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