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Eco. Exam Review Test

Enter the letter for the matching Answer
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1.
some decisions to produce goods and services generate unintended costs called
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2.
economists define___as the "limited quantities to meet unlimited wants"
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3.
when one person willingly gives up money for a product and another willingly gives up a product for money, it is called a ___
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4.
when a union forces a company to keep unnecessary workers on the company
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5.
What is the principle of the law of supply?
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6.
point at which supply and demand come together
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7.
an organization that negotiates with employers for better wages and working conditions is a
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8.
sequential rise and fall of the economy
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9.
the profits that a stockholder in a corporation receives is called
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10.
a cost that does not change no matter how much is produced
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11.
all decisions require ___ because we must give up some alternatives when we choose a certain course of aciton
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12.
What does new technology generally do to production?
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13.
Why did the former Soviet Union (Russia) use a command economic system instead of one based on price?
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14.
when a market does not distribute resources efficiently, economists call it a
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15.
good or service provided by the government for everyone
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16.
a person who starts a new business or develops an original idea is known as a (an)
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17.
how much of a good is offered for sale at a specific price
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18.
things like health insurance, disability insurance, and medical benefits are examples of
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19.
the theory that the completion of college tells employers that a job applicant is reasonabale intelligent and hard-working
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20.
the controller of a monopoly sets the price of goods by charging
A.
the higher the price, the larger the quantity produced
B.
negative externalities
C.
it lowers the cost and increases supply
D.
market failure
E.
equilibrium
F.
trade-offs
G.
labor union
H.
business cycle
I.
learning effect
J.
as much as possible regardless of the amount sold
K.
voluntary exchange
L.
fixed cost
M.
entreneupuer
N.
dividends
O.
safety nets
P.
it had major shartages of many goods and services
Q.
scarcity
R.
public good
S.
feather bedding
T.
quantity supplied
Type the Answer that corresponds to the displayed Question.
incorrect
21.
the lowest wage an employer can legally pay a worker is the going
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22.
a business that is owned and controlled by one person
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23.
the___of self-interest results when the consumer tries to get the most for his/her money while the producer tries to get the most money for his product or service
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24.
when quantity supplied exceeds quantity demanded
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25.
anything that a borrower has that guarantees that he will repay a loan
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26.
goods used in place of one another
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27.
an unofficial, invisible barrier that keeps women and minorities from reaching the highest levels of management
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28.
a business that is owned and controlled by two or more people is called a
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29.
an organized work stoppage intended to force an employer to address union demands
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30.
the overall economic well-being of people is often called their

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