Economics Final Exam Review

Which is the dollar value of all final goods and services and measures a country's output?

If there was a decrease in cost of production, what would happen to supply?

If you paid $8 for a movie instead of buying an $8 meal, what is the opportunity cost?

A market economy rewards people according to what?

Macroeconomics approaches the study of economics from the viewpoint of what?

If gas prices rise, what shift would happen to tires? Why?

Which decade were government assistance programs most effective at reducing poverty?

What is the purpose of government in a command economy?

What is equilibrium?

What does a trough indicate?

What is the term when actions in one country have an economic impact on what happens elsewhere?

In discussing taxes, what is the opposite of regressive?

The entry of women into American labor force during WWII changed the PPC/PPF. How?

Who is your favorite teacher?

This is the result of demand exceeding supply?

What is the term used for when the general level of prices rise?

What is the basic purpose of the consumer price index (CPI)?

This is the result of supply exceeding demand?

Which of these is demand most expected to decline by 2050?

What is the name for the characteristic of money that allows you to carry it a wallet or purse?

What is the type of unemployment that is natural in a free market economy due to career choice?

Which of the following most clearly indicates a way out of poverty?

What is the payment for Land, Labor, Capital, and Entrepreneurship?

What is likely to happen if a nation encourages entrepreneurship?

What is the term for the money used to buy the tools and equipment needed for production?

An economy at its production possibilities frontier (curve) is operating _________.

Which of the following would give an investor an overall picture of the value of the market?

Which is an example of a market economy?

Which type of organization may raise money by issuing bonds?

Which model is used to illustrate the concept of opportunity cost?

Which is an example of investing in human capital?

How did business cycles change after World War II?

Which is most important for economic growth?

What happens to price when their is a shortage in the market?

What is the main function of the entrepreneur?

How does labor and entrepreneurship interact?

Why was the FDIC created?

What basic economic problem do both higher and lower income nations have in common?

Which type of business organization has no limit to liability, short of bankruptcy?

In a free market system, what determines the actions of millions?