Economics Final Review

tax on people’s earnings

What organization oversees the trading of stock in the United States?

The main purpose of anti-trust laws is to

Federal programs that must receive annual authorization by Congress

strong market with prices moving up for a long period of time

An advantage of a corporation is that

What do right-to-work laws prohibit?

When labor and management ask a third party for a non-binding recommendations, they are using

The amount of usefulness a product has after being purchased is called

A merger of corporations involved in different steps of manufacturing or marketing is known as

The purpose of government in a command economy is to

An individual that is seeking out products or services is a (an)

When companies combine one or more other companies

What is the single most important source of revenue for the national government?

total product a firm must sell to cover its total costs

Which one of the following is not a stock index?

The type of loan people use to finance their homes is called a(n)

Perfect competition is characterized by all of the following EXCEPT

All of the following are methods used by unions EXCEPT

Ann earns $10,000 and pay a tax of $1,000. Jeremy earns $60,000 and pays taxes of $20,000.

How many units are consumers interested in purchasing at a price of $2 a unit?

The Fair Labor Standards Act

Which of the questions is not necessarily a concern with every economic system?

How do consumers exercise their power in the American economy?

The largest stock exchange in the world is the

Budget in which spending equals revenues

tax levied on property left to an heir when a person dies

Land, labor, capital, and entrepreneurs are the

The largest category of spending for most local governments is

The United States has a

The individual income tax is a(n)

At a price of $4 a unit, how many units are suppliers willing to provide?

Accumulation of products that are tangible

On what date does the fiscal year begin for the federal government?

listing that shows quantities demanded of a product at all prices

mass refusal to buy products from targeted companies

A risk-taker in search of profits is known as a(n)

Which of the following is an example of a service?

When supply and demand are equal

What is the fundamental problem of economics?