Virtual SC Economics Honors Summer Course Exam Review Rated A+

Virtual SC Economics Honors Summer Course Exam Review Rated A+ _____ are opportunity costs of a decision (foregone benefits) that is not defined in money. Implicit costs _____ are taxes on _____ . Tariffs, imports _____ is harder to fix since it occurs with a change in technology or the market reduces the demand for certain types of products and workers. Structural unemployment _____ is the condition that exists when someone can produce a good or service with a lower opportunity cost than someone else. Comparative advantage _____ unemployment occurs when workers are in-between jobs. It is usually the shortest term type of unemployment. Frictional unemployment 401(k), IRA, and Roth IRA are all examples of a _____ account. Retirement A customer service representative loses his job because his company bought new software that does most of his job automatically. This is an example of ____ . structural unemployment A decline in real GDP that lasts at least two quarters or more is called a _____ . recession A good way to get started with credit is to open a savings or checking account. True A government may be able to reduce structural unemployment by _____ . offering job training programs A graph showing all the combinations of goods and services that can be produced if all of society's resources are used efficiently is called which term? production possibilities curve A inward, left shift in the supply curve (a decrease in supply) for pianos could be caused by _____ . an increase in the price of piano parts A limitation of Keynesian or demand side economics is that once government spending occurs the _____ . government doesn't cut back on it later when it's not needed to stimulate the economy A right, outward shift of a demand curve (an increase in demand) for avocados (a normal good) might be caused by _____ . a news report stating that avocados are associated with good health A tax placed on an imported product is called _____ . tariff According to economists, international trade among countries _____ . decreases the chance of conflict because of economic advantages According to the law of diminishing marginal utility, which of the following is true when consuming marshmallows? The additional satisfaction received from consuming extra marshmallows decreases as you eat more marshmallows. According to the Law of Supply, which of these would happen to an item as its price goes up? Producers (sellers) would make more of it. All of the following are considered automatic stabilizers except _____ . the lottery An example of a finished good calculated into the GDP for the year would be _____ . a new car sold to a consumer An oligopoly can be described as an industry