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Q 1/51
Score 0
measures a country's output and economic health
30
consumerism
factor market
gross domestic product
standard of living
Q 2/51
Score 0
a fundamental problem in every society
30
nondurable goods
consumerism
scarcity
economic interdependence
51 questions
Q.
measures a country's output and economic health
1
30 sec
Q.
a fundamental problem in every society
2
30 sec
Q.
quality of life
3
30 sec
Q.
each worker learns one task very well
4
30 sec
Q.
Where all the factors of production are bought and sold
5
30 sec
Q.
When a business needs to decide whether a certain action is worth the cost, the most helpful analysis would be a(n)
6
30 sec
Q.
Which of the following descriptions best explains the meaning of opportunity cost?
7
30 sec
Q.
a system which has some combination of traditional, command, and market economy
8
30 sec
Q.
system in which government owns and controls SOME factors of production
9
30 sec
Q.
Which of these statements describes a disadvantage of a traditional economy?
10
30 sec
Q.
Which of these countries has an economy most similar to the former Soviet Union?
11
30 sec
Q.
Which of these statements is descriptive of a market economy?
12
30 sec
Q.
struggle among sellers to attract customers
13
30 sec
Q.
driving force that encourages people to improve their material well-being
14
30 sec
Q.
the role of the consumer as ruler of the market
15
30 sec
Q.
rise in the general level of prices
16
30 sec
Q.
One of the characteristics of a capitalist free enterprise economy is
17
30 sec
Q.
The economic system of the United States is
18
30 sec
Q.
The people who organize and manage land, labor, and capital are
19
30 sec
Q.
Which of the following is largely responsible for the growth in a free enterprise system?
20
30 sec
Q.
the desire, ability, and willingness to buy a product
21
30 sec
Q.
rule stating that more will be demanded at lower prices and less at higher prices
22
30 sec
Q.
satisfaction or usefulness obtained from acquiring one or more unit of a product
23
30 sec
Q.
On a demand curve, movement along the curve indicates
24
30 sec
Q.
Which product most likely has a demand that is inelastic (won't change no matter what the price).
25
30 sec
Q.
Which would an economist consider a complement for coffee?
26
30 sec
Q.
Rule that states that more will be offered for sale at higher prices than at lower prices.
27
30 sec
Q.
extra expense created by producing one additional unit of a product.
28
30 sec
Q.
business conducted over the internet
29
30 sec
Q.
Which of these best describes the influence of high prices on the behavior of producers?
30
30 sec
Q.
at which stage of production does the concept of diminishing returns first become significant?
31
30 sec
Q.
the monetary value of a product
32
30 sec
Q.
price where quantity supplied equals quantity demanded
33
30 sec
Q.
the highest legal price that can be charged for a product
34
30 sec
Q.
What do low prices signal buyers to do?
35
30 sec
Q.
In a competitive market economy, prices are considered
36
30 sec
Q.
What term best describes rent control?
37
30 sec
Q.
What is the easiest type of business to start?
38
30 sec
Q.
What is the main disadvantage of a sole proprietorship?
39
30 sec
Q.
What type of income should you invest in the stock market.
40
30 sec
Q.
When you invest in the stock market you should consider it
41
30 sec
Q.
Paradox of value refers to the
42
30 sec
Q.
Which of these economic systems have the least in common?
43
30 sec
Q.
Which of the following services does the federal government provide?
44
30 sec
Q.
A hungry man is willing to pay a hit price for food. After he is no longer hungry, he is not willing to pay the same high price. Which of the following best defines this example?
45
30 sec
Q.
Which term denotes the change in total income when one additional unit of output is added?
46
30 sec
Q.
What effect would a "bumper crop" (more than expected) most likely have on the price of that crop?
47
30 sec
Q.
Which of the following choices could cause the movement shown in this graph?
