Economics Final Review

When analyzing advertisements, you should ask if it...

The philosophy that government should not interfere with business...

Amount of a product that could be bought at all possible prices in a market is known as...

A situation in which the quantity supplied is equal to the quantity demanded is known as...

Which type of econ system allows private individuals rights to own the factors of production?

Profit is maximized when marginal cost is...

The $ value of all final goods/services produced within a nation's boarders in a year is...

The renewable resources that contributes most to our energy today is...

Tobacco and cattle are considered to be what form of money?

The most important function of the Federal Reserve is...

A non-bank financial institution that specializes in making loans directly to consumers is...

An enterprise that does not pay taxes is know as...

A trade-off for investing in real estate would be...

A 12-month financial planning period that may or may not coincide with a calendar year...

A system of allocating goods and services without prices is known as...

This regulates the sale of stocks in a corporation.

Taxes on imports designed to increase their prices in the domestic market...

Money spent on a DVD is called __________ income.

Non-profit organizations may...

When interest rates rise, the amount of credit sought after usually...

The gift tax is used to prevent people from avoiding the...

Gasoline taxes are good examples of...

Which of the following conditions is characteristic of a healthy economy...

The census is taken how often?

A government document granting permission to create a corporation is called...

The basic problem of economics is...

Cost-benefit analysis that compares the extra benefits to the extra costs of an action is...

Money paid for the use of another's money is...

What marked the beginning to the Great Depression in 1929?

What type of currency does over half of the European Union use today?

The profit-maximizing quantity of output is found where...

During a period of inflation, the average consumer...

Activity that urges the public not to buy from certain companies is known as...

Who is considered: protector, provider regulator, and consumer in the U.S.?

An economy with high unemployment and acute shortages is known as...

Who does the FDIC protect?

A government payment made to encourage or protect a certain type of economic activity is...

4 broad categories of unemployment are cyclical, structural, seasonal and _______.

Money loses its value when it ...

In a pure market economy, producers of goods/services make decisions based on...

Economic system that combines command, market, and traditional systems is...

____________ is anything producers use to produce goods and/or services.

Economic theory that deals with behavior and decision making by individuals and businesses...

Government health care for low-income earners is...

Companies issue stocks in order to...

_______ is the quality of life based on the ownership of things that make life easier.

Stocks represent ___________ while bonds represent ____________.

This cost changes when the business's rate of operation or output changes...

The lowest legal price that can be paid for a product is known as...

A situation in which the quantity supplied is greater than the quantity demanded is known as...

A high tax placed on socially undesirable products is...

There are 5 factors of production:  Land, Labor, ___________, Entrepreneurship, and Technology.

________ is the desire, ability, and willingness to buy a product.

A legal order from a court preventing an activity such as a strike is known as...

A method management uses against striking employees is...

Buying 1 drink instead of 2 drinks at lunch time describes what concept?

A monopoly based on the absence of other sellers in certain locations is called...

Act of buyers and sellers engaging in market transactions is known as...

The purchase of one corporation of another is called...

Situation where some necessities have little value while non-necessities have higher value is..

When businesses agree to charge the same or similar prices for products this is known as...

_______ is a partial refund of the original price of a product.

This system breaks down a job into small tasks...

ALL activity in regards to producing goods and services in a nation represent its...

An invisible barrier that hinders women and minorities...

What is the most common form of business organizations in the U.S.?

A 3rd party tries to get both union and management to reach an agreement (not binding)...

A business cost that does not change even if there is little or no activity is known as...

This is the interest rate banks' best customers pay for borrowing money.

Costs for electricity, shipping, and labor are examples of...

An organization working to obtain better wages and working conditions for its members...

Process where unions and management meet to negotiate conditions of employment...

In a command economic system, major economic decisions are made by...

Exceptions to avoid paying taxes is known as...

Exceptionally risky bonds are known as...

A line-item budget expense that benefits a small group of people is...

Factors affecting wages are...

An increase in the price of milk causes a decrease in the demand for cereal. These products are

Small loans made to mostly women for projects to generate income is known as...

Total costs is the sum of...

Which of the following is a non-profit business?

A loose-money policy may encourage...

This money has value only because of government order...

Which is true about REAL GDP...

This is the branch of the Treasury Department in charge of collecting taxes...

Money accepted as payment of public and private debts is known as...

The ability to start a new business is called...

This is a non-cash charge a business takes for the general wear and tear on its capital goods.

Rent payments and property taxes are counted as...

Basic ownership in a corporation that includes voting rights is through...

The maturity of a bond is...

The largest source of revenue for states is...

Federal Income Tax is an example of which tax?

The following are considered needs EXCEPT...

This is a federal tax used to pay for Social Security and Medicare...

Electronic business or exchange conducted over the internet is known as...

The use of science to develop new products and methods is called...

The minimum wage is an example of a federal law that supports...

A tax levied on most consumer purchases is...