economics test

37問 • 1年前

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The principle that we have unlimited wants, but limited resources with which to fill them

Scarcity

The study of how and why people make decisions

Economics

Which of the following is not a factor of production

Monetary Capital

The water that cools a nuclear power plant would be which of the factors of production

Land

Everything that is given up when a choice is made

Trade offs

The choice of the highest value that was not taken

Opportunity cost

A loan given by a corporation or business that is returned with interest is considered a

Bond

In international trade, a nation that can produce a good at a lower opportunity cost has

Comparative Advantage

This is the model we use to show the potential output in a model economy

Production Possibilities Frontier

Finish this statement : As price increases, the quality demanded_______

Decreases

Which of the following will cause a shift in the demand curve for apples

A new subdivision is put in near the local apple farm

Which of the following types of economies is able to make quick changes

Command

Goods that see an increase in demand as the result of a fall in income are considered

Inferior Goods

Goods that are often used in connection with one another are considered

Complements

A market structure in which an individual has complete control over price is a

Monoploy

Which of the following is NOT a basic question of economics?

Why to produce

Which of the following is a business structure in which firms have differentiated products

Monopolistic Competition

The largest category of spending for local governments is often

schools

Money that also has an alternative use as an economic good is

Commodity money

James pays 4% of his income in taxes, John pays 8%, John is paid more. Which tax is this

Progressive

What is the Law of supply

As price increases, quantity supplied increases

What is an inelastic good?

If prices increase people will still buy the good

What does more competition in a market lead to?

Lowering prices, innovation, and more efficiency

Luke is a recent college graduate, He is applying for several jobs, which unemployment is this

Frictional

Jamie is laid off after the plant she works for has a bad quarter. Which type of unemployment?

Cyclical

One of the major debates in economics is

Efficiency vs Equity

A tax on goods that are brought into the country

Tariffs

Which of the following nations represents a command economy

North Korea

Tools, equipment, machinery, and factories used in the production of goods and services

Physical Capital

Which of the following would be considered a service

Musical Performance

The sum of the national deficits is known as

The National Debt

The point on the business cycle me where GDP is at its lowest level

Trough

This occurs when there is greater supply than demand for a product

Surplus

The money that a bank is required to keep in the vault is called

Reserve Requirement

Monetary Policy is enacted by the

Federal Reserve

Elasticity measures the consumers response to a change in

Price

The study of the economy as a whole

Macroeconomics

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ユーザ名非公開 · 81問 · 1年前