ECONOMICS Final Exam Review

Which of the economic goals do command economies prioritize?

Scarcity is characterized by...

Which actor played King T'Challa in the movie Black Panther?

Which of the following is not considered money?

Savings accounts are

A hunting license is......

While approximately 50% of Americans believe in aliens, what % believe in alien abduction?

What is the difference between a direct and indirect tax?

Which broad social goal allows for people to choose what job they want to pursue?

What is a Deficit?

What is an excise tax?

What principle of taxation is the Federal income tax based on?

The law of demand states that as price increases, demand will...

Which of the following is NOT a factor of production?

What is the basic economic problem?

What purpose does the law of supply and demand serve?

True or False : market economies tend to have significant government ownership and involvement

What is a subsidy?

What is Mrs. King's sister's name?

What is the name of the Vice President?

In politics, the republican party is often referred to as the GOP. What does GOP stand for?

What year did the famous musical "Wicked" come out on Broadway?

Loose monetary policy

Mutual funds are

The Federal Reserve does all of the following except...

CD's are very safe

The FED is

Stocks are

Tight monetary policy

Insurance is

Research suggests that between _________________ and _________________ percent of the world's population is left-handed.

Interest is

On the American Flag, is the top stripe white or red?

What is comparative advantage?

Competition is a key element of which economic system?

What's the opportunity cost of buying 5 Reeces & 2 sodas INSTEAD OF 15 Reeces and no soda?

Where is the "world's only life-sized corn palace" located in the USA?

What year was the first ipod released?

This is used to calculate inflation

True or False: During inflationary periods, people who save money will see their puchasing power reduced.

What is a tariff?