WHAT IS THE MAIN PROBLEM OF ECONOMICS?SCARCITY

IN A COMMAND ECONOMY--?GOVERNMENTS MAKE ALL ECONOMIC DECISIONS.

AN EXAMPLE OF A MARKET ECONOMY IS--The United States

UNLIKE A GENERAL PARTNERSHIP, A LIMITED PARTNERSHIP--The inactive partner has limited liability for the business debt.

THE ROLE OF THE AMERICAN GOVERNMENT IN THE FREE ENTERPRISE SYSTEM IS BEST DESCRIBED AS --Limiting intervention while preserving competition.

AN INCREASE IN THE PRICE OF MILK CAUSES A DECREASE IN THE DEMAND FOR CEREAL. THE TWO PRODUCTS ARE--

Complements.

A DEMAND SCHEDULE SHOWS?

A listing of the various quantities demanded for a particular product at all prices that might prevail in the market.

A DECREASE IN THE SUPPLY OF A PRODUCT MAY BE CAUSED BY--An increase in the cost to make the product.

TOTAL COST IS THE SUM OF THE--

Fixed and variable costs.

AT A GIVEN PRICE, A SURPLUS OCCURS WHEN THE-

Quantity supplied is greater than the quantity demanded.

THE PRICE SYSTEM ACTS AS A SIGNAL--

To both buyers and sellers, telling them what to produce and purchase.

WHEN A MAJOR CAR COMPANY LOWERS ITS PRICE, OTHER CAR MAKERS WILL PROBABLY---Lower their prices as well.

THE LARGEST SOURCE OF INCOME FOR THE FEDERAL GOVERNMENT IS--

Individual income taxes.

FICA INCLUDES TAXES TO PAY FOR--Social Security and Medicare

INTERGOVERNMENTAL REVENUE IS THE LARGEST SOURCE OF STATE REVENUE FOLLOWED

Sales Tax

THE FDIC WAS ESTABLISHED TO

Protect the savings of the American people.

WHICH OF THE FOLLOWING PAYS THE HIGHEST RATE OF RETURN?

Stocks

A STOCK SHOWS--

Ownership in a company.

WHAT IS THE OLDEST STOCK EXCHANGE IN THE COUNTRY?

NYSE

WHAT IS THE DEFINITION OF GDP?

The market value of all goods and services provided in the economy in a given year.

THE TYPE OF MARKET STRUCTURE WHERE A FEW FIRMS DOMINATE THE INDUSTRY LIKE BURGER KING AND MCDONALDS IS KNOWN AS A

Oligopy

THE FEDERAL RESERVE--Is made up of 12 district banks and 25 branch banks.

IN THE SHORT RUN, AN INCREASE IN THE MONEY SUPPLY RESULTS IN--

Lower interest rates.

DEMAND WILL INCREASE--

If consumers save less and buy more.

A TARIFF IS--

A tax on imports and exports.

SOCIALISM IS CHARACTERIZED BY-Government ownership of most productive resources.

TODAY THE DOMINANT ECONOMIC FORCE IN THE WORLD IS--

Capitalism.

THE OPPORTUNITY COST OF A DECISION IS--The next best alternative.

WHICH GROUP OF PEOPLE ULTIMATELY DETERMINES THE PRODUCTS THAT A FREE ENTERPRISE ECONOMY PRODUCES?Consumers.

BUSINESSES THAT SERVE PARTICULAR EDUCATIONAL, SOCIAL, CHARTABLE, OR RELIGIOUS PURPOSES ARE CALLED?Not-for-profit corporations.

FOR MOST PRODUCTS AND SERVES, AN INCREASE IN PRICE RESULTS IN A--

Demand for fewer products.

WHEN PRODUCERS OFFER FEWER PRODUCTS FOR SALE AT EACH AND EVERY PRICE--The supple curve has shifted to the left.

IN A MARKET ECONOMY, A HIGH PRICE IS A SIGNAL FOR--

Producers to supple more and consumers to buy less.

A DECREASE IN COMPETITION WITHIN AN INDUSTRY CAN RESULT IN--

A firm gaining a greater share of the market.

WORKERS WHO HAVE SKILLS TO OPERATE MACHINES AND WHO REQUIRE A MINIMUM AMOUNT OF TRAINING ARE-Semiskilled workers.

THE INVISIBLE BARRIER THAT HINDERS WOMEN AND MINORITIES FROM ADVANCEMENT UP THE CORPORATE LADDER--Is known as the glass ceiling.

THE INCIDENCE OF A TAX--

Refers to those who bear the final burden of taxation.

THE LARGEST CATEGORY OF EXPENDITURE FOR MOST LOCAL GOVERNMENTS IS--Education.

THE NATION’S MONETARY POLICY IS DETERMINED BY THE--

Federal Reserve.

ONE OF THE SYMPTOMS OF A WEAK ECONOMY IS--

A low demand for capital goods.

NAFTA IS A FREE TRADE AGREEMENT BETWEEN WHICH THREE COUNTRIES?

Canada, The United States and Mexico.

THE MAIN REASON FOR ECONOMIC FAILURE OF THE SOVIET UNION WAS?

The economy was too complex to be managed by full government control.

THE LARGEST CATEGORY OF NONRENEWABLE ENERGY IN USE IN THE USA IS--Oil