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Economic Review

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1. List the three basic questions of economics.

2. About how many business firms in the U.S. are proprietorships?

3. List the four types of investments.

4. Identify the government department that compiles the statistics on unemployment.

5. List the three automatic stabilizers that are built into our economy.

6. Identify when the national debt went above the trillion-dollar mark for the first time.

7. Identify 3 fixed costs and 3 variable costs.

8. List the three questions that must be answered �yes� for a person to be eligible for unemployment benefits.

9. Identify the two transfer payments that rise automatically during a recession.

10. Each of the following scenarios indicates a change in both supply and demand. Identify both the increase and decrease on prices and quantity for each one.

A. Increase in supply
B. Increase in demand
C. Decrease in supply
D. Decrease in demand

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1. List the three basic questions of economics.

What? How? and for Whom? will goods and services be produced.

2. About how many business firms in the U.S. are proprietorships?

13.5 million proprietorship firms in the USA according to the IRS.
3. List the four types of investments.
Stocks, bonds, cash equivalents and mutual funds.
4. Identify the government department that compiles the statistics on unemployment.
The Bureau of ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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