2024 Econ Final Exam

Strength: Lots of economic freedom and choice. Weakness: Unequal distribution of wealth, slowly adjust to change

Peaceful Meetings between labor unions and management to negotiate contracts and pay is?

Kennedi's "swag" Shoes and socks are examples of?

A tax that usually affects the poor more negatively than the rich such as DMV fees is called?

A type of merger in which firms involved in different steps of manufacturing like when Ford bought Goodyear?

The price of orange juice rises when a hurricane wipes out the crop in Florida?

The 4 Factors of Production are Land, Capital, Entreprenuers, Demand

Strength: Can adjust quickly to changes in market. Weakness: Little economic choice and poor quality products

Max profits of the production function always occurs in stage 3?

Of the 4 Roles of Government, which one creates and supplies parks, schools, and roads to the economy?

An increase in the income of most consumers will lead to...

If Wal-mart lowers prices trying to bring in more customers they are relying on?

To find your total cost of production you add your fixed cost to your?

Strength: Everyone knows their role. Weakness: Little innovation or change?

Which items below would be counted in GDP?

If the price of an item changes it will cause a...

Brandon's stuffed animal company that has business dealings in many different countries?

Frictionally unemployed is being fired or in between jobs. If its the time of year that makes you unemployed its?

Price is considered nuetral and...

A proportional tax comes out of your paycheck and...

If something goes wrong in the product market it will affect the factors market?

You buy 4 phones, one for each member of your family but don't want to pay full price for the additional 3?

The U.S Government provides 4 things. Which one prevents the sale of dangerous products?

_____ account for inflation and can measure GDP over long time, but ___ GDP only accounts for today's prices.

If suppliers suspect prices of an item will go up soon they will?

The FED raises the Discount Rate (% Rate) which is Contractionary Monetary Policy and will...

Government program to help people on welfare find work.

3 characteristics of rationing are it creates black markets, it is unfair, and ...

Trump's Tariffs and Quotas on foreign steel are supposed to be used to?

A downturn or recession in the economy usually leads to ______ unemployment?

Economics is the study of

Partnership between Reilly and Cassie where one has limited control and not part of the day to day.

Which would be an example of a negative externality of Bryanna's new casino down the street?

Which of Adam Smith's 3 theories below says competition moves the economy?

Which item below is inelastic? Small or large change in price, you are still buying it.

What are 2 characteristics of Trade-offs?

Which of the following demonstrates contractionary fiscal policy?

Structural Unemployment occurs when your skillis obsolete. A form of that is when a machine replaces you called?

The maximum legal price that can be charged and often leads to a shortage is a? (RENT)

Which of the 4 union/labor tactics below is an organized attempt to not buy a good or service?

Grandma's Social security and Medicare are paid for by ___ but when she dies it will be a ______ tax on her property?

Expansionary monetary policy is used during? (Pump $ in)

Which of these is NOT one of the seven economic and social goals of the U.S.?

When Supply is Greater than Demand it's a _____ and when Supply is less than less than Demand it is ______?

Tax: On the money you make_____. Tax on profits of businesses____

What, How, and for Whom to produce are the?