Economics - Chapter 3 Review

One example of an economic utility is:

• business

• form

• supply

• demand

Consumer decisions are influenced by:

• price of a good or service

• the price of alternatives

• the consumer’s income

• all of the above

Which of the following is NOT a market structure?

• oligopoly

• monopoly

• perfect competition

• price competition

In the economy, the government does not provide:

• fiscal policies

• monetary policies

• taxes

• incentives

The problem of trying to meet infinite wants with limited resources is called:

• scarcity

• specialization

• interest

• inflation

A measure of economic output in terms of a worker’s input

• Productivity

• Inflation

• Interest Rate

• Division of Labor

The central bank of the United States

• Division of Labor

• The Sherman Act

• Federal Trade Commission

• Federal Reserve

  System

A sum of money paid in exchange for a loan

• Inflation

• Interest

• Monetary Policy

• Fiscal Policy

A production process in which a worker or group of workers is assigned a specialized task to increase productivity

• Productivity

• Supply & Demand

• Division of Labor

• Business cycle

Signs of the health of the economy

• Economic Indicator

• Economic Utility

• Expansion

• Hyperinflation