Duplicate of Civics NCFE Exam

A shortage can be eliminated by ______________ the price. 

This factor of production includes things like the factory, trucks, machines, tools, etc

What does the Consumer Price Index track?

A surplus can be eliminated by __________ the price. 

Higher ___________ mean higher costs, which cause a decrease in supply. 

This type of for profit business can raise funds quickly. 

A basic necessity for survival

If workers get more training, productivity and supply will __________.

The fundamental economic problem that results from limited resources and unlimited wants. 

If your business fails, your creditors can come after you and all of your belongings

If your business fails, you only lose what you have invested in your business

The interest rate that the FED charges to borrow money

If consumer tastes change away from a product, demand and supply will __________.

If coke doubles the price of a 2 liter, demand for pepsi will _______________.

This type of for profit business is owned and operated by one person

This is the lowest point in an economic recession. 

the next best alternative

Which is not one of the three basic economic questions all societies must answer

The bank of the government and banks

An economic system in which private citizens own factors of production in order to seek profit

this refers to the physical/ mental talents that people contribute to producing goods/services

The percentage of money banks are required to keep on hand by the federal reserve

Government makes all of the decisions.

Buyers and sellers voluntarily come together to make exchanges with no government interference

If the FED wants to boost the economy it will __  interest rates

If a factory closes in a town, demand for goods and services will ____________.

The percentage of people who are out of work and actively seeking a new job 

What banks charge their customers to borrow money

Microsoft decides to sell stock. What form of business organization does this fall under

Which is not a factor of production