Economics

Which of the following is a primary economic consequence of a country pursuing a policy of strict isolationism?

What is the primary benefit of specialization and trade based on the principle of comparative advantage?

The government owns and controls the factors of production and makes the basic economic decisions.

Legislative changes in government spending or taxing to promote full employment and price stability.

The amount of a product that producers can provide is called _______

Which are fringe benefits provided by an employer?

Created in 1912, the ________ was created for the purpose of stabilizing the economy and serves as our Central Bank.

Both individual citizens and government play roles in the production and distribution of goods and services.

A risk taker who starts, creates and manages a new business is called a/an_______?

What does the interaction between supply and demand decide?

_______, such as grocery bills, may change from one pay period to the next.

Time, money, labor, tools, land, and raw materials—exist in limited supply. Not enough resources to meet needs...

A risk taker who starts, creates and manages a new business is called a/an_______?

When supply is high and demand is low, the price of an item will be -

The amount of product or service that customers are willing to buy is called_______

Which of the following is an important feature of capitalism?

The law of demand says that when product prices are

______ is the ability to turn savings back into cash. (Available funds)

The three basic factors of production are?

When government spending exceeds revenue.

Which of the following best describes comparative advantage?

A tax on imports?

_______, such as rent, remain the same in each pay period.

The FED could increase interest rates by

The policy, process, or result of preventing the expansion of a hostile power or ideology.

Things that are required in order to live are known as _________?

Assistance in rebuilding homes after a natural disaster is a benefit of

Government spending stimulates private investments. 

Government spending and taxing programs that automatically reduce fluctuations in disposable income and consumption.

 Private investment falls when large government deficits drive up interest rates.

An economy in which individuals compete for customers to get the best prices they can for goods and services.

What payment do producers exchange for the use of labor?

Money has 3 main functions, they are, ________,__________ and ___________.

When a decision is made, the next best alternative not selected is called?

 The limit on the total amount of money the federal government can legally borrow.