Econ Final Review

Which of the following is NOT a part of the business cycle?

A shortage of potatoes has cause the demand to rise significantly, How do we if it quickly?

A person who loses his job because people buy online instead of in stores

The value of one nation's currency in relation to another nation's currency.

If the price of something goes up and demand drops, the good or service is said to have

if we are in debt, why not just print more money?

Which of the following causes a production possibilities frontier to shift to the right?

What is the profit motive?

the ability to produce a good with the greatest efficiency is called

What disadvantage do partners and franchisees share?

How the cost of an item changes the supply is shown on a

Why do some think rationing is bad

someone who stopped looking for work

Coins last a long time shows

Which advantage of a sole proprietorship could also be a disadvantage?

An excise tax will often

Land, labor and capital are

Hotel and airline industries were hit especially hard by

which of the following would lower costs in the US

What typically happens when a market is thrown into disequilibrium?

having to find someone who has what you want and you have what they want is a negative with

if owners get together to set prices, and it causes people to pay too much...

Who is moving from a manufacturing economy to a service producing economy

Torchy's Tacos has raised their prices so I buy an Egg McMuffin instead. This is an example of

What is under-employment

As supply increased prices drop.

a recession is when

According to the law of demand, when the price of pizza goes up,

What goods/services should be produced, how should they be produced and who will consume them?

store of value, unit of account and medium of exchange

spending that Congress is required by existing law to do

demand is the desire to own something and

One reason women MAY not be getting top jobs

Who takes risks to acquire profits

This part of the Constitution helps protect American's property rights.

If there is no cyclical unemployment then it is said

which is likely to have the most inelastic demand

entitlement programs effect the fiscal policy

The use of the right monetary policy tools at the right time can help

watching on demand movies instead of going to the movie theater

What should a business do if fixed costs exceed revenue?

Who regulates the stock market

Why is there scarcity

children’s wood blocks, dry pasta, plain t-shirts

Which is not a a characteristic of monopolistic competition

Foreign investment is

When Iraq had Kuwait's oil fields, what did that do to Iraq's production possibilities curve?

a business owned by an individual

A monopoly is

if other market factors remain constant