MidTerm Review Challenge

What type of life does a sole proprietorship have?

A curve sloping upward is also known as a

Which of the following market structures has the key characteristic of identical products?

A consumer good that is used with another consumer good is called a

What happens to the demand of a good if income increases?

What is scarcity?

Which economic goal BEST demonstrates a command economy?

According to the law of supply as prices decreases quantity supplied

What type of economic system is dominated by producers and consumers?

What type of liability does a corporation have?

What is the motivation for starting a business?

What would happen to the quantity of a good if supply decreased?

What type of market structure has few barriers to entry and different products?

Which of the following IS an economic system?

Which type of monopoly is based upon the location of business?

What happens to the price and quantity if supply increases?

What type of liability does a general partnership have?

Which of the following NOT an example of a market sturcture?

According to the law of demand as prices increase quantity demanded

A rational economic decision is made when

What are the owners of a corporation called?

Which of the following is NOT one of the three basic questions?

What type of economic system is completely controlled by the government?

What do price floors create?

Of the four economic systems which one is based upon habits and customs?

What type of market structure has only one producer dominating the game?

Which of the following influences demand?

Which of the following is a factor of production?

Which of the following does NOT shift the supply curve?

What type of business organization is owned by one owner?

what type of market structure has few producers dominating the market?

Which of the following influences supply?

Which of the following is NOT a factor of production?

Which of the following is the fundamental economic problem?

What do consumers receive from the factor market for working for a business?

What is the next best alternative choice given up?

When goods and services are exchanged freely and willingly this is known as

In relation to the circular flow model, businesses receive _______ from the factor market?

What does a consumer get from the product market?

Which of the following is NOT a characteristic of an oligopoly?