The Economics Final Quiz

What best describes the forces that make a price move up or down to its market clearing level?

If the interest charged on a loan is 2% per month, its APR is 24%

consumer spending is the biggest component of total spending in our economy

One of the shortcomings of real GDP for measuring economic growth is that

The garbage man starts charging more for each can of garbage what is least likely to happen?

Which of the following illustrates a market?

A budget is balanced when planned expenses are greater than expected income

producers usually sell more at higher prices than at lower prices because

The Girl Scouts and Boy Scouts are examples of

Competition can take many forms but there would be no competition without

most businesses earn their profits by

If you buy a share of stock in a corporation

What is the best way to increase the total output of goods and services produced in the US?

Liability insurance gives car owners financial protection from collision, and similar events

In an exchange between two people,

In a market economy what organizes and coordinates the production of goods and services?

Which of the following items is likely to have the most inelastic demand?

When something is produced, there is always

If the price of beef rises and remains at the higher level, over time the supply of beef

A nations standard of living will rise if

If the demand for a product increases faster than supply what happens to market clearing price

Which is likely to increase the demand for peanut butter?

A higher price for a product

Which of the following would be a good?

A nation's productivity is directly affected by