Economics_Final Exam Review

Front

What is scarcity?

Back

a condition that no one is immune to; The fundamental, universal, perpetual economic problem; condition where unlimited wants are greater than limited resources; only the gold & green answer are correct; all of these answers are correct.

Front

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

Back

right, growth

Front

Who controls the FOP in a command economy?

Back

government alone

Front

What is a 401k?

Back

all of these are characteristics of a 401k

Front

How do we measure our economic well-being as a country? Options: by our national debt, by our FOP, by our population growth rate, by our budget surplus, by our standard of living

Back

by our standard of living

Front

In which market do suppliers/producers hire employees?

Back

factor

Front

Saving is an example of money as a

Back

store of value

Front

What happens when a producer increases the price of a G/S?

Back

supply increases

Front

A price floor

Back

minimum wage law

Front

In this type of market, one company controls output and price.

Back

monopoly