Economies must address how to produce goods and services. In the economy of a certain country, some factories are owned by individuals and private companies, and other factories are owned and controlled by the government. What type of economy does this country have?

What is a likely effect of increasing tariffs on imported cars?

The basic role of entreprenuers in the economy is to:

Suppose that in an effort to decrease youth smoking, legislators raise taxes on cigarettes. How will the increase in taxes likely affect the quantity supplied and quantity demanded in the long run?

Why do responsible consumers use credit or credit cards?

The principal that we have unlimited wants, but limited resources with which to fill them is:

Which of the following is NOT a factor of production?

The water that cools a nuclear power plant is which factor of production:

Which of the following is NOT a basic question of economics?

Any tool, equipment, or machinery made by man and used to aid production is:

Peoples efforts, abilities, and skills that aid in production is called:

An innovator or creator of the change in our economic environment is called a /an:

The dollar value of all goods and services produced within a country's borders per year:

What kind of market is the kind where you could expect to find clothes, jewelry, and food?

What is another term for Free Enterprise economy?

If prices of goods go up too rapidly, an economy is said to have a high:

Who owns the facts of production in a free market economy?

Who owns the factors of production in a Command Economy?

Who dictates demand in a free market?

The Law of Demand demonstrates a ____________ relationship.

The Law of Supply demonstrates a __________ relationship.

Technology is a shifter / determinant of:

The Law of Demand says that people will buy __________ of something as the price goes up

The Law of Supply says that producers will offer __________ of their produce as price goes up

If nothing else changes, a lower price will cause a ________________

When supply is greater than demand, you get a/an:

When demand is greater than supply, you get a/an:

A technological advancement in production causes:

If a change in price greatly effects the demand for that product that product is

If the price of Fruit Loops cereal increases, what happens to the graph for a substitute cereal, Fruity Circles?

Which of the following would NOT be a determinant of demand

How could a National economy achieve a favorable balance of trade?

If the price of a movie ticket decreased, what happens to the quantity supplied?

Holding all else constant, a higher price for ski lift tickets would be expected to

The economic term "scarcity" relates MOST directly to a situation in which:

Which statement best describes market conditions at equilibrium:

In a market economy, how are the basic economic questions of what, how, and for whom to produce answered?

If the price of a substitute to good X increases, then

Refer to graph 4-1. The movement from point A to point B on the graph shows

Refer to Graph 4-5, According to the graph, equilibrium price and quantity are

Refer to Graph 4-5, According to the graph, at a price of $7,

If you are a diabetic, insulin would be an example of a ____________ good for you to purchase (medicine you NEED)

Wheat is the main input in the production of flour. If the price of wheat increases, all else equal, we would expect

Which would be counted as GDP in the United States:

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

Opportunity Cost can be BEST described as the:

A good that is in place of another good is a/an:

If the price of Peanut Butter goes down, what will happen to the demand of Jelly

Why must people make choices about the things they desire?

What are wants?

Equilibrium price is the price at which:

When the government takes in more money than it spends, it has a:

As price increased, quantity demanded _____________

When there is a surplus;

Any item that is widely acceptable in exchange for goods and services (usually currency)

Monetary systen in which paper money and coins have value directly linked to gold

Artificial barrier sowing or stopping the advancement of women or minorities

Paper money that has value because a government says it is acceptable way to pay debs & society accepts it

A type of loan used to buy real estate is called a:

The difference between savings and investments is that:

Payments received for work done:

Coins and paper bills used as money:

Goods that see an increase in demand as a result of a fall in income are considered:

The annual rate of return on a bond if the bond is held to maturity:

A network that allows the transfer of money between savers and borrowers:

A steady drop or stagnation in the stock market over time:

The practice of foreign companies establishing operations in, and therefore bringing jobs to the US

A steady rise in the stock market over a period of time:

In a mutual fund:

Profits are equal to:

In general, people put money into risky investments because:

What is the largest source of income for banks?

Which of the following is the riskiest investment?

The practice of contracting with an outside company, often in a foreign country, to provide goods or services

When the economy is working properly in the US, what is the unemployment rate?

When demand increases, what happens to the demand curve?

The exchange of goods or services without using money or a form of currency

A bank chartered by a state government

Measures and reports the change in prices of set of stocks

What is one effect inflation has on consumers?