Eco Final Review

Both goods and services are counted as wealth.

In all societies, the government decides what to produce.

Which would an economist consider a likely substitute for coffee?

What have some states done to protect workers from adverse economic events such as layoffs and illnesses?

Contributions to charity are not tax deductible.

What is the income effect?

Which product most likely has a demand that is inelastic?

Which of the following helps determine something's value?

On a demand curve, movement along the curve, as opposed to a shift in the entire curve, is a result of ___

Changes in quantity demanded and changes in price have a(n) _____ relationship.

The phrase "the customer is always right" is most often associated with what term?

To estimate elasticity, compare the _____ of a price change to the _____ of the change in total revenue.

U.S. economic and social goals are likely to remain unchanged in the future.

How is the principle of “There’s No Such Thing As A Free Lunch” illustrated in a socialist economy?

Which of these is a major advantage of a market economy?

Which of the following is largely responsible for the growth of a free enterprise system?

Opportunity cost refers to

Economic growth is necessary as a nation's population increases.

The hallmark of President Ronald Reagan’s administration was supply-side economic policies.

Which statement describes a disadvantage of a command economy?

Economic equity means that it is illegal to discriminate on the basis of age, sex, race, religion, or

What test do economists use to measure elasticity?

Which of these best describes the influence of high prices on the behavior of producers?

Inflation causes people to

Which of these industries has the least elastic supply curve?

Which of the following lists economic systems in order from least to most flexible?

The four factors of production are land, labor, capital, and

Scarcity is an economic problem with which all societies are faced.

Which of the following is a disadvantage of a market economy?

Who ultimately determines the success of a product?

A can of soup is an example of a

A man is will pay high prices for food he is no longer hungry, he won't pay the high price. What best defines this ?

Which of the following states an advantage of a traditional economy?

How are economic transactions shaped in a traditional economy?

Which of these would an item’s producer be most likely to do if total revenue on that item began to drop?

In general, people do not want their economic system to create as many jobs as possible.

Consumers are powerful because

What kind of economy offers uniformity in wages regardless of individual productivity?

Which would an economist consider a likely complement for coffee?

What are the characteristics of demand?

Which of the following could raise the cost of production in a command economy?

____________ protect consumers against harm from products on the market.

In its role as protector of the American free enterprise system, one of the issues the government must deal with is

When deciding how to use resources, you need to evaluate each choice to decide which meets your criteria.

One of the characteristics of a capitalist free enterprise economy is

The economic system of the United States is considered a

Portfolio diversification is a popular investment strategy because it quickly earns high profits.

Social Security is one example of how Americans have modified their free enterprise economy.

A general rise in the level of prices over time is known as

Which type of economy is most prevalent in the world today?