Which of the following do all economic systems face? How to

Make the best use of scarce resources

Which of the following describes the law of demand

When the price of a good or service falls, consumers purchase more of it

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4 - Final Exam

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Answers

1
Common stock, limited liability, and unlimited life are characteristics of
Partnerships
Sole proprietorships
Cartels
Corporations
2
State governments have the power
To make treaties with other countries
To declare war
To set up schools
To coin money
3
Which of the following usually would reduce consumer spending?
An expectation that prices will soon rise
A reduction in the personal income tax rates
Increased government payments to individuals
A decline in consumer incomes
4
When the price of a good falls, the quantity supplied of the good also falls. This is referred to as
The law of supply
The law of marginal returns
The law of the land
The law of demand
5
Which of the following is NOT a characteristic of a monopoly?
There are no close substitutes
It is extremely difficult for other firms to enter the market
There are many suppliers
There is a single supplier
6
Which of the following do all economic systems face? How to
Reduce the national debt
Make the best use of scarce resources
Balance the national budget
Balance imports and exports
7
The executive branch of state government is headed by
The Supreme Court
The Governor
The Assembly
The Cabinet
8
Which of the following describes the law of demand
When the price of a good or service falls, consumers purchase more of it
When the price of a good or service rises, consumer purchase more of it
When income levels rise, consumers demand less
The price of a good or service falls, producers want to produce more of it
9
Most labor contracts are arrived at as a result of
Decisions by the NLRB
Picketing
Arbitration
Collective Bargaining
10
In a market economy which group has the most influence on what is produced
Tradition
Central planners
The government
Consumers

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