What is the economic system where production is carried out to maximize private profit?
a capitaist economic system
100
What is the term used in economics to refer to consumers determining the production of goods
Consumer sovereignty
100
Which 2 are an example of a Public good?
food, clothing,
timber, coal
lighthouse
satellite television
national defense
aunt mable's secret sauce
national defense and lighthouse
100
these laws are designed to ensure fair trade competition and the free flow of truthful information in the marketplace.
What are Consumer protection laws
100
Which country remains the world’s largest producer of manufactured goods.
CHINA
USA
INDIA
EUROPE
USA
200
What is an economy system based on custom and traditional/command
a traditional economy
200
Because of scarcity, by producing petrol 1, you must forgo the production of petrol.5, thus incurring an ________
opportunity cost
200
(blank) is the exclusive authority to determine how a resource is used, whether that resource is owned by government or by individuals.
Property rights
200
Which U.S Government Customer protection agency is responsible for protecting and promoting public health through the regulation and supervision of food safety, tobacco products, dietary supplements, prescriptions etc.
What is the FDA
200
Which rapper got a nine-figure pay-out from the sale of vitamin water, when it was sold to coca-cola
Dr. Dre
Jay-z
50 cent
Kanye West
Yung Grape
What is 50 CENT
300
What is the concept in economics that refers to individuals being provided incentive to relinquish some of their spending power
profit motive
300
What is an economic system in which the means of production are privately owned and operated for profit, usually in competitive markets.
Capitalist system
300
the existence of ________ is often used as a justification for government intervention in a particular market.
What is a market failure
300
Higher income tax rates for the rich than for the poor is an example of?
What is Redistributing Income
300
which popular board game has printed more money than than the Federal Reserve has issued?
What is monopoly
400
In a free market, who gets what is determined by who is able to afford what at a price determined by supply and demand" this relates to what economic question?
For Whom to Produce?
400
Fatimas opening a RENT-A-PET store for uncommited kitten lovers but wonders where she'll find the necessary materials needed to get it started? this relates to what economic question?
How to produce
400
a government may require businesses to disclose detailed information about products—particularly in areas where safety or public health is an issue, such as food. this is called _________________
What is Consumer protection
400
Every year, the government produces thousands of pages of new regulations, often spelling out in painstaking detail exactly what businesses can and cannot do. TRUE OR FALSE
TRUE
400
what is the largest amount of money in coins u can possibly have without being able to make change for a dollar.
What is three quarters, four dimes and four pennies, you'd have $1.19.
500
What is the power used In unrestricted markets, for those with income or wealth to motivate producers
purchasing power
500
In a true command economy, what to produce is determined by a ______________
central economic authority
500
What is the 4th major component of Property rights
1.)the right to use the good
2.)the right to earn income from the good
3.)the right to transfer the good to others
the right to enforcement of property rights.
500
What was The first major industry deregulated by the United States
What is transportation
500
Number of emails Oprah.com receives a week?
a.) 25,000
b.)50,000
c.) 100,000