If the quantity of 84" televisions supplied is more than the demand, we can expect

the price of 84" televisions will decrease

Laissez-faire means that

government should leave business to the laws of economics

Quicktickets.com sells tickets below the price printed on the ticket. This is a result of

surplus causing a decrease in market price

Supply curves show the relationship between

the quantity sellers will produce at different prices

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Economics Basics

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High School basic economics unit review #economics #basiceconomics #highschooleconomics #economicsreview

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Questions 13

Answers

1
provide factors of production and consume goods and services
entrepreneurs
suppliers
households
nonprofits
2
If the quantity of 84" televisions supplied is more than the demand, we can expect
television manufacturers will increase their supply
the price of 84" televisions will decrease
tv suppliers will maintain the current rate of production
the price of 84" televisions will increase
3
Economists try to answer:
How should goods and services be produced?
All of these
How much money will it take to produce these products?
How many products can we produce in one week?
4
Laissez-faire means that
government should control major industries
government should control major industries
goods & services should be produced to meet consumers' needs
government should leave business to the laws of economics
5
As factors of production, equipment, buildings, vehicles and cash are considered ___
capital
operations
consumer goods
output
6
when government owned business converts to private ownership, they undergo
socialization
domestication
consumerization
privatization
7
Which of these is NOT a factor of production for a scooter factory?
finished scooters
workers' salaries
machines to attach the wheels to the scooters
painting equipment
8
The free market system was espoused by _____ in The Wealth of Nations.
Adam Smith
Joseph Smith
Benjamin Franklin
Eli Whitney
9
Under _________ , industries that provide essential services may be government owned.
free market system
capitalism
socialism
mixed market system
10
Quicktickets.com sells tickets below the price printed on the ticket. This is a result of
market in equilibrium
surplus causing a decrease in market price
a market where tickets supplied are less than those demanded
shortage causing a decrease in market price
11
economy where government owns all or most enterprises
free market
communist
socialist
fiancial
12
Supply curves show the relationship between
The quantity buyers will buy at any selling price
the quantity sellers will produce at different prices
the quantity buyers will buy at different prices
point where buyers' demand and sellers' supply is equal
13
Businesses are more willing to sell things when price is ______ and less when price is _______.
rising/falling
falling/falling
rising/rising
falling/rising

Economics Basics Flashcards | StudBud