Economics Final Review

What is GDP?

• Gross Domestic Product

• General Domestic Product

• Gross Development Product

• Global Domestic Product

The limited availability of resources is known as...

• Abundance

• Scarcity

• Surplus

• Excess

An assembly line is an example of what type of division of labor?

• specialization

• generalization

• collaboration

• segmentation

What is monetary policy?

• A set of actions available to a nation's central bank given by Congress and the President to achieve sustainable growth

• A strategy used by governments to control inflation through taxation

• A method for regulating the stock market and ensuring fair trading practices

• A framework for managing international trade agreements and tariffs

When you buy a PlayStation instead of an X-box because the price of the X-Box went up, this is an example of what?

• substitution

• complementarity

• elasticity

• demand shift

Which of the following studies economics as a whole?

• Microeconomics

• Macroeconomics

• Both Macroeconomics and Microeconomics

• Econometrics

The federal government's overall approach to spending and taxes is called

• Monetary policy

• Fiscal policy

• Trade policy

• Regulatory policy

Which type of economy has the MOST government involvement?

• communism

• free-market

• capitalism

• socialism

natural market forces that allow the market to control itself

• invisible hand

• market equilibrium

• supply and demand

• economic regulation

What does B represent?

• Supply Curve

• Demand Curve

• Equilibrium

• Surplus