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Economics
The US is primarily this kind of economic system?
What is consumption?
Economics
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Econ-I
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1
What is consumption?
That which is given up when a choice is made
The using of goods and services
That which determines price
Making of goods and services
2
The US is primarily this kind of economic system?
Free market
Command
3
In US, there is a circular flow of what 3 things between housesholds, businesses, and markets?
resources, goods, and interest
resources, stocks, and bonds
resources, goods, and services
resources, dividends, and taxes
4
Ian has $10 and can buy a CD or a shirt. He buys the CD. What term best represents the shirt?
His demand
Opportunity cost
His supply
His incentive
5
In the US economy, what do consumers buy from businesses?
goods and services
taxes
resources
interest
6
What is the process of combining resources to produce goods and services?
Demand
Distribution
Consumption
Production
7
Most economies today, including the US, are this type of economic system...
Mixed
Command
Free market
8
People risk their cash and other resources to start a business to-
avoid scarcity
make a profit
increase opportunity cost
eliminate wholesalers
9
Government's role is greater in this economic system than in a mixed economy...
mixed market
free market
command
10
Which business is authorized to act as a legal person regardless of the number of owners?
partnership
entrepreneurship
proprietorship
corporation
11
A bulldozer is an example of what type of resource?
Capital
Entrepreneurship
Human
Natural
12
I work Mondays and Tuesdays. What is my opportunity cost if I add two other days?
The time I could spend studying
The additional hours I spend at the job
The extra money I could earn
The new clothes I could
13
What does the interaction between supply and demand decide?
Consumer preferences
Mixed economies
Price of goods and services
Free markets
14
What is demand?
Amount an item costs
Amount of the incentive
Amount of goods and services people are willing to buy
Amount producers are willing to sell
15
The government pays for public goods and services in all of the following ways except:
through donations
through tax revenue
through park fees
through borrowed funds
16
What might describe a command economy?
Competition
private ownership
Profit motive
lack of consumer choice
17
All of the following words are used to describe the US economy except...
central (gov't) ownership
Consumer sovereignty
Competition
individual choice
18
When supply is high and demand is low, the price of an item will be-
none of the above
high
low
stay the same
19
In the US economy, what do businesses buy from consumers?
goods and services
resources
taxes
interest
20
What causes economic behavior to change?
entrepreneurs
capital
incentives
producers
21
If a corporation fails, the owners' liability is their-
property
savings
income
investment
