Economics Test #1 (Review)

True or False? Keiretsu is a business model characterized by isolated economic decisions.

Which type of economy does the United States have?

Certificates that could be used to purchase government-owned property during privatization.

"Standard of living" is quality of life based on what?

Measure of amt. of output produced in a specific time period with a given amt. of resources.

Economic system in which economic activity is the result of ritual, habitat, or custom.

Contradiction between the high value of a non-essential item and low value of an essential item

Role of consumer as ruler of the market in determining the types of goods and services produced

What is the name of Mr. Blevins' dog?

In a modified free enterprise economy, people are subject to which of the following?

What are "factor markets"?

Which of these is NOT true about an economic model?

True or False? The central planning authority in the former Soviet Union was known as Gosplan.

True or False? Medicare is income dependent.

"Perestroika" was a restructuring of which economy?

Scarcity is an economic problem based on unlimited needs and limited wants.

True or False? The Great Recession occurred between 2004 and 2006.

Increase in a nation's total output of goods and services over time.

Which of the following is NOT an example of capital?

What needs to be included in a personal budget?

Which of the following is NOT associated with human capital?

True or False? Free enterprise is associated with privately owned business.

There is little or no governmental control in a _________ economy.

"Capital-Intensive" specifically refers to capital in relation to _____.

Which of the following is NOT an economic system?

Inflation is the rise in the general level of _____?

True or False? A market economy is an example of a "mixed economy."

What is ambush marketing?

When did the Great Depression occur?

Which of the following is true about collectivization?

What is "value"?

Which of the following is true about a consumer good?

Shift of an economy, or part of an economy, from private ownership to government ownership.

What do economic systems provide for?

earnings - expenses = ________.

Service is work or labor performed for whom?

A duck was given $9, a spider $36, & a bee $27. How much money would be given to a cat?

Which of the following is NOT classified as a need (basic requirement for survival)?

Which of the answer chocies is not a characteristic of a market economy?

Five-year-plans were used by whom to coordinate the development of agriculture and industry?

A production possibilities curve represents some combinations of goods an economy can produce.

The type of economy that a country has is determined by the amount of ____________.

Which of the following is true about "profit motive"?

What is an example of a non-durable good?

True or False? The European Union is the successor to the European Steal and Coal Community.

In his seminal book, what is Jeffery Sachs' major or overarching goal?

True or False? Fixed income is income that increases over time.