Economics Civics NCFE Exam

If workers get more training, productivity and supply will __________.

This type of for profit business can raise funds quickly. 

this refers to the physical/ mental talents that people contribute to producing goods/services

This factor of production includes things like the factory, trucks, machines, tools, etc

Microsoft decides to sell stock. What form of business organization does this fall under

The interest rate that the FED charges to borrow money

Higher ___________ mean higher costs, which cause a decrease in supply. 

Which is not a factor of production

A surplus can be eliminated by __________ the price. 

Which is not one of the three basic economic questions all societies must answer

This is the lowest point in an economic contraction. 

The percentage of people who are out of work and actively seeking a new job 

What banks charge their customers to borrow money

Government makes all of the decisions.

A basic necessity for survival

If your business fails, you only lose what you have invested in your business

Buyers and sellers voluntarily come together to make exchanges with no government interference

the next best alternative

The bank of the government 

The percentage of money banks are required to keep on hand by the federal reserve

An economic system in which private citizens own factors of production in order to seek profit

If a factory closes in a town, demand for goods and services will ____________.

This type of for profit business is owned and operated by one person

If your business fails, your creditors can come after you and all of your belongings

If coke doubles the price of a 2 liter, demand for pepsi will _______________.

If consumer tastes change away from a product, demand and supply will __________.

If the FED wants to boost the economy it will __  interest rates

The fundamental economic problem that results from limited resources and unlimited wants. 

What does the Consumer Price Index track?

A shortage can be eliminated by ______________ the price.