what does it mean when you have demand for a good or service

you are willing and able to buy the good at the given price

which of the following is the best example of the law of supply

paper plate factory makes more plates when market price up

which statement best describes a major role of government in a free enterprise system?

regulates businesses when the public interest is involved

how does specialization affect production

it makes workers more efficient

Which of these is human capital?

a taxi driver's knowledge of city streets

which person below is an entrepreneur?

an artist who runs a business painting murals

which of the following will happen if the price of butter goes up

the demand for margarine increases

if the price of a product goes down, what will producers do ?

some producers will produce less, others leave market

Which economy is efficient?

one that makes the most goods and services possible

how can expectations about the future change what consumers buy now

demand goes up now if price is expected to rise in future

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Econ Exam Review 2019

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Questions 23

Answers

1
what does it mean when you have demand for a good or service
you are able to afford the good but not at the given price
you are willing and able to buy the good at the given price
you can afford the good but may not be willing to buy it
you want the good but may not be able to afford it
2
which of the following is the best example of the law of supply
a farmer grows wheat to sell to a flour mill
paper plate factory makes more plates when market price up
A café buys a new dishwasher to make work easier
a flour mill builds a new factory overseas
3
What is considered a normal unemployment rate?
4 to 6 percent
8 to 10 percent
10 to 12 percent
0 to 2 percent
4
which statement best describes a major role of government in a free enterprise system?
follows a strict laissez-faire
regulates businesses when the public interest is involved
controls all decisions about business activities
forms companies and hires managers
5
In what kind of economy does the government make all of the decisions?
laissez-faire
centrally planned
free enterprise
mixed
6
Which of the following is the main incentive for a manufacturer to sell a product?
making profits on sales
putting others out of business
pleasing the customer
helping the economy grow
7
how does specialization affect production
it makes workers more efficient
it increase cost
it decrease revenue
it slows production
8
Which of these is human capital?
an accountant's wages
a doctor's health-care tools
a taxi driver's knowledge of city streets
a seamstresse's sewing machine
9
In a Free Enterprise System, how do consumers most often express their desires to businesses?
protesting and boycotting the products
buying or not buying products
e-mailing or texting companies
hiring lobbyists to speak for them
10
which person below is an entrepreneur?
an ice skater in a professional ice show
an artist who runs a business painting murals
a secretary in a law firm
a person who writes technical manuals for a computer company
11
which of the following will happen if the price of butter goes up
the demand curve for butter moves to the right
the demand curve for margarine moves to the left
the demand for butter increases
the demand for margarine increases
12
if the price of a product goes down, what will producers do ?
existing producers will expand operations
some producers will produce less, others leave market
new firms will enter the market
existing firms will continue their usual output
13
if prices rise but income stays the same, what is the effect on the quantity demand ?
demand stays the same
more goods are bought
fewer goods are bought
quantity demanded increase
14
which of these would be an example of a fixed cost
static
rent
elastic
inferior
15
1. What is the difference between a shortage and scarcity?
there is no real difference
scarcity results from falling prices
scarcity always exists
scarcity concerns a single item
16
What is one important advantage of a free market?
it is easy to regulate
it distributes goods equally
it protects the less fortunate
it encourages growth
17
Which economy is efficient?
one that uses fewer resources than are available
one that makes fewer goods because workers are laid off
one that wastes fuel when making goods
one that makes the most goods and services possible
18
what is one way technology helps the United States improve its standard of living?
prevents sudden price changes
increases productivity
increases unemployment
reduces unemployment
19
how can expectations about the future change what consumers buy now
demand goes up now if price is expected to rise in future
demand for a good will rise if the good is plentiful
demand for a good is not related to future expectations
demand for a good will drop if the price stays the same
20
how is profit determined
marginal revenue plus marginal cost
total revenue plus total cost
total revenue minus total cost
marginal revenue minus marginal cost
21
John gets a raise and decides to buy fancy pasta instead of instant noodles. Instant noodle are
market demand
complements
unitary elastic
inferior goods
22
What should a nation's economy do to improve the standard of living?
remain stable
allow central planning
reach economic equity
grow
23
Which of the following are factors of production?
scarcity and shortages
technology and productivity
capital and land
economics and business decisions

Econ Exam Review 2019 Flashcards | StudBud