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Economics
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Test
Review
100
The paradox of value occurs when some necessities have little value, while some non-necessities have a much higher value
What is true
100
Economic growth occurs when a nation's total output of goods and services increases over time
What is true
100
The circular flow of economic activity describes an economy that is free of markets
What is false
100
Capitalism is a competitive economic system in which private citizens own the factors of production
What is true
100
Voluntary exhcange is a characteristic of command economies
What is false
200
the situation in which some necessities have little value while some non necessities have a much higher value is known as:
What is paradox of value
200
Manufactured goods needed to produce other goods are called
What is capital goods
200
to arrive at an economic decision, a decision-making grid may be used to evaluate
What is alternative choices of action
200
division of labor is characteristic of
What is assembly line production
200
the study of economics is important because it enables us to
What is become better decision makers
300
A popular model used to illustrate the concept of opportunity cost is
What is PPF
300
the dollar value of all final goods and services and the most comprehensive measure of a country's total production output is
What is GDP
300
An economy at its ppf is operating
What is at full potential
300
The money used to buy the tools and equipment needed for production
What is financial capital
300
actions in one part of the country or world that have an economic impact on what happens elsewhere are examples of
What is economic interdependence
400
an example of a market economy is":
What is USA
400
which of the following is NOT considered an economic and social goal?
What is entrepreneurship
400
which group of people ultimately determines the products that a free enterprise economy produces
What is consumers
400
the US can best be described as having
What is a modified private enterprise system
500
All of the following are examples of a Command Economy EXCEPT
What is public services are available at little or no cost
500
A market economy
What is does not provide for everyone's basic needs
500
Minimum wage is an example of a federal law that supports
What is economic equity
500
the concept of voluntary exchange means
What is people freely and willingly engage in market transactions
500
the government's role in a mixed economy is that it is the
What is regulator charged with preserving competition