Economics Final Exam Review

What types of data may economists analyze to predict trends and make inferences?

• Unemployment Rates
• Foreclosure Rates
• Stock Market Prices
• All of the above

An economy that is controlled by the laws of supply and demand is a...

• Traditional
• Market
• Mixed
• Command

One unit of stock is a

• Margin
• Profit
• Bond
• Share

When the laws of supply and demand do not work in a situation, it is a(n)

• Equilibrium
• Externality
• Public good
• Market failure

What measures the performance of stocks?

• GDP
• Chicago Board of Trade
• Mercantile Exchange
• Dow Jones Average

The most desirable alternative given up in a tradeoff is a(n)

• Entrepreneur
• Scarcity
• Opportunity Cost
• Comparative Advantage

What type of economy are most world economies?

• Command
• Market
• Mixed
• Traditional

When supply of a product goes up, the price should

• Go up
• Go down
• Stay the same
• None of the above

Buying partial ownership of a company is purchasing what?

• Stock
• Bond
• Mutual Fund
• Investments

When demand for a product goes down, the price should

• Go up
• Go down
• Stay the same
• None of the above