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Exam Review Test

Enter the letter for the matching Answer
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1.
Desire to make money that motivates people to produce and sell goods and services.
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2.
Ch.8: A chart that organizes a corporate chain of demand.
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3.
As price rises for a good, the quantity supplied generally rises. As the price falls, the quantity supplied also falls.
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4.
Value of the next best alternative given up for the alternative that was chosen.
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5.
The price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy.
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6.
What is a benifit over a stock?
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7.
Disadvantages of home ownership are....
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8.
What purpose do the Individual Retirement Accounts (IRA) serve?
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9.
If the demand for workers if the prices(minimum wage) increases then....
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10.
What causes a change in demand?
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11.
Advantages of home ownership are....
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12.
Credit device that allows a person to make purchases at many kinds of stores, restaurants, and other businesses without paying cash.
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13.
IRA: private retirement plan that allows individuals or married couples to save a certain amount of untaxed earnings per year with the interest being tax-deferred.
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14.
Advantages of renting are....
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15.
Ch.6: Set aside income for a period of time so that it can be used for later.
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16.
Ch.2:By pursuing his own interest he frequently promotes that of the society more effectfully than when he really intends to promote it.
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17.
Cuba & China because their government controls everything.
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18.
What do the Dow-Jones Industrial Average and the Standard & Poor's (S&P) 500 measure?
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19.
What causes a change in supply?
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20.
Disadvantages of renting are....
A.
Opportunity cost.
B.
Freedom of use, Pride of ownership, and greater privacy.
C.
No freedom of use, No return on rental money, few or no tax benefits, less privacy, little feeling of responsibility for seeing that the property is taken care of, No property for use as collateral need to wait for maintenance work at the convenience of t
D.
Law of Supply.
E.
Adam smith's invisible hand theory.
F.
A single person earning less than $30,000 can contribute up to $3,000 a year and deduct those contributions from taxable income.
G.
Credit card.
H.
The quantity supplied and price change.
I.
Equilibrium price.
J.
Less mobility, real estate taxes, and time consuming to move to new place.
K.
Profit incentive.
L.
Greater mobility, feeling of freedom to choose another place to live if dissatisfied with current rental unit, paying only a small security deposit rather than a large down payment, and no direct maintenance costs, real estate taxes, or depreciation.
M.
Command economy.
N.
Savings.
O.
it increases.
P.
organizational chart.
Q.
Changes in Population, changes in income, changes in tastes and Preferences, Substitutes, and Complentary Goods.
R.
Individual Retirement Account.
S.
Market with more than 10,000 stocks, those 30 companies have 3 combined market value of over $2.5 million.
T.
People can invest in a bond if they have the money for it and promises to pay a state rate of interest over a state period of time, and then to repay the borrowed amount in full at the end of that time.
Type the Answer that corresponds to the displayed Question.
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21.
Ch.3: Money income a person has left to spend on extras after necessities have been bought.
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22.
Your parents would perform the same tasks that their parents performs.
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23.
Ch.4: Device used to make cashless purchases.
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24.
Way in which a nation uses its resources to satisfy its people's needs and wants.
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25.
Sacrificing one good or service to purchase or produce another.
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26.
Condition of not being able to have all the goods and services one wants, because wants exceed what can be made from all available resources at any given time.
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27.
Land: Natural ResourcesLabor: Child-care workerCapital: Robots that help make lives easier
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28.
Promise made by a manufacturer or a seller to repair or replace a product within a certain time period if its found to be faulty.
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29.
Situation in which a product's price change has little impact on the quantity demanded by consumers.
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30.
An investment company that pools the money of many individuals to buy stocks, bonds, or other investments and advantage is they hold a variety of stocks and bonds.

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