Final Review

Which of the factors of production involves taking risks and combining resources to produce a good or service?

Land, labor, capital, and entrepreneurs are the

All of the following are advantages of the market economy EXCEPT-

Which of these ensures that the U.S. government does not own the Fed?

Ryan trades his skateboard for Sam’s football. What is this exchange called?

Which of the following transactions would take money directly from your checking account?

A government budget deficit exists when

What are the borrower’s key obligations under a loan agreement?

A protective tariff is used to

A low credit score can negatively affect a person’s ability to -

How does the government operate in a free enterprise economy?

Which of the following individual(s) should consider purchasing housing rather than leasing or renting?

Highways, Parks and National Defense are examples of

consumer loans and most popular ones include mortgages, home equity lines of credit, credit cards, auto loans and

Students applying for financial aid to attend college usually need to

Protection from layoffs, illnesses, injuries or disabilities falls under the goal of _______ .

Which of the following helps determine something’s value?

The purpose of bankruptcy laws is to -

Societies are faced with which three basic questions about production of goods?

• Single Ownership • No Sharing of Profit and Loss • Unlimited Liability • One Person Control

Which of the following is NOT a good idea for getting out of credit card debt?

A government budget surplus exists when-

Which program provides part-time jobs for students allowing them to earn money to help pay for school?

Under perfect competition, what sets the equilibrium price in the market?

When considering donating to a charity

The Business Cycle) Point B on the graph shows

Marti paid to get her haircut. At the hair salon, she also bought some shampoo.

Which of the following occurred as a result of the Sherman Antitrust Act?

The most aggressive way to obtain a better return for your retirement is -

If you want to establish a new small business, which of the following is the first step recommended by the U.S. Small Bu

What is GDP in this economy?

Economics is best defined as the study of how societies deal with

An advantage of a corporation is that

We form capital when we use savings for

What is the main difference between a private and federal student loan?

One reason the federal government might reduce taxes is to -

Which is NOT a type of business organization?

Scarcity in economics means

Fiscal policy is defined as

Free Money•Do not have to be repaid• •Usually awarded to students with financial need 

Which of the following is the single largest source of federal revenue?

An economy’s potential output at any time is limited by

Gross domestic product (GDP) is a measure of

When a chef creates a dinner plate for a customer, which of the following represents the physical capital resource?

Scholarships are almost always related to ____________.

When economists divide the number of employed to the unemployed, the result is the

An economy will typically experience a decline in its unemployment rate when there is

Most banks and credit unions offer the following types of accounts except.

The amount of output in a specific amount of time with a given amount of resources is referred to as

The purpose of buying insurance is to

“Paying yourself first” is a strategy to -

Opportunity cost is

The three synonymous terms to describe the U.S. economic system are free enterprise system, capitalism, and - 

Inflation is an increase in

Your portfolio is diversified. You have __________ investments.

The movement from B to C is called:

The control of the money supply is the main responsibility of the