Chapter 3 Quiz Review

Which economic system originated with Karl Marx in the nineteenth century?

Calculating the value of all goods and services that the United States has produced this year. You are calculating

The foundation of all the other rights in a capitalist system, the first basic right is the right to

________ studies the economy as a whole.

The means for developing goods and services and for satisfying consumers' demand are

When the U.S. government decides to raise or lower taxes, it is practicing ________ policy.

In which type of free market are there few sellers offering similar but not identical products to many small buyers?

________ studies how society chooses to transform resources into the goods and services that people want and need.

Because there was a shortage of shoes, prices rose to consumers. This demonstrates the influence of ________ on prices.

A utility company is an example of

When two or more consecutive quarters experience a decline in GDP, the country is

Which statement about scarcity is true?

In a ______ economy, some resources are allocated by the free market and some resources are allocated by the government.

The government runs a federal budget deficit when it

The ________ price reflects what the consumer is willing to pay.

Walmart's CEO earned 1,188 times as much as the company's average worker. Which drawback of capitalism does this exhibit

______ is an economic system in which the government owns some major industries, but individuals own smaller businesses.

Installing a new automated production line in a factory. Which of the factors of production does the new line represent

________ studies the economic behavior of individual economic units.

Adam Smith described individuals' drive for prosperity that produces the goods and services as

In __ economies, the government owns most businesses and regulates the amounts, types, and prices of goods and services.

Works for a large car company studying how changes in gas prices affect what size cars people buy. This is most likely

A nuclear plant requires large quantities of water for its cooling system. Which factor of production is described?

During which phase of the business cycle does the pace of economic activity slow down and GDP falls?

In a ________ economy some resources are allocated by the free market and some resources are allocated by the government