Review: Economics FINAL Exam

Front

A condition where unlimited wants are greater than limited resources, also known as the fundamental, universal, perpetual economic problem which is a condition that no one is immune to:

Back

scarcity

Front

The Production Possibilities Curve (PPC) for the US typically moves _____ indicating ______.

Back

right, growth

Front

An economic process that involves motivation by self-interest and regulation by competition, thus is guided by the "invisible hand" is known as

Back

voluntary exchange

Front

Who benefits in the ideal example of voluntary exchange?

Back

both parties in the exchange

Front

______________ controls the FOP in a command economy.

Back

government alone

Front

A 401k is

Back

all of these are characteristics of a 401k

Front

How do we measure our economic well-being as individuals and as a country? Options: by our FOP, by our national debt, by our standard of living, by our comparative advantage

Back

by our standard of living

Front

Suppliers/producers hire their employees in the ___________ market.

Back

factor

Front

Saving is an example of money as a

Back

Store of value

Front

When a producer increases the price of a G/S, what is the typical economic response?

Back

supply increases