MidTerm Review Challenge

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

What do price floors create?

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

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

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

What is the motivation for starting a business?

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

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

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

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

What does a consumer get from the product market?

What are the owners of a corporation called?

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

What type of liability does a general partnership have?

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

What is scarcity?

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

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

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

What is the next best alternative choice given up?

Which economic goal BEST demonstrates a command economy?

A curve sloping upward is also known as a

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

Which of the following is NOT a factor of production?

Which of the following influences demand?

What type of business organization is owned by one owner?

According to the law of supply as prices decreases quantity supplied

Which of the following is the fundamental economic problem?

According to the law of demand as prices increase quantity demanded

Which of the following IS an economic system?

A rational economic decision is made when

Which of the following is a factor of production?

What happens to the price and quantity if supply increases?

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

Which of the following does NOT shift the supply curve?

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

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

Which of the following influences supply?

What type of life does a sole proprietorship have?

What type of liability does a corporation have?