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Cat1 100
What does scarcity mean?
How common or rare a service or good is
Cat4 100
Who is known as the Father of Economics?
A. Adam Smith
B. Albert Smith
C. Alex Smith
D. Aaron Smith
A. Adam Smith
Cat6 100
What does laissez-faire mean?
let things alone
Cat4 200
What is a tax on imported goods?
A. equity
B. tariff
C. input
D. output
Cat7 200
What is the American automobile industry an example of?
A. monopoly
B. oligopoly
C. perfect competition
D. monopolistic competition
B. oligopoly
Cat2 500
What is total amount invested in the production of a good?
A. output
B. input
C. equity
D. tariff
B. input
Cat4 500
Which of the following is a retirement plan funded by only the employer?
A. savings account
B. money market account
C. defined benefit plan
D. checking account
C. defined benefit plan
Cat5 500
Which of the following is NOT one of the 3 elements that determine how much an investment grows?
A. amount invested
B. time
C. limited liability
D. rate of return
C. limited liability
Cat6 500
What type of economic system is controlled by a centralized authority?
A. mixed
B. traditional
C. command
D. free enterprise
Cat1 600
Which act implemented in 1890 regulated monopolistic trusts?
A. Clayton
B. Adam
C. Carl
D. Sherman
D. Sherman
Cat6 600
Which of these is NOT an example of a perfect competition?
A. large number of independent buyers and sellers
B. produces standardized parts
C. free access to the market
D. one supplier of a good or service
D. one supplier of a good or service