問題一覧
1
Which has the potential to be both an advantage and disadvantage of a partnership?
join decision making
2
which of the following is defined as the value of the next best alternative a person gives us?
opportunity cost
3
What is it called when several companies producing unrelated products coke together
conglomerate
4
Substitution effects occur when
all of the above
5
HOW does the demana curve responato an increase in demand?
the curve shifts right
6
which of the following is one of the 3 most basic economic questions?
how will it be produced?
7
The main difference between a credit union and a bank is that
credit unions have membership requirements
8
what is the alternative people give up when they make a choice?
trade offs
9
You can easily carry money in a pocket or purse. This renects what characteristic of money?
Portability
10
Mr. Andy opens a coffee shop, which he owns and where he sells a national brand of gourmet coffee. He pays licensing fees to do this. What kind of business is this?
a franchise
11
What type of money is issued by the United States government?
fiat money
12
What type of organization would give aid to a country that just had an earthquake? *0/5
nonprofit organization
13
what is defined as the lack of resources available to meet all human wants?
scarcity
14
The terms proportional, progressive, and regressive refer to
types of taxes
15
Which of the following is one of the three functions of money?
store of wealth
16
an advantage of a market economy is its ability to
provide for wants
17
Which of the following is a factor in preventing economic growth?
recession
18
the supply curve is
upward sloping
19
A possible negative consequence of electronic banking is
identify theft
20
What kind of tax is most likely the major source of revenue that supports these workers? (fire fighters)
property tax
21
select all of the following that are considered factors or production?
land, labor, entrepreneurship and capital
22
What are the two sectors are involved in the circular flow model with the Product market and Factor market?
households and firms
23
What is a business owned and managed by a single person called?
solo Proprietorship
24
According to the circular flow of economic activity, an individual buying an iPhone is participating in the
product market
25
in a market economy the question of how goods will be distributed is answered by
the ability and willingness of people to buy the goods
26
Which type of tax is levied on specific items or services, including gasoline and telephone
excise tax
27
A period of recovery from a recession is known as
an expansion
28
The demand curve is always
downward sloping
29
What percentage of unemployment is considered full-employment?
4-6%
30
a demand curve shows that
more will be purchased at low prices than at high ones
31
Most people are inspired to start a business by the
Profit Motive
32
According to the law of demand, if the price of apples doubles and your salary remains the same, you would probably
but fewer apples
33
A change in the quantity supplied is a change in the amount offered for sale
a change in price
34
In a free market, prices are usually the result of
supply and demand
35
Elementary schools, police departments, and electrical service are typically payed for by
local government
36
Which of the following can cost you money in large interest payments?
A credit card
37
what’s the concept Adam smith believed is the best way for an economy to function?
invisible hand
38
a factor that would cause the supply curve to shift to the right is
An increase in the number of sellers
39
what would be a example of a need
food
40
In a command economic system, the question of what to produce is determined by
a gov central planning committee
41
what is shown on the production possibility curve?
maximum goods and services that can be produced
42
What does a trough indicate?
The GDP has stopped declining and has begun to increase
43
What is an example of a substitute good
none do the above
44
Money whose value is based on the type of material from which it is made is called
commodity money
45
The eye-glass industry would best be classified as
a monopoly
46
Th situation where women tend crops and raise children while men hunt is
traditional economy
47
The American soft drink industry would be classified as
oligopoly