Help
Options
Question
tools and equipment fall under what factor or production
click to flip
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't know
Question
a nation's wealth is determined by its
Remaining cards (49)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
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