Ch. 17 Economic Systems Review

Opportunity cost is

A nation where the basic economic decisions are made by a central authority represents

Which of the following is not an advantage of investing in bonds?

In which economic system does the government own the means of production?

Which of the following would most likely increase the demand for peanut butter?

Which of the following sayings best reflects the concept of opportunity cost?

Entrepreneurship and labor interact in which of the following ways?

cold spel in FLA redced orange crop = CA orangs 2 command higher price. best explains the this

On the island of Yap large circular stones are used for money. Why can stones be used as money?

If the demand for a good decreases, which of the following will generally occur

All of the following are true regarding bonds except __________.

With which term is a command economic system MOST closely associated?

A small, family owned bakery is an example of a

N a market economy how r the basic economic questions of what how & for whom 2 produce answrd?

Which best explains the concept of scarcity?

If one large company owned all of the hotels in one country, that company would have a

If the supply of a good decreases, which of the following will generally occur

Which of the following is true about a shareholder in a corporation?

What do economists mean when they state that a good is scarce?

In the (circular flow) free enterprise model, how are prices for goods established?

The principle that businesses will produce more products when they can sel them at highr prices

Some goods can be produced more efficiently by larger companies. Such a situation is called

Which is easiest to organize but LEAST able to benefit from specialization?

What economic policy would a supporter of laissez-faire economics support?

When corporations sell stocks, they are

You want a new computer. computer A = more expensive, faster & more efficient than computer b.

A person opened a booth at a flea market to sell paintings. Which factor of production is this

Every country’s currency must be....

The duty of a corporation’s board of directors is to

Which is most likely the result of healthy competition in the market?

N a market systm what hapens to the price of a good when its supply incrses & its demand dcrses

The government oversees the economy by protecting

Every country’s currency must be....

The U.S. economic system can be described as a

The idea that producers make goods that consumers like & are willing to pay is a principle of

Three basic decisions must be made by all economies. What are they?

Americans enjoy the economic freedom to

When economists refer to “demand,” they mean which of the following?

The free enterprise system means Americans

A market economy has an advantage over a traditional economy in that the market economy

The payments for land, labor, capital, and entrepreneurial ability respectively are

If the supply of apples decreases, which of the following will generally occur

What increases as the number of companies making similar products increases?

If the demand for a good increases, which of the following will generally occur