The human effort that goes into the production of goods and services

occurs when a countries output exceeds its population growth

A pattern of irregular but repeated expansion and contraction of the GDP

A decline in the GDP that continues for six months or more

Number of products that will be bought at a given time at a given price

Accumulated knowledge and skills of human beings

A rapid rise in prices caused by an inadequate supply of goods and services

The number of like products offered for sale at a particular time & price

The government controls the use of the country's factors of production

The 4 Factors of Production are:

Land, Labor, Capital Goods and Management

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Chapter 8 Quiz Review

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Questions 20

Answers

1
Labor
The amount of time you work at your job
The amount of time you are scheduled at your place of employment weekly
The human effort that takes you to get to your place of employment
The human effort that goes into the production of goods and services
2
A measure of the average change in prices of consumer goods & services typically purchased by people in urban areas.
Consumer Price Index
Customer Product Index
Consumer Price Increase
Consumer Purchased Index
3
Economic Growth
occurs when a countries output exceeds its population growth
occurs when a countries output exceeds its input growth
occurs when a countries input exceeds its output growth
occurs when a countries population growth exceeds its output
4
Business Cycles
A growth period of a new business
A decline in the GDP that continues for 6 months or more
An upward pattern of the GDP
A pattern of irregular but repeated expansion and contraction of the GDP
5
Extreme socialism, in which all or almost all of a nation's factors of production are owned by the government is
Capitalism
Socialism
Communism
Privatization
6
Recession
A decline in prices that continues for six months or more
An increase in prices that continues for six months or more
An increase in the GDP that continues for six months or more
A decline in the GDP that continues for six months or more
7
Demand
Number of products a supplier can produce
Number of products that consumers want to purchase
Number of products that will be bought at a given time at a given price
Number of products suppliers are required to ship
8
Uses aspects of a market & a command economy to make decisions about what, how & for whom goods & services are produced
Mixed Economy
Capital Goods
Command Economy
Market Economy
9
Private citizens are free to go into business for themselves, to produce and distribute what they produce
Privatization
Communism
Socialism
Capitalism
10
The government owns most of the factors of production & determines what, how, & for whom goods & services are produced
Market Economy
Command Economy
Government Economy
Private Economy
11
Human Capital
Accumulated skills of human beings
Accumulated value of your property
Accumulated knowledge and skills of human beings
Accumulated items in your backpack
12
Economics is the body of knowledge that relates to producing and using goods & services that do not satisfy human wants.
True
False
13
Market Economy - individual buying decisions determine what, how & for whom goods & services will be produced
True
False
14
Inflation
A pattern of irregular but repeated expansion and contraction of the GDP
The number of products that will be bought at a given time at a given price
A decline in the GDP that continues for six months or more
A rapid rise in prices caused by an inadequate supply of goods and services
15
Supply
The number of like products available for sale at different times & prices
The number of like products offered for sale at a particular time & price
A variety of products offered for sale at a particular time & price
A variety of products offered for sale at various times and prices
16
Mixed Economy uses aspects of market & command economy to make decisions
True
False
17
Socialism
Government controls a portion of the the country's factors of production
Government does not control the use of the country's factors of production
Private citizens are free to go into business for themselves
The government controls the use of the country's factors of production
18
Capital Goods are buildings & machines that is used to produce other goods but do not directly satisfy human wants.
True
False
19
The 4 Factors of Production are:
Buildings, Labor, Products and Profit
Land, Labor, Capital Goods and Management
Products, Supply, Demand and Profit
Price, Marketing, Selling and Profit
20
Natural Resources - Anything provided by nature that positively contributes to the productive ability of a country
False
True

Chapter 8 Quiz Review Flashcards | StudBud