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