Characteristic of a Centrally Planned economy is?

Government controlls what people buy

How does having a patent give a company a monopoly?

Exclusive rights to sell or provide service for a period of time

How is a society's economic system defined?

How it answers the 3 basic economic questions

Key idea behind socialism?

Wealth shared equally, government control major parts of economy

What is a public good?

Shared good or service impractical for citizens to pay for

Main reason a government may block a merger between companies?

Stop formation of monopoly and protect competition

How does a growing population affect demand for goods and services?

It increases demand for housing, food and other goods

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ECON FINAL REVIEW

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Questions 15

Answers

1
You get change back when using money because it's:
A Store of Value
Uniform
Durable
Divisable
2
Characteristic of a Centrally Planned economy is?
People choose what they buy and sell
Consumers have freedom to decide on purchases
Government controlls what people buy
There is competition between companies
3
What date do YOU graduate?
May 27, 2025
July 9, 2025
June 4, 2025
June 4, 2024
4
The study of a nations economics behavior is:
Macroeconomics
Financial literacy
Microeconomics
Business ethics
5
Free market economy, the 3 basic economic questions are answered by
The government
Voluntary exchanges in market
Central planners
Consumers only
6
How does having a patent give a company a monopoly?
Exclusive rights to sell or provide service for a period of time
Contract to sell goods to an exclusive market
The right to operate where scarce resources are involved
Allows the company to restrict the number of firms in a market
7
How is a society's economic system defined?
By who consumes goods and services
How it answers the 3 basic economic questions
By the resources used to produce goods and services
By trade-offs accepted in order to produce goods/services
8
Key idea behind socialism?
Only few wealthy individuals control the country
Government allow individuals decide all economic matters
Wealth shared equally, government control major parts of economy
Business should be privately owned
9
What is a public good?
Shared good or service impractical for citizens to pay for
Product sold exclusively by private businesses
Luxury item provided by the government
A good or service paying consumers access
10
A factory that shuts down may still face what?
Fixed costs
Variable costs
Increasing marginal returns
Marginal revenues
11
Main reason a government may block a merger between companies?
Stop formation of monopoly and protect competition
To increase the number of products a company offers
Prevent companies from expanding internationally.
To encourage companies to raise their prices
12
What are the 3 factors of production?
Land, Labor, Capital
Workers, Management, Entrepreneurs
Human Capital, Physical Capital, Intellectual Capital
Needs, Wants, Choices
13
How does a growing population affect demand for goods and services?
It has no effect on demand
It reduces the demand for housing and food
It decreases demand for certain services
It increases demand for housing, food and other goods
14
What does GDP stand for?
Government Data Processing
Gross Domestic Product
General Development Plan
Global Demand Pricing
15
To buy nearly the same amount of a good after price increase, the demand is?
Elastic
Inelastic
Unstable
High responsive

ECON FINAL REVIEW Flashcards | StudBud