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What is scarcity?
What is the correlation between expected costs vs. anticipated benefits?
What are the factors of production?
Which group drives production in the United States?
Who was Adam Smith?
What is an externality?
Why did gold and silver come to be regarded as money?
What is opportunity cost?
What are the three economic questions a society must ask?
Relationship between costs of advertising and benefits?
How does voluntary exchange work in a free market economy?
In a market economy, what information do prices provide?
What is the economic benefit of entrepreneurship?
If the price of a commodity rises and remains at the higher level, then over time what happens to the supply of that
commodity?
In economic terms a surplus of a product means ?
In a market with perfect competition, how are prices determined?
Characterize the production and pricing practices of a monopolist
Economic substitutes
What is represented on a demand curve?
What is the effect of price ceilings on rents?
What do economists think of price controls?
Why do we have public goods?
The relationship and effect of complimentary goods.
sole proprietorship
advantage of a partnership over a sole proprietorship
To whom is a corporate board of directors accountable?
Purpose of the U.S. Patent and Trademark Office
Barter system
Advantages of corporations
Why are some monopolies allowed?
The business cycle
regressive taxes
how does the government fund the deficit?
What is the principal economic argument for deficit spending or Keynesian Economics?
Federal Reserve open market practices
Who are the primary customers of the Federal Reserve?
Purpose of Fed reserve ratios
What is a recession?
Why is consumer confidence important to the business cycle?
What is the primary goal of supply-side economic policies?
During periods of rapidly increasing inflation rates, what happens to a person's salary
What institution controls the US money supply
Identify economic conditions that are considered an indication of economic prosperity?
Identify economic conditions that are considered an indication of economic recession?
Define the FED discount rate
What is structural unemployment?
What is cyclical unemployment?
What is the difference between real and nominal GDP ?
Why is it not fully accurate to describe the national debt as money we owe only to ourselves?
Rising unemployment, together with a reduction in business spending and production, are characteristics of
How does the Fed stimulate the economy?
What are government macroeconomic policies aimed stabilization?
Which government measure is used to keep track of inflation?
Why has much clothing manufacturing moved from the United States to other countries?
The system of markets and trade that links the countries of the world is called the
How does the United States borrows dollars from foreign investors?
Under which economic system would factors of production most likely be owned by a government?

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Who is primarily responsible for making economic decisions in a market economy?

What is a alid argument in favor of a protective tariff ?
What do economist recognize as the gains of trade?
How does personal saving help the economy grow?
What is the advantage of investing in a mutual fund compared to buying a single stock?
What is the advantage of a corporate bond?
What financial products typically offers the greatest amount of liquidity ?
Compound interest

66. Why keep a monthly budget?

67. What is a prudent reason for using financing attractive when purchasing a consumer item?