The Economics Final Quiz

most businesses earn their profits by

Which of the following would be a good?

When something is produced, there is always

producers usually sell more at higher prices than at lower prices because

What best describes the forces that make a price move up or down to its market clearing level?

In an exchange between two people,

Which is likely to increase the demand for peanut butter?

Which of the following items is likely to have the most inelastic demand?

If you buy a share of stock in a corporation

If the price of beef rises and remains at the higher level, over time the supply of beef

One of the shortcomings of real GDP for measuring economic growth is that

Which of the following illustrates a market?

If the demand for a product increases faster than supply what happens to market clearing price

Liability insurance gives car owners financial protection from collision, and similar events

A nations standard of living will rise if

The Girl Scouts and Boy Scouts are examples of

The garbage man starts charging more for each can of garbage what is least likely to happen?

What is the best way to increase the total output of goods and services produced in the US?

A budget is balanced when planned expenses are greater than expected income

consumer spending is the biggest component of total spending in our economy

If the interest charged on a loan is 2% per month, its APR is 24%

A higher price for a product

In a market economy what organizes and coordinates the production of goods and services?

Competition can take many forms but there would be no competition without

A nation's productivity is directly affected by