Which economic changed best explains a reduction in coffee prices?

improved technology for commercial production of coffee

Which of the following is a correct statement about monopolies?

they set their price to maximize profit

One example of an entrepreneur is

an artist who runs a business painting murals in buildings

Which statement best describes an immediate result of OPEC reducing supply of oil to the US?

oil prices in the US would rise

In a market economy, the strongest incentive for entrepreneurship is the opportunity to

earn a profit by taking risk in goods & services

Which of the following lists of factors of production would an economist categorize as land?

iron ore, natural gas, fertile soil, water

Which of the following would be the BEST decision to make in order to maximize profit?

when marginal cost equals marginal benefit

How can a government promote economic growth in order to boost its citizens standard of living?

by providing patent and copyright protection for innovation

Why are price floors used by the government?

to prevent prices, including wages, from dropping too low

Which of the following actions would increase a country's standard of living?

commitment to make community college free all residents

What are the four factors of production required for industrialization?

capital, entrepreneurs, labor, natural resources

studbud

Economics Essential Vocabulary

26 termsStudBud Administration445 plays

benchmark 1 review

Flashcards26 cardsFPractice quizPHost liveL

Questions 26

Answers

1
What two systems were linked in the Soviet Union and China?
communism and central planning
traditional economy and authoritarianism
socialism and democracy
the free market and democracy
2
Which economic changed best explains a reduction in coffee prices?
rapid wage increases for workers processing coffee beans
improved technology for commercial production of coffee
heavy rains destroy the coffee crop in Latin America
3
Which of the following is an example of nonprice competition?
formation of cartels
collusion
product advertising
price wars
4
When the quantity demanded for a product is less than the quantity supplied, the market?
is in equilibrium
price is too low
has a surplus of products
has a shortage of products
5
What is the idea that goods and services are limited?
opportunity cost
underutilization
shortage
scarcity
6
In what kind of economy does the government make all the decisions?
free enterprise
centrally planned
laissez faire
mixed
7
Which of the following is a correct statement about monopolies?
they set their price to maximize profit
they will charge any price they want regardless of consumers
monopolies cannot practice discrimination
prices are determined by the government
8
What is the effort people devote to tasks for which they are paid considered?
capital
employment
land
labor
9
What is a government intervention in a market that affects the production of a good?
regulation
rule
law
act
10
One example of an entrepreneur is
a secretary that specializes in business law
a writer hired by a film studio to adapt a book into a movie
an artist who runs a business painting murals in buildings
an ice skater who is part of a professional ice show
11
Which statement best describes an immediate result of OPEC reducing supply of oil to the US?
oil prices in the US would rise
Oil production in the US would rise
US would halt the sale of fuel to China
US would increase research for alternative fuels
12
In a market economy, the strongest incentive for entrepreneurship is the opportunity to
gain personal prestige & fame for an invention
earn a profit by taking risk in goods & services
determine regulatory & tax policies for all types of firms
support projects, like parks & playgrounds, for public goods
13
Which of the following lists of factors of production would an economist categorize as land?
dams, bridges, rock quarries, oil wells
farm fields, tractors, pesticides, fertilizers
factories, office buildings, assembly lines, workers
iron ore, natural gas, fertile soil, water
14
What is the license given to an inventor for the creation of a new product called?
investment
inventor's license
copyright
patent
15
Which of the following would be the BEST decision to make in order to maximize profit?
when the marginal cost is greater than the marginal benefit
when marginal cost is less than the marginal benefit
when marginal cost equals marginal benefit
when price of product is less than cost of producing it
16
How can a government promote economic growth in order to boost its citizens standard of living?
increasing taxes on corporate investments in new technology
by providing patent and copyright protection for innovation
increasing regulations restricting the use of new technology
promote using obsolete production techniques
17
Why are price floors used by the government?
to maintain profitable prices for companies
to guarantee supply of a product
to prevent prices, including wages, from dropping too low
to lower production cossts
18
Which of the following actions would increase a country's standard of living?
commitment to allow hazardous chemicals used in foods
reduction of state parks and public recreation areas
decrease in spending on infrastructure like roads & bridges
commitment to make community college free all residents
19
The primary role of government in a market economy is to:
determine prices for all goods
own all factors of production
protect private property
guarantee profits for all items
20
Which term accurately describes the economic problem of unlimited wants & limited resources?
marginal cost
scarcity
opportunity cost
diminishing returns
21
What are the four factors of production required for industrialization?
capital, entrepreneurs, labor, natural resources
goods, services, wages, technology
specialization, trade, markets, consumerism
interest, profit, demand, disposable income
22
What is one of the most important advantages of a free market?
it is easy to regulate
it protects the less fortunate
it encourages growth
it distributes goods equally
23
What market structure has many buyers & sellers, identical products, & free market entry & exit
monopolistic competition
perfect competition
monopoly
oligopoly
24
What is a contest for the dollars of consumers?
capitalism
competition
incentive
profit
25
What is the removal of government controls over a market called?
efficiency
deregulation
regulation removal
trade-off
26
College graduates are a segment of which factor of production?
labor
goods
land
profit

Economics Essential Vocabulary Flashcards | StudBud