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Ch. 2 Test Review

PrinBMF

QuestionAnswer
What level of inflation do the prices start rising faster than wages? Medium
A general decline in prices throughout an economy is called what? Deflation
What includes everything people buy for personal use, such as food, clothing, cars, medical care and recreation? Consumer spending
What is the equity market capitalization of the New York Stock Exchange? 24.6 trillion dollars
The activities involved in buying and selling goods on a large scale is called what? Commerce
How a market is organized based on the number of businesses competing for sales in an industry is call what? Market Structure
What can lead to higher standard of living? Productivity
What is a role of the government in an economy? Promotes Competition
The amount a borrower pays to a lender for a loan is called what? Interest
Every person is willing and able to work has a job is known as what? Full Employment
What Federal Antitrust Laws are punishable as criminal felonies? Sherman Antitrust Act
What controls the money supply to stabilize the economy? Monetary Policy
What is something that is not directly connected to an economy activity, but that affects people? Externality
A competitive advantage based on factors other than price is known as what? Nonprice Competition
What component of GDP includes all purchases made for capital goods and construction? Business Spending
What applies to productions of both nations and individuals? Specialization
The total money circulating at any one time in a country is known as what? Money Supply
The GDP of a nation divided by its population is what? Per Capita
What is an interest rate determined by? Supply and Demand
An example of what antitrust laws prevent? Monopolies
Created by: bwilber
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