Ch. 17 Economic Systems Review

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

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

A small, family owned bakery is an example of a

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

Every country’s currency must be....

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

All of the following are true regarding bonds except __________.

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

Which best explains the concept of scarcity?

Opportunity cost is

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

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

Entrepreneurship and labor interact in which of the following ways?

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

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

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

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

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

The free enterprise system means Americans

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

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

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

When corporations sell stocks, they are

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

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

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

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

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

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

Every country’s currency must be....

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

The government oversees the economy by protecting

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

Americans enjoy the economic freedom to

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

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

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

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

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

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

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

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

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

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