Duplicate of Duplicate of Economics Final Review

workers wages are an example of

In which, economic system, do individuals answer the basic economic questions

which of the following is an example of a price ceiling

Because it falls more heavily on people in lower-income groups, sales tax is a 

A company might improve efficiency by

The minimum wage is a

Making the best use of scarce resources is called economic

In which economic system are the answers

The corporate financial instrument that provides guaranteed divides is

The most common type of business organization in the USA is

According to Adam Smith, the "invisible hand" leads individuals to do what's best for society

The amount of income that consumers have available to spend on goods and services is called

if Visitors from another country tried to use their own currency in the US, it would not be

The economic condition that exists between businesses that sell the same product is called

When the quantity demanded is greater than the quantity supplied at a particular price, a

Which of the following forms business organizations doesn't focus on financial gain for members

National defense, the judicial system and law enforcement are examples of public 

What kind of monopoly does the granting of patents encourage

When the US gov. prints a piece of paper the worlds "this note is legal tender for all."

Since partners share business losses, they have an advantage over the sole proprietorship in

A person who leaves a job to look for a better one is an example of

Which of the following would be a factor of production?

The economic system in which the basic economic questions are answered by government planners

The 2 goals of economic stability are 

The individual income tax

If the cost of a product represents a large portion of a person's income it will tend to have

The local cable-television market is an example of an 

The most common way that corporations raise funds is by

The chief advantage of sole proprietorships is that they are

Food, clothing, and shelter are examples of human

Ticket scalpers are an example of 

Many governments outlaw black market activity because it defeats the very purpose of a

The additional costs of producting one more or one less unit or output are called

Which of the following is a market structure dominated by a few large sellers

What is is called when companies openly set the supply and price of the item

Under perfect competition, products maybe

Construction of a new shopping mall is an ex of an item that would be included in what 4 sector

What's the main form of communication between producer and consumer in a free enterprise market

Which phase of the business cycle is characterized by economic growth

People are forced to make decisions about how to use resources effectively because

When a college sets aside event tickets for its students and alumni it has imposed a 

Ownership of private property is a characteristic of

Which of the 4 sectors that makeup GDP would the purchase of airplanes in the US airforce be

The prime rate is the interest rate 

If the # of workers increases faster than their productive capacity, standard of living will

When the quantity supplied is greater than the quantity demanded at a particular price, a

To set their products apart from those of their competitors, sellers in monopolistic market use

Purchase of a new washing machine would be included in which of the following 4 sectors of GDP

Which phase of the business cycle is characterized by a slowdown in business

How many periods of development have the US monetary and banking systems gone through

When people put money in a savings account, money is serving as a 

Business organization that can hire workers and own property as if it were an individual is the

one key difference between perfect competition and monopolistic competition is that 

When a car is used to deliver pizzas, it is a

the Fed was organized on 2 levels - national and district- in order to 

After producers have paid all their costs the amount of money that is remaining is called 

rent is an example of a 

moral suasion

A production possibilites curve illustrates all the

Two disadvantages that sole proprietorship's and partnerships share are lack of longevity and 

When sellers secretly agree to set the price and supply of an item it is called 

If $can be carried from place 2 place&transferred from person to person it has a characteristic

Means of exchange that allows consumers to use an item before they have paid for it is

The means of exchange that relies on bargaining is

Anti-trust legislation was enacted in the late 1800's to 

Microeconomics is the study of

In any corporation, the most important decision-maker is the

Pollution is an example of a

If there are readily available substitutes for a product that product will tend to have 

a goal of tight money policy is to 

Which of the 4 sectors that make up GDP would the purchase of a foreign automobile be included

the sum of fixed and variable production costs is a company's

Insuring bank deposits is an example of the pursuit of the goal of economic

the reserve requirement

Consumers choose what to

A standardized means of exchange is

The feature that distinguishes the U.S. economy from the pure market model is