Economics Final Exam

A mutual fund is:

A savings account is:

_________________ refers to the various quantities of a good or service that producers are willing to sell at all possible market prices.

Federal Reserve is:

This is obtaining (goods or a service) from an outside or foreign supplier, especially in place of an internal source

If there are too many diversities and religions within a country, it could cause conflicts and rivalries that lead to

A bond is:

A producer is:

A(n) ________________ is the exclusive possession or control of the supply or trade in a commodity or service.

Where is the safest and most money conscious place to keep your hard earned money?

Opportunity Cost is:

In this type of economy the government decides how much to produce, what to produce, and how to distribute goods and services. The state owns the land, natural resources, banks, and transportation.

What happens to the price of a good when there is an increase in demand?

What happens to the price of a good when there is a decrease in demand?

_________________is the amount by which the quantity supplied is higher than the quantity demanded.

Please write down your suggestions or comments about the economics class that you have just completed. Your honesty is welcomed and appreciated!

When supply meets demand, the market is in _______________________.

Why is GDP important in assessing the financial stability of our country?

This is a tax or duty to be paid on a particular class of imports or exports.

In this concept buyers and sellers are free to make their own choices. Buyers determine prices because they are able to make purchases based on whether they think the product is priced right. Sellers set prices based on making a profit/if customers will buy it. Limited govt. interference in this process.

Reserve Requirement is:

A person who is considered to be a Democrat, could also identify as the following:

How did you feel about taking the exam online?

What is the sequence of a natural evolution for an economy?

This is the market value of all officially recognized final goods and services produced within a country in a year, or over a given period of time.

Buying stocks from different industries and varing companies is called

The economic and political system in which property and goods are owned by the government and products are shared by all.

What happens to the price of a good when there is an increase in supply?

A budget is:

The rule for buying a house is:

________________is the pleasure, usefulness, or satisfaction that a product gives us.

__________________ is the amount by which the quantity demanded is higher than the quantity supplied.

__________________is a product that can be used in the place of another.

Scarcity is:

When inflation is low this creates

A consumer is:

__________________is a good that goes well with another good.

Comparative Advantage is:

How many federal reserve banks are there in the United States?

A stock is:

_________________is the desire, willingness, and ability to buy a good or service.

In this economic system freedom of choice and individual incentives are emphasized. It has five main characteristics – private ownership, free enterprise, competition, freedom of choice, possibility of profits.

When it comes to supply and demand - When is there equilibrium?

A person who is considered to be a Republican, could also identify as the following: