Economics Semester Review KS

In general, what type of economy does the U.S. have?

Customs & religion of previous generations determine how the economy will use scarce resources

Why invest in mutual funds instead of a single stock?

In every economic system, what must people choose to do?

Which of the following is a result of the specialization of labor?

Which of the following is the Rule of 72 intended to approximate?

What is the most basic economic issue for all societies?

Unlimited Wants + Limited Resources = ???

Which of the following is a characteristic of traditional economies?

In which of the following economic systems is the "factors of production" privately owned?

What is the greatest advantage to diversification in a stock portfolio?

To deal with the problem of scarcity, societies establish which of the following?

What is the main idea behind the study of economics?

What is the benefit of competition in a free market system?

Gov't sets quotas & prints and distributes posters to inspire workers to increase productivity

Which of the following describes a publicly held corporation?

How does the process of specialization change an economy?

Which strategy is most likely to improve a person's financial situation over his/her lifetime?

Jenny has enough $ to buy a CD or go to a movie. What is the choice that Jenny "gives up?"

In economic terms, what are land, labor, capital and entrepreneurship?

My shoes were designed in U.S. & assembled in Asia. What type of enterprise does this involve?

Which of the following statements will help to maximize your stock investment?

In economic terms, what is a "stock?"

In economic terms, what does the statement below mean?

B/c bonds are considered a safe investment, which characteristic would you expect them to have?

What is the primary incentive that motivates a manufacturer to sell a product?

Gov't owns all industries, sets production & wages, and provides all education and medical care

Jane won $2000 & plans to use the $ to pay her tuition in 4 months. Why use a savings account?

What is "compounding interest?"

Why is investing in a money-market mutual fund a higher risk than investing in a CD?

Which of the following describes what you are doing when you invest in a mutual fund?

A company decides to install more machines & lay off workers. Which economic "?" is addressed?

Which of the following is an opportunity cost of building a new public high school?

In a market economy, what is the government's role?

Which type of economy produces the highest standard of living for its citizens?

Which of the following will guarantee that a person will make money in the stock market?

Which of the following is true of an investment in bonds?

Which of the following is true of both a traditional economy and a command economy?