Economics Final Exam

Which of these best names the policy implemented by the Fed when a short term expansion of the economy is called for?

Which of the following is a disadvantage of a market economy?

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Socieities are faced with which three basic questions about production of goods

How do economists use aggregate supply and demand curves?

Most successful investors invest

The Sherman Act, the Clayton Act, and the Federal Trade Commission Act were all designed to

Opportunity cost refers to

Why is it important to live on a budget?

In which of these systems is the govt most likely to provide people with goods & service thye could not otherwise afford

Supply-side policies aim to

What are the characteristics of demand

Which of these describes a general connection between the money supply and interest rates?

Which of the following replaces a costly item with a less costly one?

What do most economists believe is the most efficient way to allocate resources?

How does population growth affect a country's natural resources?

When two companies that produce the same kind of product merge, this is called a

What does a stockholder hold?

Which of following would give an investor an overall picture of the value of the market

Which of these will mostlikely create a challenge for our nation within the next few decades?

What do state governments spend the most on?

The risk of ending up with the equivalent of a never-ending loan is one the disadvantages of using

Which of the following terms describes a strong stock market

Which of the following would not be considered part of a nation's GDP?

A business run by a single person is a

Which of these is an accurage statement about mixed economies today?

Which activity is illegal in a state with a right to work law?

. ​A decline in real GDP lasting at least two quarters or more is called a

What does a protective tariff seek to protect?

Inflation causes people to

When deciding how to use resources, you need to evaluate the costs & benefits of each choice to decide this is called

The three synonymous terms to describe the US economic system are free enterprise, capitalism, and

What motivates people to work, save, and invest

Economics is best defined as the study of how socieites dela with

A woman borrows money to buy a house, if she doesn't pay the money back, she loses the house. What is the house?

Equilibrium is reached hwne what occurs

What is the main advantage of a mutual fund for an investor?

Which of the following is one of the three functions of money?

What are the causes of price changes most of the time?

The level of produciton that genrates just enough revenue to cover its total operating cost is called