what is an excise tax?

a tax on the production or sale

went you supply more of a product then what people demand.

to little of a supply to met demand for that product.

what is a command economy?

based off of what the government think is best

What is a market demand schedule?

Overall schedule for multiple people's demand for an item

everyone has the same economic rights under the law.

how do you find marginal cost?

Dividing change in total cost by change in total product

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scarcity

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A #economic #blindquiz to introduce the basic principles of economics to #grade12

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Questions 20

Answers

1
Robert Johnson founded?
espn
abc
pbs
BET
2
which is inelastic?
Tobacco
Gasoline
3
what is an excise tax?
set of rules or laws designed to control business behavior
the price of the resources used to make products
a tax on the production or sale
4
What is one basic type of cooperatives?
Entrepreneurship
specialization
Consumers
5
what is a ppc
Project Planning Chart
Public Protection Class
Production Possibilities Curve
Production Planning Control
6
For demand. think as a?
consumer
producer
7
how many people does it take to make a pencil?
everyone
10
100
1000
8
for supply, think as a?
producer
consumer
9
what is one advantage of a partnership
Unlimited Liability
Few Regulations
Limited Life
Potential for Conflict
10
what is surplus?
went you supply more of a product then what people demand.
to little of a supply to met demand for that product.
11
Who created the invisible hand theory?
Milton Friedman
Adam smith
Karl Marx
Thomas Robert Malthus
12
what is a shortage
to little of a supply to met demand for that product.
supply more of a product then what people demand
13
as prices fall quantity demand goes?
down
up
14
What is one disadvantage of a partnership?
Specialization
Joint Decision Making
Access to Resources
Unlimited Liability
15
scarcity affects everyone
true
false
16
what is a command economy?
based off of individual wants
based off of what the government think is best
17
What is a market demand schedule?
a demand schedule for a single person's demand for something
Overall schedule for multiple people's demand for an item
18
Legal equality is
ability to compete in the marketplace free of choice
everyone has the same economic rights under the law.
people decide which legal agreements to enter into
19
as prices rise quantity demand goes?
down
up
20
how do you find marginal cost?
Multiply change in total cost by change in total product
Dividing change in total cost by change in total product

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