Ch. 17 Economic Systems Review

A market economy has an advantage over a traditional economy in that the market economy

Every country’s currency must be....

A nation where the basic economic decisions are made by a central authority represents

Which best explains the concept of scarcity?

N a market systm what hapens to the price of a good when its supply incrses & its demand dcrses

On the island of Yap large circular stones are used for money. Why can stones be used as money?

Which of the following is not an advantage of investing in bonds?

The U.S. economic system can be described as a

A small, family owned bakery is an example of a

A person opened a booth at a flea market to sell paintings. Which factor of production is this

If the demand for a good increases, which of the following will generally occur

With which term is a command economic system MOST closely associated?

Every country’s currency must be....

If one large company owned all of the hotels in one country, that company would have a

N a market economy how r the basic economic questions of what how & for whom 2 produce answrd?

Entrepreneurship and labor interact in which of the following ways?

You want a new computer. computer A = more expensive, faster & more efficient than computer b.

When corporations sell stocks, they are

In which economic system does the government own the means of production?

All of the following are true regarding bonds except __________.

Opportunity cost is

Which of the following would most likely increase the demand for peanut butter?

Which is most likely the result of healthy competition in the market?

Which is easiest to organize but LEAST able to benefit from specialization?

Three basic decisions must be made by all economies. What are they?

The free enterprise system means Americans

When economists refer to “demand,” they mean which of the following?

What do economists mean when they state that a good is scarce?

Which of the following sayings best reflects the concept of opportunity cost?

The principle that businesses will produce more products when they can sel them at highr prices

If the demand for a good decreases, which of the following will generally occur

cold spel in FLA redced orange crop = CA orangs 2 command higher price. best explains the this

What increases as the number of companies making similar products increases?

Americans enjoy the economic freedom to

If the supply of a good decreases, which of the following will generally occur

The idea that producers make goods that consumers like & are willing to pay is a principle of

Some goods can be produced more efficiently by larger companies. Such a situation is called

In the (circular flow) free enterprise model, how are prices for goods established?

The duty of a corporation’s board of directors is to

What economic policy would a supporter of laissez-faire economics support?

Which of the following is true about a shareholder in a corporation?

The payments for land, labor, capital, and entrepreneurial ability respectively are

The government oversees the economy by protecting

If the supply of apples decreases, which of the following will generally occur