Foundations of Economics
The study of using resources to satisfy wants and needs.
What is economics
According to the Law of Demand, as price decreases...
What is quantity demand increases
What phase of the business cycle follows the peak?
What is contraction
What is confidence in the US Government
Self interest and greed (the invisible hand) is best described by which author?
What to produce and how to produce - whats the missing economic question?
What is for whom to produce?
The point at which QS and QD are the same
What is equalibrium
Human hours of work would fall under which factor of production?
Who is in charge of Monetary Policy?
What is the FED
When a nation exports more than it imports, it is called a __________ Balance of Trade.
What is favorable
An increase in capital would shift the PPC...
What is to the right
If price is too high, it will result in a
What is a surplus
The largest component of GDP is
What is Consumer Spending
The federal income tax is an example of this type of tax
What is progressive
A nation has this advantage when it holds the lower opportunity cost
What is comparative
If I make more of one good/service, I must make __________ of the other when looking at a PPC.
What is less
If an increase in supply takes place, it shifts to the
What is the right.
Which economic indicator is most useful for predicting the future economic trends?
What is a leading indicator
Which famous great depression economist believed in demand side economics?
Who is John Maynard Keynes
When labor has been sent overseas, we call this
What is outsourcing.
The cost of giving up something to acquire something else is called
What is opportunity cost
If something other than a change in price occurs, we call this a
What is a non price determinant.
The % of the labor force not working is called
What is unemployed
During the last 25 years, the National Debt has...
What is increased
As the world becomes more economically connected and interdependent, we call this
What is globalization.