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Economics may best be described as

The social science concerned with the sufficient use of scarce resources to achieve the max satisfaction of wants.

Macroeconomics can be best described as the

study of economy as a whole

A production possibilities curve shows

max amount of 2 goods that can be produced assuming full use of resources.

A point inside a production possibilities cure best illustrates


Opportunity cost is best defined as

amount of one product that must be given up to produce 1 unit of another.

The two general types of economics systems that exist today are

market system, command system

The demand curve shows relationship between

price and quantity demanded

The law of supply indicates that

produce will offer more at high prices then the will at low prices.

A market is in equilibrium

amount producers want to sell = amount consumers want to buy

2 major virtues of the market system are that it

allocates resources efficiently, allow economic freedom

which of the following is a fundamental characteristic of the market system?

Property rights

The major source of tax revenue for the Fed Government is

personal income taxes

the 3 most important sources of Fed tax revenue from descending importance.

personal income tax, pay roll taxes, corporate income tax

The largest category of Federal spending is for

pension and income security

A progressive tax is such that

tax rates are higher the greater the income.

The united states most important trading partner in terms of dollar volume is


a good should be produced in that nation where

domestic opportunity cost is leased

the primary benefits of international trade include

more efficient use of resources higher living standards.

Protective tariffs are

excise taxes or duties placed on imported products

Import quotas are

max limits on the quantity of products imported to a nation.

The primary economic advantage of the Europe Union to its members is that:

reduction of trade barriers to achieve production economics

the North American Free Trade Agreement

free trade zone between Canada Mexico and the U.S.

GDP excludes

market value of unpaid work in the home

Nominal GDP is :

sum of all monetary transaction involving final goods involving final goods and services.

real GDP refers to

adjusted for changes in the price level

A price index

Comparison of price of market basket from fixed point of reference

Economic growth can best be defined as an increase in

real GDP or GDP per capita

A recession is a period in which:

real domestic output falls

the natural rate of unemployment

rate of unemployment when the economy is at potential output

labor force includes

employed worker and person a fiscal unemployed

the type of unemployment associated with recessions is called

cyclical unemployment

Inflation is undesirable because it

redistributes real income and wealth

Fiscal policy is carried out mostly by

the federal govt.

an appropriate fiscal policy for a recession

decrease in tax rate

An appropriate fiscal policy for severe demand pull inflation is

increase in tax rate

the basic policy making body of the US system is the

Board of governors

3 main tools of monetary policy are

open market operations, reserve ratio, discount rate

Which of the following actions by the Fed would cause money supply to increase?

purchases of govt bonds.

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