Economics Review #1
Quiz by Thomas Calder
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11 questions
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- Q1Private financial institutions encourage saving and investing by ____________ on deposits.raising feespaying interestcharging feescharging interest30s
- Q2The diagram above represents the Economic Flow of Money. After analyzing it, locate the "#2" in the diagram. Which of the following terms best replaces "#2"?products (goods & services)incomepublic goodsresources30s
- Q3The diagram above represents the Economic Flow of Money. After analyzing it, locate "#1" in the diagram. Which of the following terms best replaces "#1"?profitproductsincomeResources (human)30s
- Q4A form of business organization with two or more owners who share the risks and the profits" best defines which type of ownership?EntrepreneurshipProprietorshipPartnershipCorporation30s
- Q5In this economic system people often perform the same type of work as their parents and grandparents.free market economymixed economytraditional economycommand economy30s
- Q6Compare and contrast the graphs above. What relationship is shown in these graphs?Choice and CompetitionSupply and ChoiceCompetition and Tradesupply and demand30s
- Q7The combining of human, natural, capital, and entrepreneurship resources to make a good or provide a service best describes which of the following terms?ProductionConsumptionOpportunity CostSupply and Demand30s
- Q8Which of the following are used to change economic behavior?supply and demandchoicesincentivesresources30s
- Q9Interaction of supply and demand determines ___________.consumptionpriceproductionchoice30s
- Q10____________________ is what is given up when a choice is made; the highest valued alternative forgone.opportunity costincentivesproductionconsumption30s
- Q11Which term is best defined as “the inability to satisfy all wants at the same time?”incentivescarcitypricesupply and demand30s