Introduction to Economics Quiz

Unemployment is probably most likely in which economic system?

All of the following are ways in which the government affects the economy, except:

Which market structure is controlled by a few large firms?

In the circular flow model, households sell the factors of production to businesses in the

Economic freedom is strongest in which economic system?

Which of the following is the best example of capital found at a taxi company?

The government makes most economic decisions in which economic system?

A company that gets a patent for a new robot it invented is a:

What does TINSTAAFL refer to?

Gov't. allows this monopoly because it is expensive and difficult to run these businesses:

Americans dislike and usually prevent monopolies because these markets usually have

Instead of mowing a lawn for $15 or babysitting for $20, you watch TV. What's opportunity cost?

Why is the American economy considered to be a "mixed" economy?

Which market structure has a large number of companies selling identical products?

All of the following are examples of nondurable goods except

Which type of business organization is most difficult to start?

Which market structure contains companies who differentiate their products?

Which of the following is the best example of LAND?

Which of the following is NOT one of the basic economic questions every society must answer?

Land, labor, capital, and entrepreneurship are

Which of the following would shift the production possibilities curve to the left?

Which business organization can raise large amounts of money in a short period of time?