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Eco. Exam Review Test

Enter the letter for the matching Answer
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1.
tax money collected by the government and redistributed to groups such as the poor, the elderly, the disabled
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2.
Why did the former Soviet Union (Russia) use a command economic system instead of one based on price?
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3.
point at which supply and demand come together
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4.
all people who are at least 16 and are working or are seeking work are included in the
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5.
someone who would not choose to pay for a certain good or service, but gets it anyway is known as a
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6.
an organized work stoppage intended to force an employer to address union demands
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7.
when one person willingly gives up money for a product and another willingly gives up a product for money, it is called a ___
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8.
a business that is owned and controlled by two or more people is called a
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9.
three factors of production
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10.
how much of a good is offered for sale at a specific price
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11.
when a union forces a company to keep unnecessary workers on the company
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12.
the organized set of procedures for producing and distributing goods and services is a nation's
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13.
all decisions require ___ because we must give up some alternatives when we choose a certain course of aciton
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14.
when a market does not distribute resources efficiently, economists call it a
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15.
the overall economic well-being of people is often called their
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16.
the___of self-interest results when the consumer tries to get the most for his/her money while the producer tries to get the most money for his product or service
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17.
an inelastic supply graph would be more ___ than an elastic supply graph
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18.
two goods that are used together
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19.
examples of public goods:
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20.
a factor that can change
A.
market failure
B.
labor force
C.
quantity supplied
D.
equilibrium
E.
invisible
F.
trade-offs
G.
variable
H.
vertical
I.
partnership
J.
economic system
K.
strike
L.
voluntary exchange
M.
complements
N.
transfer payment
O.
dam, highway, city park
P.
free rider
Q.
capital, labor, and land
R.
it had major shartages of many goods and services
S.
feather bedding
T.
standard of living
Type the Answer that corresponds to the displayed Question.
incorrect
21.
good or service provided by the government for everyone
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22.
anything that a borrower has that guarantees that he will repay a loan
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23.
things like health insurance, disability insurance, and medical benefits are examples of
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24.
goods used in place of one another
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25.
a cost that does not change no matter how much is produced
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26.
the profits that a stockholder in a corporation receives is called
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27.
a person who starts a new business or develops an original idea is known as a (an)
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28.
economists use the term___ when a country decides whether to use its resources to manufacture military equipment or consumer products
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29.
the term___refers to all natural resources that are used to produce goods and services
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30.
an organization that negotiates with employers for better wages and working conditions is a

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