Economics Exam Review

What does # 3 in the business cycle represent?

What is the term for the value of goods and services produced in a country in one year?

What does #4 represent in the circular flow model? (Inside: Money, Outside: Resources)

Who guides the choices in a free market economy?

In this type of economy, choices are made by the government.

What is the current price for a share of stock in McDonald's?

Which number shows a contraction in the business cycle?

Which president is on the fifty dollar bill?

What is true of point E in this Production Possibilities Frontier?

What is the term for a person who takes on the financial risk of starting a business?

How would the graph change if supply decreased?

What was the last dividend paid on one share of McD's stock?

What most effects the elasticity of supply?

What fundamental economic problem affects all societies?

According to this idea, the market economy will be better without government regulation.

What are the alternatives given up when you make a choice?

What change would occur if the price of coffee beans increased?

In this type of economy, there is a combination of individual choice and government regulation.

What does #2 represent in the circular flow model? (Inside: Money, Outside: Resources)

Rent control would likely lead to a ______________ of rental housing.

What is the graph below showing?

What might cause the demand for raisins to increase?

What is the opportunity cost of increasing production from 4,000 trucks to 7,000 trucks?

Which of the following is not on the back of a one dollar bill?

The amount of change in quantity supplied or demanded due to a price change

Communist countries have a _____________ economy.

What does # 1 in the business cycle represent?

I want less of this when my income goes up.

Rent control is an example of a _______________.

The United States and Canada have a ____________________ economy.