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100
Factors of production include which of the following?
What is Land, labor , and capital
100
The value of the next best alternative that has to be given up for the action that is chosen is the?
What is Opportunity cost
100
A company’s office buildings are an example of
What is capital
100
Economist build economic models
What is To help analyze the way the world works
100
Businesses can make decisions about the best use of their resources by analyzing
What is production possibilities
200
According to Adam Smith
What is government should not interfere in the marketplace
200
It is easier to start your own business in a
What is free enterprise system
200
In a capitalist system, most property is
What is private property
200
Which of the following countries has a command economy? France North Korea Taiwan South Korea
What is North Korea
200
A laissez-faire system is one in which
What is government interference in the economy is minimal
300
Interest rates for all types of credit are regulated by who
What is state and federal laws
300
Consumers can transfer money electronically from their bank accounts to the bank accounts of stores or restaurants by using
What is debit cards
300
A finance charge is the
What is cost of credit expressed monthly in dollars and cents
300
Credit cards such as Visa and MasterCard are issued by
What is banks
300
Some credit companies lure people into signing up by
What is offering low initial APRs
400
1According to the law of demand, when the price of an item goes up, the quantity demanded
What is falls
400
When the price of a good is too high for consumers, they look for
What is substitutes
400
The part of the business cycle in which the economy starts to slow down is called
What is contraction
400
During the late 1930’s the United States experienced
What is depression
400
Using statistics to help make business decisions enables executives to
What is reduce risks
500
The Federal Reserve has the power to
What is regulate national bank reserves
500
The Federal Reserve System was established to
What is control the amount of money in circulation
500
ATMs receive deposits, give out funds, accept payments, and
What is transfer funds between accounts
500
Business cycles in the United States
What is occur irregularly
500
When coincident indicators rise or fall, they indicate
What is rise or fall in economic activity