Economics review

This is for the economics exam!!! Hope it can help you! This is from past test and quizzes so it will be similar to what he puts on the exam!!!!!!!!!!

YOU CAN DO IT!!!!!!!! Keep studying and you are going to do great on your exam tomorrow! This will be very similar to the multiple choice section!!!!!

Created by: Mya
  1. What happens when wages are set above the equilibrium level by law?
  2. When buyers will purchase exactly as much as sellers are willing to sell, what is the condition that has been reached?
  3. On which kinds of goods do governments generally place price ceilings?
  4. What happens when the supply for a nonperishable good is greater than the consumer wants to buy?
  5. Why did the U.S. government use rationing during WW2?
  6. What happens to a market in equilibrium when there is an increase in supply?
  7. In response to rising car traffic, demand increased, what does the new equilibrium show?
  8. When will a shortage occur?
  9. Quanity supplied?
  10. Which is not a determinate of demand
  11. which is not a reason why supply change occurs?
  12. Law of demand?
  13. Negative of rent control?
  14. What causes a movement along the demand curve?
  15. A decrease in supply means?
  16. The Space Shuttle is an example of?
  17. GDP?
  18. Which is NOT an economic function?
  19. Which of these is not a postitive externality of building a new dam?
  20. which is NOT a basic principle of free enterprise?
  21. what is one potential drawback of innovation?
  22. Which of the following is not a characteristic of a centrally planned economy?
  23. Why does a free market economy need some government intervention?
  24. What is one of the most important advantages in a free market?
  25. What is not a benefit of capital?
  26. which is a safety net for people?
  27. which is difficult for a pure free market to achieve
  28. An "Enlightened" way of thinking in which everyone works for the betterment of the community

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