Economics Exam Review

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Across
  1. 1. Two consecutive quarters of GDP/economic decline
  2. 4. Benefits from unanticipated inflation
  3. 7. This type of integration involves owning different stages of the supply chain.
  4. 8. What happens to quantity demanded when price falls as per the Law of Demand
  5. 9. In this type of economy, central planners decide based upon the priorities of the nation.
  6. 11. Type of unemployment that eliminates people in place of robots.
  7. 14. Satisfaction
  8. 15. Market structure with slightly differentiated products.
  9. 16. Set above the market equilibrium to prevent prices from falling below a certain level
  10. 20. An example of a variable cost
  11. 25. Theorist who believed unemployment could be fixed by increased government spending in the economy.
  12. 26. Measured by changes in price levels.
  13. 27. An increase in supply, other things being equal, leading to an increase in quantity and a(n) ____ in price.
  14. 29. A value judgement that deals with what ought to be and can somewhat be verified by facts.
  15. 31. A theory developed by Adam Smith which includes allowing consumers to direct production
Down
  1. 2. The next best alternative that is given up when a choice is made.
  2. 3. A fall in its price will increase total revenue
  3. 5. the art/science that studies how people use scarce resources to satisfy their unlimited wants
  4. 6. Market structure with price takers.
  5. 10. the market economy rather than using government intervention
  6. 12. Market structure with few firms, little competition and strong control over price.
  7. 13. Type of unemployment affected by business cycles the economy goes through.
  8. 17. 3% change in price leads to a 2% change in quantity demanded.
  9. 18. The main thing a business wants to maximize
  10. 19. Market structure with complete control over price.
  11. 21. Type of unemployment affected by a busy Christmas time.
  12. 22. The various quantities that people are willing and able to buy at various prices
  13. 23. Skills/trades no longer in demand due to changes in the economy
  14. 24. Direct costs for inputs
  15. 28. all natural resources
  16. 30. In the long run, all factors of production are ______