Econ Final

5. When the Fed increases the reserve requirements on the banks, does inflation increase or decrease?
7. Producing more output with less input puts what kind of advantage in trade?
8. What kind of economy will reduce costs while increasing the quality of products and services?
9. The price at which quantity supplied matches the quantity demanded is called what?
10. When all members of society are taxed at the same rate this is called what kind of tax?
11. In the US who can go into debt?
13. The term used to describe the value of your next best option of the use of your time and money?
16. What is it called when the economy starts to grow instead of shrink?
19. What factor has the greatest effect on “impact demand”?
21. As the price of a product increases, the quantity supplied describes what law?
23. If a good has a lot of substitutes, what is the price more likely to be?
24. The money that you are charged for borrowing money is called what?
25. Who works to make sure that the consumer rights are always protected?

1. What cycle shows the ups and downs of the economy?
2. What is the measurement of the value of all final goods and services, minus depreciation called?
3. What economic theorist pushed strongly for the Monetarism theory?
4. What is the biggest problem in economics?
6. In our american economy we try to align our economic values with our…?
12. When calculating your income after taxes what number rule should you follow?
14. what percent does the unemployment rate have to be at to be considered “full employment”
15. What is the study of how people, business and nations use their limited resources?
17. What is the best guide when looking for a great deal on credit?
18. Who can address issues in the economy such as increasing employment, managing inflation and promoting growth with monetary policy?
20. What measures the economy is the largest measure of economic growth?
22. When price increases and quantity sold decreases, describes what law?