Which are examples of demand shifters?

Changes in the number of consumers, Changes in consumer expectations

Examples of economic indicators in Free economies are

Open to foreign trade, No government interference with the market

Someone who has a vertical monopoly…

Controls all stages of the production process

Examples of economic indicators in Repressed economies are

Personal property is NOT protected, Government owns the banks

Who makes up the labor force?

People that are over 16 and working or looking for work

What does the takings clause require the government provide?

Provide people with fair compensation

Someone who has a horizontal monopoly…

Has complete control over 1 stage in the production process

Which is the BEST example of Utility?

How good you feel when you eat your favorite food

What is a Labor Union?

Workers who have organized to improve working conditions

The law of demand states

As price increases demand decreases for that good or service

Which are examples of supply shifters?

Changes in Technology, Changes in producer expectations

How does specialization make us better off?

Provides us with better goods, Increases productivity

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Economics Final Exam Review

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Review for economics final exam

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Questions 25

Answers

1
Shortage is…
Both A & B
Present because we have unlimited wants
Only temporary
Always going to exists
2
What president enacted the New Deal?
Franklin Delano Roosevelt
Theodore Roosevelt
Donald Trump
George H. Bush
3
What group(s) receive(s) information from the price of a good or service?
All of the above
Consumers
Producers
Workers
4
Which are examples of demand shifters?
Changes in the number of consumers
Changes in producer expectations
Changes in Technology
Changes in consumer expectations
5
What was the main industry in the 20th century?
Service
Farming
Military
Manufacturing
6
Who was Adam Smith?
Adam Sandler’s Uncle
The Father of Modern Economics
A Frenchman who helped the U.S. gain it’s freedom
The Father of the Bank of America
7
Examples of economic indicators in Free economies are
Government owns the banks
Open to foreign trade
Personal property is NOT protected
No government interference with the market
8
Someone who has a vertical monopoly…
Controls all stages of the production process
Must have a geographical monopoly
Has complete control over 1 stage in the production process
Has to pay an extra 1% tax
9
Examples of economic indicators in Repressed economies are
Personal property is NOT protected
Government owns the banks
Open to foreign trade
No government interference with the market
10
Which document gives the U.S. government the right to be involved in the economy?
Bill of economic interventions
Declaration of Independence
The New Deal
Constitution
11
How does the government redistribute wealth?
All of the above
Earned Income Tax Credit
Unemployment Insurance
Welfare
12
Which of the following is NOT one of the three basic economic questions?
Where will it be produced
How will it be produced
For whom will it be produced
What will be produced
13
Which of the following is not one of the four economic systems discussed in class?
Government
Mixed
Market
Traditional
14
Which of the following are common resources?
Government taxes
Air
Water
Oil
15
Who makes up the labor force?
People over 16 that are working
People that are over 16 and working or looking for work
All people over 18?
People over 18 that are working
16
Which of the following is not a good?
Food
Cars
Clothing
Plumbers
17
What does the takings clause require the government provide?
Provide people with fair compensation
Both B & C
Have a community vote
Pay the person two times the value
18
Someone who has a horizontal monopoly…
Has to pay an extra 1% tax
Must have a geographical monopoly
Has complete control over 1 stage in the production process
Controls all stages of the production process
19
Which of the following is not one of the “Factors of Production”?
Capital
Labor
Businesses
Land
20
Scarcity is…
Both A & B
Only temporary
Always going to exists
Present because we have unlimited wants
21
Which is the BEST example of Utility?
How good you feel when you eat your favorite food
The amount of money you make when selling a good or service
The quality of work you do
How much it costs to produce a good
22
What is a Labor Union?
An old train station in New York City
Workers that have bad bosses
Workers who have organized to improve working conditions
When two people get married
23
The law of demand states
As price increases demand decreases for that good or service
Actions of people have unintended effects
The government has the right to control demand for a good
The more of a good is consumed the less we benefit
24
Which are examples of supply shifters?
Changes in the number of consumers
Changes in Technology
Changes in producer expectations
Changes in consumer expectations
25
How does specialization make us better off?
None of the above
Provides us with better goods
Causes people to lose their jobs
Increases productivity

Economics Final Exam Review Flashcards | StudBud