Economics Reviews

goods whose demand falls as income increases are

what diagram best demonstrates the characteristics of a free market economy?

M1/M2

True or False: The stock market is a safe investment for growing money

Market Economies are usually

what law describes the idea that producers are only willing to increase Q when price rises

to refuse to buy at a particular store or a particular product is called a

what is a disadvantage of a partnership?

some monopolies exist as a result of high start up costs; Govt regulates this to ensure quality

what basic priciples are fundemental to American Free Enterprise?

a stoppage of work

In economic terms, what is capital?

True or False: Demand is the desire, ability and williingness to purchase a product

government might provide this to a company to help ensure competitive product price (milk)

True or False: Consumer income, consumer tastes will not create change in demand

what is a disadvantage of a sole proprietorship?

All of the following are factors of production EXCEPT

What is NOT a characteristic of a perfectly competitive market?

The head of the Federal Reserve has the _____ to make markets listen when she /he speaks

A concept that means there are costs to every action

the more degrees or certifications means you can earn more money, this is

When considering the Circular Flow diagram, all of the following are parts of it EXCEPT

settling a labor-management dispute using a 3rd party to decide the issue is

Risk takers are also called-

We value diamonds more that water

"the critical ingrediant is doing something. "  the statement covers what factor of production

the power of consumers to decide what gets produced is

banks must keep these on hand to meet the requirments of the Federal Reserve

this is used to create a supply or demand graph

how does a market economy have an advantage over a command economy?

money declared by a government is called

if a product is a normal good, what can cause a shift to the left on a demand curve?

True or False: Prices serve as signals in an economy

The _______ are credited with the development of money.

serves as the national bank of the US

True or False: Utility is the satisfaction you get from using one more part of a product

All of the following are points on a PPF EXCEPT

the term that means " all things held constant"

business cycles occur in free enterprise systems because

where as a condition of employment you must join a union

states where you do not have to belong to a union to be employed

This notice on a banks door lets you know that deposits are safe in case of a problem

If Mr. Hoog needs to purchase his inhaler even if the price increases, the medicine is

a condition where non union employees benefit from union activiites without paying dues

If a pizza cafe increases the price of a slice from $1 to $2, what will the consumer do?