Unit 6
Goods that are non-rival and non-excludable are...
Public
A.) Money
B.) Entrepreneurship
C.) Firms
D.) Scarce Resources
D.) Scarce Resources
Which American president appears on the one-dollar bill?
George Washington
The elasticity of demand for a good is 1. The good is...
Which market is highly concentrated with just a few interdependent firms?
Oligopoly
Which of the following is an example of a non-excludable good?
A.) Sneakers
B.) Daycare
C.) National Defense
D.) Coffee
C.) National Defense
Which of the following is not a factor of production?
A.) Land
B.) Labor
C.) Capital
D.) Technology
D.) Technology
How many colors are there in the rainbow?
Seven
To determine how the price of a good impacts the quantity demanded use the ____ formula.
Price elasticity of demand formula
Which market is highly competitive where firms have slight price control?
Monopolistic Competition
A law designed to prevent monopolies is known as...
antitrust laws
Which country has the absolute advantage in producing potatoes?
China - 100 Wheat - 200 Potatoes
India - 80 Wheat - 100 Potatoes
India
Which restaurant's mascot is a clown?
McDonalds
If the income elasticity of demand for a good is less then one, the good is...
If the income elasticity of demand for a good is more then one, the good is...
Inferior
Normal
What is the most competitive market structure?
Monopoly
On a graph, a negative externality would be shown if
Marginal social cost exceeds marginal private cost
Which country has the comparative advantage in producing wheat?
China - 100 Wheat - 200 Potatoes
India - 80 Wheat - 100 Potatoes
India
Who was the 39th president of the United States?
Jimmy Carter
If incomes decreases 30% and the quantity demanded decreases by 10%, the good is...
Normal
What is not a feature of monopolistically competitive firm?
A.) Numerous Sellers
B.) Product Differentiation
C.) Numerous Buyers
D.) Identical Products
D.) Identical Products
A third-party side effect is known as?
Externality
Which if the following is NOT a characteristic of a well-functioning command economy?
A.) central decision-making body
B.) property rights
C.) scarce resources
D.) supply
B.) Property Rights
What year was tesla founded?
2003
To determine if a good is a substitute or a complement to another good use the ______ formula
Cross price elasticity of demand
In which market is price extremely important when competing?
Perfect Competition