Economics Review

Question 1

Who is an example of an Entrepreneur?

Accepted Answer

Howard Schultz, Oprah Winfrey, Walt Disney, Steve Jobs

Question 2

The law of Demand states that as prices increase, quantity demanded....

Accepted Answer

Decreases

Question 3

What happens when the quantity supplied is greater than the quantity demanded?

Accepted Answer

Surplus

Question 4

What is it called when there is joblessness among those who are actively seeking work?

Accepted Answer

Unemployment

Question 5

The law of Supply states that as prices increase, quantity supplied...

Accepted Answer

Increases

Question 6

Inflation is described as...

Accepted Answer

Increasing prices over time

Question 7

What does GDP stand for?

Accepted Answer

Gross Domestic Product

Question 8

What business is an example of an Oligopoly?

Accepted Answer

Southwest Airlines

Question 9

What happens when the quantity demanded is greater than the quantity supplied?

Accepted Answer

Shortage

Question 10

What do businesses hope to have at the end of each year?

Accepted Answer

Profit

Question 11

If a Wendy's opened next to a McDonald's, what would probably happen to the price of burgers?

Accepted Answer

Decrease

Question 12

What is a reason a business might fail in the first few years?

Accepted Answer

The owner made some managerial mistakes

Question 13

How do small businesses contribute to the economy?

Accepted Answer

Create jobs, Supply innovative products, Supply goods and services

Question 14

Which of the following is an example of a Monopoly?

Accepted Answer

ComEd

Question 15

Approximately what percentage of businesses fail within the first few years?

Accepted Answer

70+

Questions 15