Economics Final Review

How are the basic economic questions of what, how, and for whom to produce answered in the U.S.

within a group of 10 people, 2 are part-time & 5 are full-time. What is the unemployment rate?

which of the following would not be included in a country's GDP?

12 yr. old Eric is paid by his dad to sweep the floor in his dad's shop. Officially, Eric is

Which of the following is an attempt by a firm to increase the demand for its product?

What is the formula for the output expenditure model of GDP?

These Great Depression Era unemployed represented which type of unemployment?

Which of the following would increase the supply of wheat?

a direct relationship between price and quantity is represented by

A laptop bought by you is ________, and the same laptop purchased by the U.S.D.A. is________

In which market structure does a firm have the greatest control over product price?

Why would a car dealership invest in training for their employees?

What happens when supply doesn't meet demand?

the movement represented by 4 in the graph is called

How could the gov't BEST encourage consumer spending?

The law of demand states that, all things equal

Mary purchases a building and cooking equipment and starts a restaurant. This is an example of

the market value of all goods & services produced within a country in a given time period is

when the FED wants to increase the money supply it can

increases in the average level of prices is called

What is the money-making incentive that producers have to make what consumers want?

In which situation would the opportunity cost of producing more clothes be the least?

Computers, trucks, hammers and other man-made materials would be which factor of production?

what would most likely occur during contraction in the business cycle?

rapid improvements in technology most often contribute to which type of unemployment?

On this PPC, which point(s) represent inefficient use of all resources?

higher demand for U.S. exports will typically result in

When the gov't buys a submarine from a company, it has made a major transaction in the

Which of the following is responsible for the control of the U.S. money supply?

periods in which output and employment are falling are known as

What is one disadvantage of sole proprietorship?

In the PPC, what is the opportunity cost of making more food?

Who is affected by scarcity?

the ability of one nation to make something at a lower opportunity cost than another nation is

Studying for 1 hour instead of watching TV incurs what type of cost?

Under which economic system would the factors of production most likely be owned by the gov't?

An example of a firm that develops a new mechanical device and owns all of its patents is a

What should you know about in order to find out how many Euros your dollars can buy?

Why would the U.S. gov't purchase gov't securities from private bond holders?

An increase in movie ticket $ causes a decrease in the demand for popcorn. The 2 products are

minimum wage is a type of

Real GDP is Nominal GDP adjusted for

downturns in the bus. cycle are typically characterized by _______output & _______in prices

which of the following best describes the 4 factors of production?