economics...

Created by leahdecenteceo2 

Upgrade to
remove ads

Iron, ore, timber, tuna, and crude oil are examples of

natural resources

Managers, technical trainers, and accountant are examples of a company's

human resources

Bridges, dams, and freeways are examples of a country's

capital resources

The economic term scarcity is most often used to refer to

limited resources and unlimited wants

Which of the following statements about scarcity is most likely true

scarcity affects government as well as individual consumers

An economist would probably agree that to make effective financial decisions, consumers should

weigh the costs and benefits of individual choices

The concept of economic scarcity refers mainly to decisions about

how resources are allocated

Business A decides to increase production of cars by buying new robots for the assembly line. This would be considered an investment in

capital resources

The term OPPORTUNITY COST is best described as something that

a person gives up when a choice is made

An economist would most likely argue that effective economic decision-making is based on

weighing the costs and benefits of various options

When an economic choice is made, an economist would most likely define the OPPORTUNITY COST as the cost of

forgoing the benefit of the next best alternative

In economics, the concept of making a "trade-off' is most accurately described as
A. exchanging valuable goods for valuable services

...

Which of these is NOT one of three basic concepts all economic systems must address?

...

In a system of voluntary exchange, people

...

Which of the following could be used in a system of voluntary exchange?

...

People make voluntary exchanges of goods and services in a free market MAINLY because they

...

. Which of the following statements is true of a pure market economy?

...

Country A has decided to improve the quality of its human capital. To accomplish this, Country A

...

To an economist, factors of production are also called

...

The decision to convert a piece of farmland to city housing represents

...

Which of these statements BEST explains why economics cannot provide all people with all the goods and services they desire?

...

To an economist, producers and consumers in a market economy are considered

...

People who create goods and services are most commonly called

...

Consumers are LEAST likely to be defined as people that

...

Which expense is most likely a fixed cost?

...

An economist would most likely define fixed costs as

...

The United States economy is best described as

...

In a market economy, goods are most often produced as a result of

...

Which of these BEST describes the economic system practiced throughout most of the history of the United States?

...

Compared to market economies, command and traditional economy systems generally have

...

The purchase of a new product in a market economy is an act of

...

Which of the following would probably provide the GREATEST motivation for factory workers to increase their output?

...

Which of the following are economic incentives that motivate businesses to expand production?

...

Which of the following is a key characteristic of all economic incentives?

...

People are more likely to buy new houses in an economic environment that includes

...

Which of the following would probably NOT be considered a monetary incentive to buy a product?

...

Profit is one of the main incentives for nearly all

...

Responses to incentives are predictable because

...

Which of the following provides the best example of people using the barter system?

...

People make voluntary exchanges of goods and services in a free market MAINLY because they

...

Which of the following statements is true of a pure market economy?

...

In a pure market economy, prices are generally determined by

...

An economist would most likely agree that a key advantage of money as a medium of transactions is that it

...

. Economists generally consider money to be preferable to using a barter system because it makes exchanges

...

Entrepreneurs typically accept the risks associated with starting a new business in exchange for

...

Which of these statements BEST explains why entrepreneurs are important to the economy as a whole?

...

Entrepreneurship is sometimes considered to be a separate factor of production because it provides

...

If a business wants to maximize profits, it attempts to produce a quantity of goods which creates

...

Which statement explains why market economies are used extensively throughout the world?

...

In the United States, some services such as the postal system are regulated and/or operated with help from the government because

...

When an industry in the United States economy is DEREGULATED, this means the industry becomes

...

Compared to a pure market economy, one benefit of a command economy is that

...

Which of these effects are most likely to reduce consumer spending in the United States economy?

...

In economics, the term demand refers to the quantity of a good that people

...

Demand is best defined as the measure of how much consumers are able and willing to buy

...

Demand for a product tends to be price-inelastic when the product has

...

Demand for insulin tends to be price-inelastic because the drug is considered

...

If consumers readily switch to substitutes when the price of butter increases by only a small amount, the demand for butter is said to be

...

The demand curve shows an inverse, or negative, relationship between

...

Demand for automobiles tends to be price-elastic because automobiles

...

Which of the following best describes the way economists view people's gasoline purchases?

...

The demand for a good is elastic when

...

If the price of water increases,

...

In economics, the term supply refers to

...

If the price of a product falls, producers are likely to

...

Supply is best defined as the measure of how much producers are willing and able to sell

...

If the profit opportunity for a given product increases, the most likely result would be

...

Product X is in high demand. The price of Product X rises by 15%. The most likely result of these events would be an increase in

...

If the price of beef rises and remains at the higher level, then over time the supply of beef

...

If bad weather destroys much of the wheat crop, then

...

In a market economy, prices are affected by all of the following EXCEPT

...

The market equilibrium price is the price at which

...

Which of these statements best explains why the price of a particular toy might FALL just before December 25th?

...

In economics, a shortage of a product occurs when

...

Market-clearing or equilibrium prices are important in a free enterprise economy because they

...

Which of the following will most likely result in a decrease in a product's market-clearing or equilibrium price?

...

A corporation's stockholders are probably best described as the company's

...

Which of these statements about interest rates is TRUE?

...

The principal amount of a loan is BEST described as

...

Which of these financial products typically offers the greatest amount of liquidity?

...

. Which of these statements is true of an investor who buys a bond?

...

A mutual fund is best described as

...

A transfer payment is best described as

...

Entrepreneurs would most likely be involved in which of the following activities?

...

Which of the following statements about partnerships is NOT true?

...

. Both partnerships and corporations allow the owners to

...

One advantage that small companies often have over large corporations is the ability to

...

The FDIC encourages savings by

...

FDIC is an acronym for which of the following?

...

Which of these is the most common form of business in the United States?

...

Which type of business controls the majority of the financial assets in the United States?

...

One key DISADVANTAGE of both partnerships and proprietorships is that owners could, in theory, lose

...

The common stockholders of a publicly owned corporation affect the management of the corporation by

...

Commercial banks typically help corporations in all of the following ways EXCEPT

...

In a large corporation

...

A corporation is a legal "person." This means the corporation

...

Financial institutions

...

A line of credit is

...

An initial public offering (IPO) is

...

Which of the following is a stock market?

...

The Securities and Exchange Commission is

...

Which of the following is not true about the financial markets?

...

If you own a corporate bond, you

...

A business is most likely to use short-term loans to

...

Microchippy is a new, small technology company that is prospering and growing rapidly. Which of the following would be least likely for the company?

...

Which of the following business expenses is most likely to vary each month?

...

Which expense is most likely a fixed cost?

...

. An economist would most likely define variable costs as expenses that

...

Economists generally describe productivity as

...

The MAIN purpose of using division of labor is to

...

A market economy generally encourages producers to realize greater profits by

...

When total cost exceeds total revenues, a business has registered
A. a loss

...

Which of these actions is an investment in human capital?

...

An investment in a college education is an investment in

...

Division of labor is best described as a process in which

...

Consumers are affected by government regulations that increase entrepreneurs' costs of production because

...

Which of the following describes the way the GREATEST NUMBER of people earn income in the United States?

...

Incomes may be different from one group of people to the next because of

...

If a good or service is in high demand, this can

...

A major factor in the decline of manufacturing jobs from the early 1900s to the late 1990s was the result of

...

If the minimum wage is set too high, one likely result might be that

...

Which of the following statements is most likely TRUE about how the supply and demand for labor affects workers' incomes?

...

Which of the following describes a situation in which a single company dominates an entire industry?

...

A monopoly is most accurately described as a market structure that has

...

Monopolistic competition refers to market structure that has

...

Which of these fictitious situations best illustrates the concept of collusion?

...

. The Social Security and Medicare systems illustrate the United States government's effort to

...

A proportional tax is best described as a form of taxation that

...

According to economic principles, a tax on an item such as bread would be considered

...

Which of the following provides the federal government with the GREATEST amount of revenue?

...

To an economist, public goods are defined as goods that

...

When government spending exceeds government revenues, the most immediate result is

...

When government revenues exceed government spending, the result is

...

In the United States, public utilities such as electric power and water supplies are examples of how

...

In the United States, a federal budget deficit refers to

...

Which of these does the Federal Reserve System control most DIRECTLY?

...

In the United States, coins are produced by

...

Which of the following characteristics has the GREATEST effect on whether an item can be used as money?

...

Which of these is considered the basic unit of currency in the United States?

...

. Economists generally consider money to be preferable to using a barter system because it makes exchanges

...

During periods of rapidly increasing inflation rates, a person's salary will

...

Which of the following makes decisions about the growth of the money supply and interest rate levels in the United States?

...

According to economic theory, which of the following is not considered a factor in the production of goods and services?

...

Demand-pull inflation is best described as a situation in which

...

Which of the following is the best example of cost-push inflation?

...

Which of the following best summarizes the key elements used to calculate the gross domestic product (GDP) of the United States?

...

The business cycle is a term used to describe the

...

The consumer price index (CPI) is used to measure

...

In the United States, the Federal Reserve would most likely raise the discount rate in order to

...

See More

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions above and try again

Example:

Reload the page to try again!

Reload

Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

NEW! Voice Recording

Create Set