Upgrade to remove ads
Only $35.99/year

Abeka Economics — Test 6 /Final Exam/ (12TH GRADE)

Terms in this set (89)

MULTIPLE CHOICE: Write the letter of the correct choice in the blank.
...
Besides its utility, what else determines the value of a good by a consumer?
scarcity
What is a basic component of capitalism besides limited government, freedom of enterprise, and competition?
property rights
When supply of a good increases, what tends to decrease?
equilibrium price
Which economic system bases production of goods on customs and habits?
traditional
Which economic system is regulated by the public sector?
command
Which economic system is guided by the choices made by the private sector?
free enterprise
What was one of the first antitrust laws enacted in the United States?
Sherman Act
What is the sum cost of all the factors of production used in making goods?
total cost
Besides division of labor and automatic conveyance, what composes the "American system" of mass production?
standardized parts
A checking account is what type of account?
transaction account
What type of account guarantees a certain interest rate and has a specified maturity date?
CD
What function of money allows people to compare the worth of one good with that of another good?
measure of value
What is the value of all finished goods and services produced within a country during a year's time?
GDP
What type of market model is dominated by only a few firms?
oligopoly
Sets with similar terms