Which of these would likely increase the supply of soccer balls?

decrease in price of raw material

Workplace fatalities have dropped in the U.S. because of this regulatory agency. Identify it.

Occupational Safety and Health Administration

Right-to-Work laws prohibit employers from doing what?

requiring employees to join a union

Which of these best illustrates "diminishing marginal utility"?

Someone already having a bike will have less use for another

In the circular flow model, which of these is a factor payment?

the hourly wage a store pays to a clerk

Why are €, $, £, ¥, etc. considered money?

By law, they must be accepted that way.

The crowding-out effect occurs when

high borrowing exponentially drives up interest rates

Which scenario best illustrates the law of diminishing marginal utility?

The more toys, the less excited they get about a new one.

Why do fiscal policy measures rarely have an immediate impact on the economy?

The multiplier effect takes time.

What would government do in a model free enterprise system?

protect property rights and enforce contracts

What does it mean to say that Jen has a comparative advantage over Julian for weeding gardens?

Jen's opportunity cost for weeding is lower than Julian's

Which of these is the best example of fiscal policy?

create federal jobs so workers can spend more

Which service is counted as a U.S. export?

a German student pays tutition for a college in the U.S.

How do economists think private ownership affects property maintenance?

helpful asowners have incentive to care for their property

What is the law of unintended consequences?

Actions often have unforeseen effects

Most sales tax are regressive because

The tax is more of a burden for small entities than big ones

What is the economic purpose of market regulation?

influence the economic bahavior of individuals and firms

studbud

Economics Final Exam

160 termsStudBud Administration40 plays

A #studyguide for #highschool covering material that is likely to be on the #Final exam of #Economics.

Flashcards160 cardsFPractice quizPHost liveL

Questions 160

Answers

1
The books "The Jungle" and "Unsafe at Any Speed" led to the passage of laws that protect _____.
investors
competitors
employees
consumers
2
Which of these would likely increase the supply of soccer balls?
increase in supply of tennis balls
decrease in price of raw material
government excise tax
transportation strike
3
How does a government "borrow" money from foreign investors?
negotiating agreements
lending money in return
selling government bonds
printing dollars abroad
4
Which of these would be the quickest to become largely available due to a price increase.
midsize cars
babysitters
medical doctors
airline service
5
Which type of Protectionism is used in an attempt to influence another country's politics?
voluntary restraint
quota
protective tariff
embargo
6
There are three prongs to funding retirement: Social Security, Company retirement plans, ______
and Personal savings.
and Travel and recreation.
and Medicare/Medicaid
and Planning a budget.
7
When trying to determine market structure, which question would be the most helpful?
How are the corporations organized?
How similar are the products?
How many people want to buy?
How far are goods shipped?
8
New Deal jobs offered employment during the Great Depression; such programs were a response to
an excess of services.
a lack of incentives.
a shortage of skills.
a surplus of workers.
9
What is the advantage in investing in a mutual fund rather than individual stocks?
Mutual funds bring higher returns.
mutual funds guarantee principle
Diversification reduces risk.
The government regulates them over stocks.
10
What is the main reason americans specialize more today than the early pioneers did?
We have more access to markets
We live in less crowded conditions
We have more vocational training
We depend less on transportation
11
Workplace fatalities have dropped in the U.S. because of this regulatory agency. Identify it.
Consumer Product Safety Commission
National Highway Traffic Safety Administration
Occupational Safety and Health Administration
Environmental Protection Agency
12
Which institution has responsibility for monetary policy?
Federal Reserve Board
New York Stock Exchange
Department of the Treasury
Congress
13
The degree to which demand changes in response to price shift is called demand ________.
utility
schedule
revenue
elasticity
14
According to the demand curve, quantity demand moves along in response to ______.
price
preferences
expectations
income
15
Right-to-Work laws prohibit employers from doing what?
making prior experience a condition for employment
requiring employees to join a union
only promoting high-performance employees
laying off workers when the business slows
16
Which of these best illustrates "diminishing marginal utility"?
Bicycles become less useful as they age and rust.
A shortage of bike paths makes bikes useless.
People with cars have less use for a bike than those without
Someone already having a bike will have less use for another
17
In which market structure do producers have the most power?
Perfect competition
Monopolistic competition
Oligolpoly
Monopoly
18
In order to calculate tax, one must multiply tax base by the tax ____.
assessment
return
percentage
rate
19
Which of these institutions supports infrastructural projects in developing countries?
United Nations
International Monetary Fund
World Trade Organization
World Bank
20
A six month period in which economic activity declines is called what?
contraction
recession
depression
panic
21
Innovator, Strategist, Risk-taker are words that best describe a(n) ____________.
Investor
Laborer
Capitalist
Entrepreneur
22
In the circular flow model, which of these is a factor payment?
the check someone writes to buy groceries
the hourly wage a store pays to a clerk
the credit card charge for ordering games online
the monthly mortage on a house
23
How do local governments typically generate revenue?
property and sales taxes
lotteries and municipal bonds
payroll and insurance taxes
corporate and business taxes
24
Which of these would signal furniture makers to cut back production?
an introduction of more competitors
an increase in availability of skilled workers
a fall in the cost of raw materials
a drop in price
25
Before finishing, you return a book in order not pay a late fee; what is the opportunity cost?
finishing the book
paying for something else
reading a different book
paying the fee
26
What determines the rates of the foreign exchange?
supply and demand
multinational treaties
black market
government decree
27
The difference between Real and Nominal GDP is that Real GDP is adjusted for ____________.
entitlements
inflation
international trade
unemployment
28
Venture capitalists invest in new businesses in exchange for _______________.
broad publicity
ownership shares
interest payments
management jobs
29
The law of demand states that as quantity of demand decreases the ________________.
quality decreases
wages decrease
price increases
production increases
30
Why are €, $, £, ¥, etc. considered money?
Their value rises and/or falls with the economy.
They are backed by government-owned gold and/or silver.
By law, they must be accepted that way.
They are printed paper or minted coins.
31
The crowding-out effect occurs when
banks with large reserve drive out all others
mandatory spending leavestoo few funds
high borrowing exponentially drives up interest rates
growing debt transfers to future generations
32
The main argument economists make against price controls is "they are ________".
unstable
insecure
unfair
inefficient
33
Which scenario best illustrates the law of diminishing marginal utility?
A collector of china figurines is eager to get a new one.
The more toys, the less excited they get about a new one.
A car breaks down more often as it gets older.
They don"t like music so they don't care about a new CD.
34
Why do fiscal policy measures rarely have an immediate impact on the economy?
The multiplier effect takes time.
The misery index can be misleading.
Policies are poorly publicized.
People are slow to accept change.
35
The function of the Patent and Trademarks Office is to protect which type of property?
public use
intellectual
corporate
inherited
36
What would government do in a model free enterprise system?
ensure that the prices remain reasonable
support entreprenuers to encourage innovation
saty out of economic activity altogether
protect property rights and enforce contracts
37
Which of these is considered part of the money supply?
municipal bonds
credit cards
checking accounts
mutual funds
38
What does it mean to say that Jen has a comparative advantage over Julian for weeding gardens?
Jen weeds more quickly than Julian does.
Jen's opportunity cost for weeding is lower than Julian's
Jen can charge more for weeding than Julian can.
Jen's expertise is greater than Julian's
39
Which of these is the best example of fiscal policy?
lower interest rates so mortagages are cheaper
create federal jobs so workers can spend more
deregulate airlines so they have to compete
insure savings accounts so depositors feel safe
40
Which service is counted as a U.S. export?
a Dutch family hosts a university student form the U.S.
a U.S. traveller stays in a hotel in Australia
a German student pays tutition for a college in the U.S.
a French movie attracts U.S. crowds
41
How do economists think private ownership affects property maintenance?
harmful as owners save money by letting property run down
helpful asowners have incentive to care for their property
helpful as owners must pay taxes on their property
harmful as non-owners may throw trash on the property
42
What is the law of unintended consequences?
Markets are always influenced by emotional factors
Attempts to intervene always backfire
Actions often have unforeseen effects
Economic booms are always followed by downturns
43
One trait all entrepreneurs share is that they________.
earn a profit
work short hours
take risks
hire employees
44
In a perfect competition market, how are prices determined?
supply and demand
goverment regulation
agreement among producers
cultural ideals of fairness
45
The three fundamental economic questions are what to produce, ____, and for whom.
when
why
how
where
46
Which of these is a common resource?
shoes
pencils
bread
roads
47
Which institution determines the percentage banks must set aside in order to cover withdrawals?
Securities and Exchange Commission
Federal Deposit Insurance Corporation
Federal Reserve
New York Stock Exchange
48
Which of the following is an example of productivity?
bushels of corn per acre
dollars invested in new equipment
years of education
number of workers employed
49
Most sales tax are regressive because
Taxable purchases are capped at $50,000 a year.
Most people can not afford to buy luxery goods.
The tax is more of a burden for small entities than big ones
Wealthier people pay less tax on a purchase than poor people
50
What is the economic purpose of market regulation?
improve the U.S. comparitive advantage in trade
influence the economic bahavior of individuals and firms
assert federal economic power over the states
translate widely accepted economic traditions into law
51
Movement of money and investments from one country to another is called ________.
debt forgiveness
industrial commerce
capital flow
goods and services
52
Economists assume people choose something when its expected costs are less than its __________.
chief competitors
required maintenance
working life
anticipated benefits
53
Which of these agencies is responsible for preventing price fixing, bid rigging, etc.?
Securities and Exchange Commission
Consumer protection agency
Department of Justice
Department of Labor
54
A new product has a low price and everyone wants it; this situation will result in _________.
surplus
rationing
shortage
equilibrium
55
Foundations and land trusts are examples of what?
cooperatives
nonprofit organizations
franchises
trade associations
56
The best economic model __________________.
has gone unchallenged for decades
is useful for showing past events and predicting future ones
helps people make decisions better
is accepted by both liberals and conservatives
57
Gold and silver came to be regarded as money originally because they _________________________.
came from mines and owned by rulers
could be shaped into jewelry
were rare and did not decay
were easy to store in vaults
58
The majority of economists support ____________.
trade embargos
free trade
trade restrictions
import quotas
59
What is the goal of Affirmative Action?
reverse the trend toward national dependence on imports
increase the presense of the historically under-represented
raise wages for jobs that benefit the public
promote new immigration from ore parts of the world
60
Which method of distribution is most commonly used by online bookstores.
first come, first served
according to need
ability to pay
equal distribution
61
What is the disadvantage of turning a partnership into a corporation?
less management skill
loss of control
expanded liability
continuity issues
62
Which of these describes why the economy of Japan is better than that of Nigeria?
greater human capital
richer natural resources
more foreign residents
fewer temporary shortages
63
How have fringe benefits lowered wages in some industries?
by making the job less desireable
They increase overall cost to employers.
They motivate workers to change jobs.
by complicating government regulation
64
Economic development is a process by which nations _________________________________.
increase output and improve lives
participate in trade agreements
strengthen their military capacity
provide enough food to meet needs
65
Which of these scenarios best illustrated the benefits-received tax.
A corporation pays its income tax.
A driver puts coins in a parking meter.
A percentage of inheritance is paid to the government.
Funds for Medicare are withheld from a paycheck.
66
Which of these lists the factors of production?
risk and opportunity
goods and services
wages, salaries, and profits
land, labor, and capital
67
Which of these questions addresses the efficiency of a tax system?
How simple is the tax code to understand and obey?
How fairly are the taxes distributed between rich and poor?
How much of the tax gets into the public treasury?
How well does the system fund the expenses of government?
68
Why are stable legal institutions necessary for the economy?
Schools provide an educated workforce.
Judicial appointments are rewards for success.
Courts enforce property laws and contracts.
Power and transportation fuel industrial growth.
69
Who are the customers of the Federal Reserve in the United States?
individuals
private banks
businesses
governments
70
The market is an inefficient way to allocate vaccines. Select the best reason why.
Drug companies have too much power to be left alone.
Competition may result in vaccines nobody wants.
Too much vaccine is likely to be produced.
Markets do not take into account disease affects everyone.
71
Which of these developments led to the growth of international trade?
widespread use of cell phones
increase in passenger jets carrying wealthy people
rising demand for bulk commodities
proliferation of container ports
72
What is one cause of inflation.
tightening money supply
growth in the size of inventories
decrease in consumer demand
rise in cost of production
73
Which form of business organization is most common?
Sole-proprietorship
Corporation
Franchise
Partnership
74
Many teenagers with different personalities work as babysitters, what is the market structure?
perfect competition
monoploy
oligopoly
monopolistic competition
75
Why do per capita GDP of some undeveloped countries fall despite improvements?
Populations grew faster than economic output
Exports grew faster than imports.
Workers began working shorter hours.
Manufacturers quit hiring children.
76
Which of these is one reason young workers seek entry-level jobs?
start building experience in the field
recieve high pay right away
enjoy more leisure with other workers
avoid expectations of hard work
77
The concept of sustainable development draws to the well being of _________________.
other countries
future generations
senior citizens
endangered species
78
Why does a government borrow from foreigners?
In order to gain influence overseas
To finance a trade deficit
obey the terms of NAFTA
help appreciation for the dollar
79
Why are economies most efficient when they have full employment?
No productive resources are left unused
No one person has to work hard
Unemployment offices can be closed
Wages are spent for consumer goods
80
How does the Commerce Clause promote economic interdependence within the U.S.?
It disourages local markets.
It defines legislative powers vaguely.
It keeps states from creating trade barriers.
It puts pressue on states to increase production
81
Why is foreign debt a serious problem for poor countries?
Governments that borrow lose power.
Foreign currency will lower the value of domestic currency.
Paying off principle and interest takes majority of funds.
Offcials feel pressured to fund military they cannot afford.
82
One advantage of a partnership over a sole proprietorship is that it _______________________.
faces less regulation
can get credit more easily
avoids double taxation
has easier decision making
83
The official unemployment rate may be overestimated because it ignores ________________________
discouraged workers who have given up looking for jobs.
involuntary part-time workers.
workers in the illegal/informal economy.
parents who do not want jobs.
84
People's wants are unlimited causing which of the following to always be present?
costs of production
shortages
scarcity
marginal utility
85
One major reason women earn less on average is they __________________________________________.
often lose experience by disrupting their carrers for family
have less opportunity to earn skills in entry-level jobs
have become the majority of all paid workers
are more likely to look for manufacturing
86
What does it mean to maximize utility?
Gain the most satisfaction
Become efficient as possible
Strengthen a national infastructure
strengthen the skills of a labor froce
87
Why did the Soviet Union experience many surpluses and shortfalls?
The country depended on imports to obtain resources.
The labor force was not well-educated.
Central planners could not manage every detail.
The cold Russian climate made farming difficult.
88
The system of markets and trade that links the countries of the world is called the ___________
global economy.
import/export ratio.
foreign exchange.
balance of trade.
89
The main reason for a comparative advantage in national production of raw materials are ______.
differences in monetary systems
differences in local business practices
differences in allocations of natural resources
differences in cultural traditions
90
Which economic goal is the most important in a traditional economy?
efficiency
freedom
growth
stability
91
Why does the market system not work in providing public goods?
Important needs can not be left to chance.
Too few of said services are available
Voters put pressure on government.
There is no easy way to charge individual users.
92
Which of these terms is tied the closest to trade-offs
markets
incentives
margin
scarcity
93
Why is it inaccurate to say national debt is money the government owes to its citizens?
a large portion is owed to foreigners
the debt will have to be paid off in the future
most individuals are in debt as well
bankrupcy is unlikely
94
Which of these is the best example of thinking at the margin?
David decides to volunteer this summer instead of working
jane wants to buy a car but can not afford the insurance
John has six shirts and is debating on buying a seventh
Mary observed that the average cost of shoes has heightened
95
How do economies of scale affect the market for electric power plants?
Communities near large plants risk serious air pollution.
Large communities are cheaper to supply than smaller ones.
Plants are commonly built close to communities.
It's more expensive for more than one company to offer power
96
Which condition is considered normal in the United States?
creeping inflation
stagflation
hyperinflation
deflation
97
In the summer picnic season, burger prices rise sharply leading to a demand increase for _____.
coleslaw
relish
chicken
buns
98
The board of directors of a corporation are selected and accountable to the ______________.
shareholders
stakeholders
chief executive officer
founding entrepreneur
99
The market value of all goods and services produced within a country is called _______________.
exports minus imports
gross domestic product
consumer price index
wage-price spiral
100
When blizzards keep people home from purchasing clothes, how would the demand curve shift?
The curve becomes steeper
to the left
to the right
The curve becomes flatter.
101
Which term explains why a country would import and export different sets of goods?
voluntary retraints
import quotas
comparitive advantage
product differentiation
102
Why do producers tend to create goods in polluting factories?
The community wants certain benefits.
Some costs are not charged to the producer.
To sell to stores that stock more than they can sell
People may refuse to purchase the items.
103
Which of these statements is an example of Normative Economics?
"Taxes ought to be lowered"
"Inflation is higher this year"
"Speculation caused the recession"
"The bond market is in decline"
104
Which of these best illustrates market equilibrium?
The amount of soap made matches the amount that people want.
Soap prices do not vary from week to week.
Soap production ensures a good profit for manufacturer.
Everyone who wants/needs soap can easily afford to buy it.
105
What was the economic goal of the European Union?
protect national security
ensure fair wages
reduce trade barriers
regulate investment
106
Outsourcing is the practice of ____________________________.
hiring temporary workers without benefits
using outside contractors instead of staff
letting employees work from home
setting up factories in other countries
107
Which term best describes "We depend on others to produce the goods and services we want."
Absolute advantage
Economic interdependence
Commercial productivity
Division of technology
108
Which aspect of economic development has had the greatest impact on climate change?
burning of fossil fuels
reforestation
contruction of highways
use of internet
109
What type of unemployment is, Keith lost his job when he was replaced with an automatic system.
seasonal
structural
frictional
cyclical
110
During which part of the business cycle is business investment is likely to increase?
expansion
trough
contraction
peak
111
What does it mean to adopt open-market operations?
change the terms for lending to banks
buy or sell government securities
deregulate the stock exchanges
adjust the reserve requirement
112
Why is consumer confidence important to the business cycle?
Lacking confidence leads to spending recklessly.
Lacking confidence works longer increasing productivity.
Confident consumers purchase more, increasing profits.
Confidence generate contency reducing demand.
113
Which of these is a progressive tax?
property
Social Security
luxury
excise
114
When someone uses a credit card they are _________________________.
promising to pay the store later
withdrawing from their account
making a commercial loan
borrowing money from a bank
115
Supply depends on willingness of ________________.
advertisers to promote
producers to produce
consumers to purchase
donors to contribute
116
Which of these is best example of an externality?
You enjoy looking at your neighbor's garden.
Your new bicycle goes faster than expected.
Your favorite store stops selling your style shoes.
You decide to stop snacking between meals.
117
How is market-clearing price "determined"?
fixed by the manufacturer
reached through trial-and-error
set by government commission
calculated by economic analysts
118
Out of the individuals listed here, which one is part of the labor force?
soldier stationed overseas
laid-off carpenter looking for a job
retiree who worked 40 years in one place
mother choosing to stay home with her kids
119
What kind of economy is most common today?
Mixed
Command
Traditional
Market
120
What is the principal economic argument for deficit spending?
increase overall demand
to cut inflation
lower the national debt
limit the size of government
121
Which list includes examples of NGO's
Sierra club, CARE, Save the Children
Exxon/Mobil, General Motors, McDonald's
Hong Kong, Central African Republic
United Nations, International Monetary Fund
122
Which sentence best explains why manufacturing jobs have declined?
More jobs are being taken up by minorities.
Older employees no longer have to retire at a set age.
Fewer products are made in the U.S.
Training and technology have increased worker productivity.
123
In a partnership business organization what does a silent partner do?
Work for the company, but do not make investment.
Take active roles but have limited liability
Do not voice decisions but have unlimited liability
Contribute capital but do not take active roles
124
During what period did the western governments need to have the most involvement in the economy
Reconstruction
Early 1900's
Late 1800's
Depression era
125
How does division of labor increase productivity?
Workers move often from one job to another
Workers can be paid a lower wage
Workers require minimla training
Workers become experts at one task
126
When tax becomes a disincentive to work, what is the result called?
tax incidence
deadweight loss
marginal tax rate
entitlement
127
What is the best example of specialization?
An assisstant in a tailoring shop only replaces zippers
A dry cleaner spends extra time on grease spots
A surf shop lowers the price on swimsuits.
An online clothing outlet offers customized monograms
128
Why is the unemployment rate above zero when the country reaches full employment?
There are always some people in transition between jobs.
Most workers do not have enough training for the best jobs.
There are never enough jobs for everyone who wants one.
Most jobs lay off workers when the economy slows.
129
In a voluntary exchange people give something up in order to ___________________.
increase their self sufficiency
get something they want more
allocate scarce resources fairly
comply with state requirements
130
Why might some historians consider Adam Smith one of the most influential people in history?
He argued for a larger role for the gov. in the economy
He taught that all people should be economic equals
He introduced a way of thinking about economic ideas
He wrote an economic argument for American Independence
131
How does personal savings help the economy grow?
It motivates families to make a budget.
It results in individuals spending less.
It causes manufactures to lower their prices.
It provides funds for business investment.
132
Ocean waves are considered to be which type of resource?
capital
perpetual
nonrenewable
renewable
133
Which of these principles determines wage rates in a labor market?
risk and reward
collective bargaining
supply and demand
globalization
134
Why has much clothing manufacturing moved from the U.S. to other countries?
American workers have weaker work ethic now than in the past
Most of the market for textiles has shifted overseas.
Nations with low-skilled forces have a comparitive advantage
Education has not kept up with the needs of the 21st century
135
Which event would most likely shift the supply curve for orange juice to the left?
evidence that citrus strengthens bones
rise of mango juice as a popular breakfast drink
an early frost
an influx of low-wage workers
136
What is the final goal of supply-side economics?
increase top tax rates
fund new federal programs
slow the multiplier effect
stimulate production
137
Why did governments heavily intervene during the era of depressions?
for preparations for a possible war
as to strengthen local governments
to dominate global trade
in order to stabilize the economy
138
Which term best describes the part of a worker's wage that is instead given to the government?
audits
assessments
withholding
entitlement
139
How do European tariffs on agricultural products hurt lesser developed countries?
decrease in food for people in LDC
weaken LDC's local tradition
less incentive for workers to migrate
shrink market for LDC exports
140
Which of the following is the best example of a transfer payment?
Police officer's paycheck
Fee for renting a parking facility
Moving expense reimbursment
Social security check
141
In what way are free markets efficient?
Decisions are made quickly with little confusion
Information is communicated around the world
Everyone is assured basic necessities
Buyers and sellers trade until both are satisfied
142
Why are trade-offs necessary?
Every product has flaws.
Advertisers promote products.
People want different things.
Resources are limited.
143
When was the U.S. government most supportive of collective bargaining?
post-World War II
New Deal
post-Civil war
Industrial revolution
144
How does trade increase the value of an item?
It transfers the item to someone who values it more.
It puts different goods into competition.
It makes the item more expensive to buy.
It provides work for storekeepers and truckers.
145
The bank is a market for _________________.
officers and customers
risk and reward
cash and currency
savers and borrowers
146
Why is competition among big restaurants in a city considered monopolistic competition?
Restaurants often go out of business.
Each serve people, but one serves more.
Each serve food, but each are distinct.
Starting a restaurant is expensive.
147
Adam Smith's "Invisible Hand" concept represents the ___________________________.
divine oversight of human affairs
concern of people for one another
way that markets coordinate trade
economic roles of government
148
In order to expand, sole proprietorships depend on funds from ______________________.
reinvesting their profits
soliciting charitable donations
applying for grants
selling stock
149
Which of the following is not a market?
a neighborhood garage sale
a large appliance store
an online auction
a high-school classroom
150
What is the typical result of setting a price ceiling on rent?
Construction jobs will increase.
Houses are broken up to meet demand.
People can find apartments but can not afford it.
More people want to rent apartments than there are to rent.
151
According to the law of supply, what happens as price increases?
The supply curve shifts to the left.
The supply curve shifts to the right.
The supply quantity decreases.
The supply quantity increases.
152
The more a market becomes ___________, the easier it is to start a business.
attractive to consumers
quality-oriented
competitive
pricy
153
What is the main goal of a cooperative?
offer its members low-cost goods or services
provide guaranteed employment for its members
earn its members a profit on investment
expand by receiving royalties from its members
154
Which these taxes is the leading source of revenue?
Individual income
Payroll
Inheritance
Corporate income
155
The purpose of rationing during war times is to insure that _____________________.
workers would have incentives to get jobs
everyone could get essential scarce goods
manufacturers could make a profit
products would go to those who valued them most
156
Adopting a tight-money policy usually results in the ____________.
increase in employment
stimulation of exports
promotion of investments in new technology
reduction of inflation
157
The equilibrium price is the price where the __________________________.
consumers start reducing demand
demand and supply will no longer shift
demand an supply curves intersect
producers revenue is the highest
158
Food stamps, Tax credit, and unemployment insurance are examples of what?
regulatory capture
natural monopoly
income redistribution
negative externalities
159
One limitation of using graphs to represent relationships is that they _______________________.
must be presented in a small space
omit factors other than those being graphed
are hard for any except economists to understand
typically show less important variables
160
How does the government fund deficit?
taking loans from national banks
printing additional paper money
asking nonprofit organizations for help
government bonds

Economics Final Exam Flashcards | StudBud