being consumed now so they may create future benefits.

A merger of two or more firms at the same market with the same good or service is a

This is the doctrine that government should not interfere in the marketplace. (“Hands off”)

What is the source of fiat money's value?

This is a market structure in which a few large firms dominate the market.

When there are more revenues than expenditures in a budget you have a

The belief that the money supply is the most important factor in terms of macroeconomic perf.

This is earned when a stockholder sells stock for more than he or she paid for it