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Economics Final Exam Review
Economics Final Exam Review
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# Economics Review Economics Principles & Practices review for final exam
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
The Demand Curve is always
upward sloping
level
downward sloping
irregular
2
A government document granting permission to create a corporation is called a
dividend
proxy
charter
bond
3
Which of the following lists the four factors of production?
labor, needs, capital, entrepreneurs
land, labor, capital, entrepreneur
land, labor, wants, entrepreneurs
land, labor, capital, scarcity
4
All of the following must exist for there to be demand
EXCEPT
Willingness
Desire
Ability
Producers to sell a product
5
All of the following are examples of nonbank financial institutions EXCEPT
finance companies
credit unions
real estate investment trusts
life insurance companies
6
What is the most common form of business organization in the United States?
partnerships
sole proprietorships
limited partnerships
corporations
7
Basic ownership of a corporation, including voting rights, takes the form of
preferred stock
common stock
bonds
partnerships
8
Which term best describes the consumer act of replacing one item with another less costly item?
Effect of complements
Demand elasticity
Income effect
Substitution effect
9
The Law of Demand states that
less will be purchased at low prices than at higher prices
the same amount will be purchased either low or high
more will be purchased at low prices vs higher prices
all people have the ability, desire, and willingness to buy
10
When two corporations that produce the same kind of product merge, it is known as a(n)
Cooperative
Multinational merger
Vertical merger
Horizontal merger
11
Which of the following is NOT a basic economic question?
How to produce
What to produce
When to produce
For whom to produce
12
Which of the following is
NOT
an important characteristic of the free enterprise economy?
Voluntary exchange
Government
Competition
Profit motive
13
The Supply Curve is
downward sloping
upward sloping
level
irregular
14
All of the following are strengths of the partnership form of business organization EXCEPT
ease of management
lack of special taxes
ease of establishment
limited life
15
What type of economy collapsed in the former Soviet Union?
Market economy
Free enterprise economy
Traditional economy
Command economy
