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Business Economics Final Exam Study Guide Vocabulary words wage, disposable income, budget, liquidity, rate of return enterprise, stock, sole proprietorship, partnership, corporation franchise, initial public offering, dividend, venture capitalists, yield balance sheet, asset, retained earnings net worth, income statement Gross Domestic Product (GDP), real GDP, real per capita GDP, productivity, nominal GDP fixed costs, variable costs, marginal costs, law of diminishing marginal returns, economies of scale marginal analysis, marginal revenue, total revenue, derived demand, labor force job discrimination, labor union, collective bargaining, grievance, seniority injunction, lockout, picketing, union shop, strike perfect competition, pure monopoly, monopolistic competition, oligopoly, concentration ratio collusion, price fixing, vertical merger, horizontal merger, joint venture externality, predatory pricing, fiscal policy, monetary policy, public good benefits-received principal, ability-to-pay principal, proportional tax, progressive tax, regressive tax money supply, demand deposits, fractional reserve banking, deposit multiplier, Federal Reserve System recovery, demand-pull inflation, cost-push inflation, business cycles, recession purchasing power, durable good, Consumer Price Index (CPI), constant dollars, unemployment rate Multiple choice question topics interest transfer payment risk and loan terms real vs. nominal interest rates liquidity of financial products partnerships not-for-profit corporation advantage of operating a business as a sole proprietorship disadvantage of both partnerships and proprietorships corporations common stockholders of a publicly owned corporation affect the management of the corporation examples of financial institutions Securities and Exchange Commission line of credit corporate bond savings into share of stock balance sheet, income statement, prospectus division of labor when total cost exceeds total revenues investments in human capital losses are the financial incentive that persuade entrepreneurs to? ways to increase the likelihood of wage increases an increase in productivity affects a nation’s standard of living because consumers are affected by government regulations that increase entrepreneur costs of production if a business wants to maximize profits if the minimum wage is set too high income differences explain why a computer database designer is likely to have greater earning potential than a technician who repairs typewriters opposition to increasing minimum wage a non-market force affecting wages explain why jobs in the service industry often pay lower wages than jobs in other industries pure competition outcomes when all the businesses in an industry are able to limit competition among one another purpose of a cartel result of collusion non-price competition oligopolies when government spending exceeds government revenues the traditional role of the federal government Social Security and Medicare systems effort made by the United States government to ensure fair competition in the marketplace services regulated and/or operated with help from the government likely result when the U.S. government borrows money to increase its spending progressive, proportional, regressive taxes effects of inflation on salaries functions of money the Federal Open Market Committee the money supply increases when? what would most likely be implemented to encourage consumer spending for major purchases cost-push inflation M1 money calculations of a country’s gross domestic product actions that would be part of a nation’s monetary policy aimed at stimulating growth and reducing unemployment unemployment in the United States fiscal policy aimed at slowing the growth of the U.S. economy a monetary policy tool used to influence the money supply actions that would most likely slow the economy during a period of rapid growth & inflation fiscal policies that would be implemented during a period of rapidly increasing inflation differences between structural, frictional, seasonal, cyclical and voluntary unemployment the Federal Reserve would most likely raise the discount rate to do ? who makes up the labor force? characteristics of the business cycle and its phases why governments use tax reductions? what does the CPI measures? to counteract the effects of inflation, the U.S. government would?? what takes place during the early phases of an economic expansion? reserve ratio