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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
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1
Which of the following is an advantage of a sole proprietorship?
Easy way to make money fast.
Easy to find investors.
No one is responsible if the business fails.
Easy to start up.
2
The study of how people seek to satisfy their needs and wants by making choices.
Philosophy
Historiography
Anthropology
Economics.
3
This is a guiding force regulations free markets.
incentive.
profit motive.
competition.
Invisible hand.
4
All partners are liable for themselves.
MNC.
Limited Liability Partnership.
General Partnership
Limited Partnership.
5
popcorn, soda and movie tickets are all examples of which of the following
Elastic Goods.
Substitute Goods.
Complementary Goods.
Income Effect
6
Allows individuals to buy and sell stock on the open market.
Closely Held Corporation.
Publicly Held Corporation.
Corporation.
Stock.
7
Who wrote the Wealth of Nation?
Vladamir Lenin
Frederich Engels.
Karl Marx.
Adam Smith.
8
Which of the following is characteristic of a traditional economy?
Men and women tend to have roles defined by gender.
Communities tend to be economically fast-growing.
They have a high standard of living.
They are usually based on light industrial production.
9
The factors of production include all the following EXCEPT:
Physical Capital
Natural Resources
Assets
Human Capital
10
A factory building is an example of
human capital
physical capital.
Trade off.
Possibility Frontier.
11
An increase in supply is a shift to the
Left.
Down.
Up.
Right.
12
Legally bound obligations to take responsibility to pay all debts.
Debt.
Ownership
Insurance
Liability
13
Government choice over resources is known as
Guns Vs. Butter
Efficient Production.
Global Trade-Off
Thinking at the margin
14
If a celebrity endorses a product, the demand will do which of the following.
Increase.
Decrease.
15
Which of the following is NOT a key economic question?
What goods and services should be produced?
How should these goods and services be produced?
Who will consume these goods and services?
How should goods and services be paid for?
16
Only one partner is required to be the general partner, or to have unlimited liability for firm
MNC.
Limited Liability Partnership
General Partnership.
Limited Partnership
17
To improve its standard of living, what must a nations economy do?
Have the gov't make economic decisions
Remain Stable.
Grow through innovation.
Reach economic equity.
18
Large corporations that are headquartered in one country but has branches in other countries.
Multinationals.
Dividends.
Stock Holders.
Conglomerates.
19
The public water system would be an example of which of the following?
Oligopoly
Monopoly
Monopolistic Competition
Perfect Competition
20
The degree to which a change in price affects the way that people consume products.
Total Profit
Relative Importance
Elasticity
Total Revenue
21
The resources used to make all goods and services are
productions trade-off.
factors of production
opportunity cost.
production possibilites.
22
Partners share equally in both responsibility and liability.
General Partnership.
Limited Partnership.
MNC.
Limited Liability Partnership.
23
What is the struggle among various producers for the consumer's business called?
incentive
socialism
competition
self-regulation
24
A business owned and managed by a single individual is known as which of the following?
General Partnership.
Franchise
MNC.
Sole Proprietorship.
25
Corporations must pay taxes on their income and on corporate profits paid to them known as...
Stocks.
Certificate of incorporation.
Taxes
Dividends.
26
Shares that represent a stockholders portion of ownership of a corporation.
Publicly Held Corporation
Closely Held Corporation.
Corporation.
Stocks.
27
A legal entity, or being, owned by individual stockholders.
Corporation.
Publicly held corporation
Stocks.
Closely held corporation.
28
All of the following are examples of elasticity EXCEPT:
Elastic
Non-Inelasticity
Unitary Elasticity
Inelastic
29
Which of the following would an economist consider land.
dams, bridges, rock quarries, oil wells
iron ore, natural gas, fertile soil, water
farm fields, tractors, pesticides, fertilizers
factories, office buildings, assembly lines, workers
30
Money and other valuables are known as which of the following?
Bonds.
Assets.
Stocks.
Investments.
31
The point at which supply and demand meet.
excess demand.
shortage.
surplus.
equilibrium.
