問題一覧
1
Goods that see an increase in demand as the result of a fall in income are considered
Inferior Goods
2
Which of the following nations represents a command economy
North Korea
3
Luke is a recent college graduate, He is applying for several jobs, which unemployment is this
Frictional
4
What is the Law of supply
As price increases, quantity supplied increases
5
The study of the economy as a whole
Macroeconomics
6
The point on the business cycle me where GDP is at its lowest level
Trough
7
Money that also has an alternative use as an economic good is
Commodity money
8
Monetary Policy is enacted by the
Federal Reserve
9
Which of the following types of economies is able to make quick changes
Command
10
A tax on goods that are brought into the country
Tariffs
11
James pays 4% of his income in taxes, John pays 8%, John is paid more. Which tax is this
Progressive
12
Finish this statement : As price increases, the quality demanded_______
Decreases
13
The largest category of spending for local governments is often
schools
14
This occurs when there is greater supply than demand for a product
Surplus
15
What is an inelastic good?
If prices increase people will still buy the good
16
What does more competition in a market lead to?
Lowering prices, innovation, and more efficiency
17
Goods that are often used in connection with one another are considered
Complements
18
One of the major debates in economics is
Efficiency vs Equity
19
The choice of the highest value that was not taken
Opportunity cost
20
Which of the following is not a factor of production
Monetary Capital
21
Tools, equipment, machinery, and factories used in the production of goods and services
Physical Capital
22
In international trade, a nation that can produce a good at a lower opportunity cost has
Comparative Advantage
23
The principle that we have unlimited wants, but limited resources with which to fill them
Scarcity
24
Jamie is laid off after the plant she works for has a bad quarter. Which type of unemployment?
Cyclical
25
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
26
Which of the following is a business structure in which firms have differentiated products
Monopolistic Competition
27
Elasticity measures the consumers response to a change in
Price
28
A loan given by a corporation or business that is returned with interest is considered a
Bond
29
The water that cools a nuclear power plant would be which of the factors of production
Land
30
Everything that is given up when a choice is made
Trade offs
31
Which of the following is NOT a basic question of economics?
Why to produce
32
The study of how and why people make decisions
Economics
33
The sum of the national deficits is known as
The National Debt
34
The money that a bank is required to keep in the vault is called
Reserve Requirement
35
This is the model we use to show the potential output in a model economy
Production Possibilities Frontier
36
Which of the following would be considered a service
Musical Performance
37
A market structure in which an individual has complete control over price is a
Monoploy