Consumer Econ Unit Review S2 15-16 RG

Manufactures benefit the most from competition.

A surplus causes prices to drop so supply can be reduced

Gdp measures goods and services ________

As the price of product drops, the quantity demanded increases, this is the law of demand.

When too much money is in the system, what tends to occur?

Which of the following is the best definition of the law of supply?

Apple comes out with the iphone 7, what happens to the demand of the iphone 6?

Congress oversees monetary policy

If we are headed for a recession you should be looking to buy a new car and consume more goods

GPS is a measure the Fed uses to determine the strength of the economy.

The point at which quantity demanded exceeds quantity supplied is the equilibrium price.

The main function of the Federal Reserve is to tax the people of the United States.

Which type of economic system provides the most amount of freedom for the consumer?

A shortage causes price to drop and demand to drop

Efforts to stabilize the economy through increasing or decreasing taxes is called?

___________ measures inflation.

Which is an example of a want

What would cause a negative shift in demand for herseys chocolate bars?

System in which decisions are based on customs and beliefs

<p>Recessions usually last how long?p>