Econ Final

5. In our american economy we try to align our economic values with our…?
7. Producing more output with less input puts what kind of advantage in trade?
8. Who can address issues in the economy such as increasing employment, managing inflation and promoting growth with monetary policy?
10. What measures the economy is the largest measure of economic growth?
14. What is the biggest problem in economics?
15. What is it called when the economy starts to grow instead of shrink?
17. Who works to make sure that the consumer rights are always protected?
18. The money that you are charged for borrowing money is called what?
20. What percent does the unemployment rate have to be at to be considered “full employment”?
21. What is the study of how people, business and nations use their limited resources?
23. When all members of society are taxed at the same rate this is called what kind of tax?
24. The term used to describe the value of your next best option of the use of your time and money?

1. When calculating your income after taxes what number rule should you follow?
2. What cycle shows the ups and downs of the economy?
3. What is the measurement of the value of all final goods and services, minus depreciation called?
4. If a good has a lot of substitutes, what is the price more likely to be?
6. As price increases and quantity sold decreases, what law describes?
9. What kind of economy will reduce costs while increasing the quality of products and services?
11. When the Fed increases the reserve requirements on the banks, does inflation increase or decrease?
12. In the US who can go into debt?
13. What factor has the greatest effect on “impact demand”?
16. What economic theorist pushed strongly for the Monetarism theory?
19. The price at which quantity supplied matches the quantity demanded is called what?
22. What is the best guide when looking for a great deal on credit?