Econ Final Review

What type of economic system does the U.S. use?

• Communism

• Barter

• Capitalism

• They do not have an economy

At what point on the Supply and Demand curve is there equilibrium?

• Where there is higher supply and low demand

• Where there is high demand and low supply

• There is no such thing as an equilibrium point

• Where supply and demand meet and are equal

What is the purpose of the market?

• There is no purpose

• It allows the government to control every aspect of the economy

• It allows a space for producers and consumers to come together

What is a monopoly?

• When one person or business owns all or most of an industry

• When a company is ran by a board of directors

• When there is equal and fair competition in an industry

• A system that openly supports communism

Which jobs would be considered examples of "unskilled labor?"

• Doctors, Lawyers, Teachers

• Digging ditches, picking fruit

• Carpentry, typists, masonry

• Computer technicians, Programmers

What defines part-time employment in the United States?

• Someone that works 40 hours a week or 80 hours in two weeks

• Someone that works 36 or less hours a week or 72 or less hours in two weeks

• Someone that only works 4 days a week

• Someone that works 6 days a week

What is the leading indicator for economic health in the United States?

• Unemployment rate

• Tax rate

• Status of the stock market

• Rate of people with health insurance

Who has the power in the market?

• Producers

• The Government

• Consumers

• No one

What are the 3 basic questions that define an economy?

• Why to produce? Where to produce? Who to produce for?

• Who is producing?

  Where to produce?

  How much to produce?

• I?

  Don't?

  Know?

• What to produce?

  How to produce?

  For whom to produce it for?

What is the law of supply and demand?

• Supply and demand are directly linked and impact cost

• Supply and demand are not linked and do not impact cost

• Supply and demand cannot lead to shortages or surplus

• There can never be equilibrium with supply and demand