question

disposable personal income

answer

the amount of money the consumer sector of the economy has available for spending after personal income taxes have been decucted

question

west

answer

since 1790, when the United States' center of population was near Baltimore, the population has moved steadily

question

expansion

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after passing through a trough, the business cycle enter a period of

question

producers to offer more and consumers to buy less

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in a market economy, a high price is a signal for

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doesn't count dropouts

answer

the unemployment rate is not a completely accurate measure of how many people are out of work because it

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reducing taxes to stimulate investment and consumer spending

answer

...supply-side economics attempts to stimulate output and lower unemployment

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an increase in transfer payments

answer

...a long-range effect of the baby boom will be an

question

labor-management negotiations

answer

...collective bargaining refers to

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nations engaged in trade

answer

...absolute advantage and comparative advantages are terms related to

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protect domestic industry

answer

...trade barriers are enacted to

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product differentiation

answer

...perfect competition is characterized by all of the following EXCEPT

question

reduce tariffs among the United States, Canada, and Mexico

answer

...one effect of NAFTA was to

question

restructuring the economy and converting to a market economy

answer

...in the final years of the Soviet Union, Mikhail Gorbachev instituted a policy of perestroika, which called for

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capital-intensive industries

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...the Japanese economy is characterized by

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DJA

answer

...the most popular and widely publicized measure of stock market performance on the New York Stock Exchange is the

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have operations in several different countries

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...multinational corporations

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expropriation

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...the borrowing power of a developing nation is weakened if it has a history of

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the guarantee of a job for anyone willing and able to work

answer

...a modified free enterprise economy has all of the following advantages EXCEPT

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satisfy unlimited wants with limited resources

answer

...the fundamental problem that economics tries to solve is how to

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factor markets

answer

...individuals earn their incomes in

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central government planning

answer

...the free enterprise economy thrives on all of the following EXCEPT

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the owner has unlimited liability

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...the chief disadvantage of a sole proprietorship is the

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has manufacturing or service facilities in several sountries

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...a multinational corporation

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microeconomics

answer

...the study of the economic behavior of individuals and firms is called

question

the supply produced at every price

answer

...a demand curve shows all of the following EXCEPT

question

inelastic

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...a modest price increase for local cable television service has had little or no effect on the demand, indicating that demand for the product is

question

producers to supply less and consumers to buy more

answer

...in a market economy, a low price is a signal for

question

when the quantity supplied is greater than the quantity demanded

answer

...at a given price, a surplus occurs

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keep government out of businesss

answer

The concept of laissez-faire means..

question

price controls

answer

the FED uses all of the following to conduct monetary policy EXCEPT

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demand elasticity

answer

the total receipts test is a method for estimating

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perfect compttition

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a market structure characterized by identical products and a large number of reasonably well-informed buyers and sellers who act independently describes

question

are willing to accept the decision of a third party as binding

answer

when labor and management decide to go to arbitration, both parties

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traditional theory of wages

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the theory that states that the supply and demand for workers' skills determines their wages is the

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the individual income tax

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the single most important source of revenue for the national government is

question

proportional tax

answer

if one individual earns $10,000 and pays $2,000 in taxes and a second individual earns $100,000 and pays $20,000 in taxes, the government is using a

question

president, House of Representative, Senate, president

answer

the steps in initiating and approving a federal budget occur in this order

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lower interest rates

answer

the federal deficit has all of the following effect EXCEPT

question

inconvertible fiat money

answer

the Federal Reserve notes used as currency today are

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30 representative stocks on the NYSE

answer

the most recognized measure of stock performance is the Dow-Jones Industrial Average, which measures

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Government intervention

answer

which of the following is NOT an important characteristic of the free enterprise economy

question

study of efforts to satisfy seemingly unlimited wants with scarce resources

answer

economics may best be defined as a

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horizontal merger

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when two corporations that produce the same kind of product merge, it is knows as a

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entrepreneur

answer

a risk-taker in search of profits is known as an

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production possibilities frontier

answer

a popular model used to illustrate the concept of opportunity cost is the

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labor unions

answer

increased competition, higher profits, more and better-paying jobs, and healthy tax revenues are all benefits of successful

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does not provide for everyone's basic needs

answer

which of the following is NOT a characteristic of the market economy

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results of supply and demand

answer

land, labor, capital, and entrepreneurs are the

question

vertical merger

answer

when corporations involved in different steps of manufacturing or marketing merge, it is known as a

question

are unregulated

answer

public utilities are businesses that

question

demand elasticity

answer

which term best describes the consumer act of replacing one item with another less costly item

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adequate competition exists in all markets

answer

in a healthy market, all of the following conditions exist EXCEPT

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total cost equals total revenue

answer

the profit-maximizing quantity of output is found where

question

a large change in price has only a small affect on supply

answer

if supply and demand are inelastic

question

an opportunity cost

answer

a negative externality resulting from building a commuter rail system might be

question

inferior fabrics used in manufactured costumes

answer

all of the following are examples of market failure EXCEPT

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variable costs

answer

costs for electricity, natural gas, and labor are examples of

question

a dam located at the mouth of a river that's run dry

answer

an example of resource immobility ia

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resources do not move from industry to industry

answer

market failure can occur when

question

increased consumer protection from price discriminatin

answer

the Robinson-Patman Act

question

traditional theory of wages

answer

the theory that wages are based on the supply and demand for a worker's skills is the

question

closes or minimizes most tax loopholes

answer

the flat tax

question

lower interest rates

answer

which of the following is not an impact of a large federal debt

question

fewer than 2,000

answer

in 1980, before the S&L crisis got under way, the United States had 4,600 S&Ls. By the early 1990s, there were

question

stocks are priced about right and brgains are hard to find

answer

the Efficient Market Hypothesis states that

question

unskilled labor

answer

laborers who work primarily with their hands because they lack training and skills are called

question

balance the federal budget

answer

the long-range goal of the Omnibus Act of 1993 was to

question

president

answer

the annual budget of the federal government is initiated by the

question

was not available during the early years of the Great Depressionn

answer

federal deposit insurance

question

ability to diversify an investmant

answer

an advantage of a mutual fund for a small investor is the

question

difference between the dollar value of exports and imports

answer

the foreign sector of the economy represents the

question

depression

answer

a condition of acute shortages, high unemployment, and excess capacity at manufacturing facilities is a

question

federal open market committee

answer

the committee that advises the Fed on the growth of the money supply and the level of interest rates is the

question

Laffer curve

answer

the hypothetical relationship between federal tax rates and tax revenues is demonstrated by the

question

unemployment insurance and entitlement programs

answer

examples of automatic stabilizers are

question

tracking prices of consumer items

answer

the market basket is a method of

question

Lorenz curve

answer

the degree of income inequality among families is demonstrated by the

question

75 percent of the nations's wealth

answer

the wealthiest 20 percent of the population controls about

question

Regulation Z

answer

tools that the Fed an use to conduct monetary policy include all of the following EXCPET

question

use of government spending and taxing to influence economic activity

answer

fiscal policy is defined as the

question

helping the balance of payments

answer

protectionists cite all of the following reasons to justify high tariffs EXCEPT

question

Mikhail Gorbache

answer

efforts to bring privatization to the Soviet Union began with

question

Sweden

answer

the nation once known as the "socialist state that works" is

question

its income is growing faster than its population

answer

when a developing country is in the stage of semi development

question

modified free enterprise

answer

today, the American economy is an example of

question

Benefit from U.S, trade negotiations with other countries

answer

the most favored nation clause is important to foreign countries because favored nations can

question

high consumer satisfactin

answer

all of the following are characteristics of communism EXCEPT

question

Keiretsu

answer

one of the keys to Japan's economic success has been

question

it has no formal economic organization

answer

when a developing country is in the stage of primitive equilibrium

question

the need to unionize workers

answer

countries that try to change from a command economy to a market economy face all of the following problems of transition EXCEPT

question

economic plan used by some communist nations to set economic goals

answer

five-year plan

question

when more goods are imported than are exported

answer

trade deficit

question

country that lacks significant industrial development and whose people have very low per-capita in-comes

answer

developing country

question

tax designed to protect domestic industry from imported goods

answer

protective tariff

question

poisonous and noxious substances in the air, water, or soil

answer

pollution

question

public goods, such as highways, airports, and sewer systems, that are needed by society

answer

infrastructure

question

international economic situation in which member nations have eliminated all trade barriers

answer

customs union

question

number of people who live on a square mile of land

answer

population density

question

condition in which people produce only enough to survive

answer

subsistence

question

products one country sells to another country

answer

exports

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