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Economics Final Review '22a

Across
Paper money in the United States is made by the Federal Reserve, also known as The _____
Money created by government decree
Exclusive rights to the process, design or invention for a certain period of exchange for a complete disclosure of the invention
Inflation rate of over 500%
Durable goods last at least this many years
Lowest legal price that can be charged for a product
Type of shop where people must join the union after being hired
Artificial barrier which prevents women from advancing in a company is called a ____ ceiling
Type of monopoly based on ownership or control of a manufacturing method or process
Exceptionally risky bond
Money which has an alternative use
Alternative that must be given up when one choice is made rather than another is called a trade ___
Allocation of goods and services without use of prices
Office of Management and Budget reports to the ______
Index is a combination of unemployment rate and inflation
Part ownership in a corporation
Real or imagined differences in a products is product______
Supply which does not react to a change in prices is called ___elastic
A combination of businesses which unfairly limit competition
Increasing the amount of money in circulation without an increase in the amount of goods and services will cause this
Oligopoly is when a ___ producers dominate a market
Unemployment caused by swings in the business cycle
Government controlled economy
Unemployment caused by annual changes in the weather
Agreeing to sell a stock in the future at a set price is often called a ___ sale
Supply that reacts to a change in price
A regressive tax places a greater burden on this group
Adam Smith believed the economy was controlled by an invisible ____
In the business cycle, this comes before expansion
An inferior good is sometimes considered an ___stitute good
Partnerships have ___limited liability
Combination of firms involved in different steps of manufacturing
Type of partnership where all parties are responsible for the management and obligations of the business
An entrepreneur assumes the ____ of business
Down
Barrier to ____ keeps new companies from entering a market
There is no such thing as a ___ lunch
Number of Federal Reserve Banks
Census is taken every ___ years
Fiscal policy is when Congress uses ____ and spending to influence the economy
According to the law of diminishing utility, the more of something one has, the ____ utility an additional unit will bring
Unlimited wants and limited resources
Opportunity gained when making a decision
Combination of ___ or more business enterprises to form a single firm is a merger
Products that increase the use of other products
Specie
Fairness, costs and flexibility are all problems of this
Crowding ____ occurs when the government borrows money, leaving less for private institutions to borrow
Economic roles are set forth by the community in this type of economy
The law of supply states that as prices go us, supply goes
Created when the federal government spends in excess of revenues
Price being much higher than value
Reducing the value of money is called __valuation
In this type of competition, the products are identical
Type of labor which requires some mechanical equipment with minimal training is ____ skilled
The loss of the next best alternative use of money, time or resources when a choice is made is an opportunity ____
Inflation rate between 3-5%
A basic requirement for survival
Monopoly based on location is called a ___graphical monopoly
One impact of an increasing national debt is ____ interest rates.
Three tools of the Federal Reserve are reserve requirements, open market operations and the discount ____
Diminishing returns is the state of production where output increases at a decreasing ___ as more units of a variable input are added
Condition in the economy where unemployment rate is lower than the percentage established by economists is considered ____ employment
Incidence of ___ation states that most taxes are passed onto the consumer