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econ final multiple
| Question | Answer |
|---|---|
| tools and equipment fall under what factor or production | capital |
| a nation's wealth is determined by its | accumulation of all tangible products |
| the most comprehensive measure of a nation's wealth is provided by its | gross domestic product |
| which of the following statements best describes the purpose of the production possibilities curve | |
| which of the following descriptions best explains the meaning of opportunity cost | the cost of choosing one alternative over another |
| consumers waiting in long lines for a new product is an example of | scarcity |
| when a nation's total output increases over time, the nation is experiencing | economic growth |
| the efficient use of scarce resources leads to an increase in | productivity |
| when a business needs to decide whether a certain action is worth the cost, the most helpful analysis would be a(n) | cost -benefit analysis |
| the study of economic involves | all of the above explaining how people deal with scarcity studying how things are made, bought sold, and used explaining how incomes are earned and how jobs are created |
| which of these statements describes a disadvantage of a traditional economy | new ways of doing things are discouraged |
| which of these economic systems have the least in common | command economy and capitalism |
| which of these statements is descriptive of a market economy | major economic decisions are made by individuals, not for them |
| in which of these systems is the government most likely to provide people with goods and services they could not otherwise afford | a socialist economy |
| which of these helps explain why mixed economies develop | people become unhappy with aspects of their current economy |
| which of these countries has an economy most similar to that of the former soviet union | north korea |
| which of the following is a feature of a command economy that distinguishes it from a socialist economy | all production is managed by the government |
| in a transitioning economy, why would privatization tend to raise a nation's overall standard living | people are more likely to be productive when it benefits them personally |
| how are economic transactions shaped in a traditional economy | elders and ancestors make certain that things are done in specific ways |
| which of these is a major advantage of a market economy | there is a high degree of individual freedom |
| one of the characteristics of a capitalist free enterprise economy is | voluntary exchange |
| the economic system of the United States is considered a | free market capitalist economy |
| ____ protect consumers against harm from products on the market | government regulations |
| which of the following is largely responsible for the growth of a free enterprise system | profit motive |
| consumers in a free enterprise economy ultimately determine __ to produce | what |
| markets in the free enterprise system are seldom regulated by | the government |
| the four factors of production are land, labor, capital , and | entepreneurs |
| a general rise in the level of prices over time is known as | inflation |
| what have some states done to protect workers from adverse economic events such as layoffs, and illness | they set up unemployment compensation programs |
| economic equity means that it is illegal to discriminate on the basis of age, sex, race, religion, or | disability |
| what do low prices signal buyers to do | buy more |
| in a competitive market economy, prices are considered | neutral |
| without prices, the three basic questions WHAT, HOW, and FOR WHOM to produce are answered by | government |
| what do most economists believe is the most efficient way to allocate resources | competitive markets |
| equilibrium is reached when what occurs | quantity supplied equals quantity demanded |
| which is the opposite of a surplus | shortage |
| what effect would a bumper crop most likely have on the price of that crop | decrase |
| what do price ceilings and price floors prevent | prices reaching equilibrium |
| which term best describes rent control | price ceiling |
| why have agricultural products been the object of many price stabilization efforts | their prices tend to fluctuate widely |
| during the great depression, union promoters | renewed efforts because hard times united workers |
| which of the following were the first types of unions formed in the United States | craft unions and industrial unions |
| which of the following was a response to the growing strength of unions | right-to-work laws |
| which of the following tactics is used only by management | lockout |
| which statement is the best explanation of the market theory of wage determination | a worker's pay rate is set by suppl and demand for the worker's skills |
| which of the following best expresses the idea that higher education often results in higher earnings | signaling theory |
| the income earned by females has only been a fraction of that earned by males partially because of | all of these the uneven distribution of men and women among various occupations differences in human capital discrimination |
| which kind of union organization was stopped by the Taft-Hartley Act | closed shop |
| which of the following illustrates why the wage gap between women and men is discriminatory | glass ceiling |
| which of the following is most responsible for increases in the federal minimum wage | inflation |
Created by:
russelladdy