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Economics Study Guide Final Exam Name:_________________________ Date:_____________ Hour:________ Terms: oligopoly market structure deregulation trust merger monopoly antitrust legislation patent perfect competition cartel proprietor partnership entrepreneur corporation assets inventory joint venture dividend common stock substitution effect law of supply law of diminishing marginal utility economics productivity labor entrepreneurship goods scarcity capital services factors of production economic model Flexible exchange rates Tariff Inflation marginal utility law of demand law of diminishing returns elasticity supply demand real income effect laissez-faire profit incentive market economy profit command economy traditional economy competition economic equity standard of living mixed economy unlimited liability patent 52 week high/low treasury bond money market stock disposable income “invisible hand” free enterprise purchasing power Clayton Act macroeconomics microeconomics involuntary exchange shortage surplus GDP Aggregate Demand depression Questions: What is the FDIC? What is its function? What are the three functions of money? What is non-price competition? Give an example. What is a natural monopoly? Describe what a horizontal merger is? Vertical merger? What is the NYSE and what companies are posted on it? What is NASDAQ and what companies are listed on it? What is equilibrium price? List and describe at least three regulatory agencies. Describe the difference between elastic and inelastic Draw a graph showing a supply curve, demand curve, and the equilibrium price. Move the demand curve to the right…What happens to the E.P.? What is the Dow Jones Industrial Average? Describe what a Roth IRA and a 401(k)(b) is? What are its pros and cons? What are the advantages of owning a franchise? What are the four factors of production? List examples for each factor. describe the pro’s and con’s of the three types of business organization Describe the Ten Life Lessons of financial planning Describe the advantages/disadvantages of a capitalist, socialist, and communist political/economical system Format of Exam: 9 – True/False 50 – Multiple Choice 25 – Matching - The Exam will be on Scantron (#2 pencil)
