Easy as Pie
in a command economy, providing public goods and services is an example of how a command economy pursues the broad social and economic goal of:
What is equity
the fundamental problem of economics is
What is the scarcity of factors of production relative to the unlimited wants of humans
an example of an investment in human capital
What is a business trains a new employee
interdependence and price leadership are characteristics of firms in what kind of market structure
What is an oligopoly
Peggy, a recent college graduate, decides to look for a job instead of going to graduate school. If she is unable to find a job that suits her interests right away, what type of unemployment is she MOST likely experiencing.
What is frictional
the payments for land, labor, capital, and entrepreneurial ability respectively are
What is rent, wages, interest, and profit
when the U.S. the government purchases a submarine from a company, the government has made a major transaction in the
What is product market
an assembly line can increase a factory's productivity because it allows worker to
What is focus on a specific task
as the price of a good rises in a market, it acts as a signal:
What is to producers that they should supply a greater quantity of the good
which form of business organization is easiest to organize but is LEAST able to benefit from specialization
What is a sole proprietorship
when a country's business invest heavily in new capital goods and new technology, which of the following is most likely to occur
What is economic growth
what are governments MOST LIKELY attempting to do when they increase unemployment benefits, implement more welfare programs, and rearrange tax brackets
What is redistribute income
the law of demand states that
What is consumers demand a larger quantity of a good when price is low
with which term is a command economic system MOST closely associated
What is governmental regulation
which of these is MOST likely to lead to inflation
What is an increase in the costs of production
headline reads; "Consumers demand new cell phones with greater functionality." What basic economic question is being addressed in this headline
What is what to produce
in which market structure does a firm have greatest control over its product's price
What is a monopoly
when governments tax polluting companies and subsidize college education, they are serving the role of
What is resolving market failures
which of the following results when federal government expenditures are less than the federal government's total receipts?
What is a federal budget surplus
over a 2 year period, the nation of Parthia experiences a steep decline in unemployment rate, a rise in real GDP, and a stabilized price level. Parthia appears to be
What is in the middle of a boom period
when economists measure the responsiveness of consumers to changes in price, they are measuring:
What is the price elasticity of demand
which of the following is true about a shareholder in a corporation
What is a shareholder is part owner of that business
the best example of structural unemployment in an economy is someone
What is whose job skills do not match the economy's needs
in Georgia, the Public Service Commission regulates the rates charged to customers by GA Power to ensure:
What is consumers are protected from sharp price increases by a monopoly
Alex and Dylan mow and trim lawns. Currently, each man mows and trims a lawn by himself, but the process takes a long time. They would MOST likely improve their efficiency if
What is Alex mows a lawn while Dylan trims the same lawn