EOY Review 1

Front

You own a business building chairs. One day, there is a price drop in the cost of wood. What affect does this have on your business?

Back

There is an increase in chairs, which will cause a decrease in the price of chairs.

Front

A type of market structure dominated by a few large sellers, like the cell phone industry.

Back

Oligopoly

Front

Which of these is an example of non-price competition?
Identical products,
A few large sellers,
Sears offers free one-year service plans with the sale of an oven,
The patent for a new product

Back

Sears offers free one-year service plans with the sale of an oven

Front

There are ___ district banks in the Federal reserve system.

Back

12

Front

An example of an indirect tax would be...

Back

The sales tax paid on a pizza

Front

Capital in Economics is defined as . . .

Back

The man-made things used in production.

Front

The factories pictured above would be categorized as which factor of production?

Back

A Capital Resource

Front

When quantity supplied equals quantity demanded on the graph, it shows us...

Back

market equilibrium

Front

One major advantage of a corporation is:

Back

Limited Liability

Front

An example of expansionary fiscal policy during a recession would be

Back

cutting taxes.