Economics Semester Exam Review

Front

Which market structure: a few firms that work together to change output to control prices

Back

Oiligopoly

Front

How are monopolies a problem for consumers?

Back

They prevent competition

Front

If demand is low and supply is high, what is it called?

Back

Surplus

Front

If demand for goods/services decreases, what happens to the price?

Back

Falls

Front

In what market structure is price competition the only competition?

Back

Perfect Competition

Front

What kind of shift occurs in the market for peaches when the trees are hit with a disease?

Back

Supply Left Shift

Front

Which is NOT one of the roles the U.S. government plays in the economy? Buy goods and services, Regulate the growth of the economy directly, Collect taxes, Control all new businesses entering the market

Back

Control all new businesses entering the market

Front

To prevent bank failures and to give more confidence in the safety of banks, the federal government created what?

Back

The Federal Reserve System

Front

What are brokers?

Back

People who buy and sell stock.

Front

Which is NOT one of the 5 economic freedoms? Options: Freedom to earn profits, Freedom to own property, Freedom for workers to compete for jobs, Freedom to bank without regulation

Back

Freedom to bank without regulation