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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
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1
The public water system would be an example of which of the following?
Monopolistic Competition
Perfect Competition
Monopoly
Oligopoly
2
What is the struggle among various producers for the consumer's business called?
incentive
self-regulation
competition
socialism
3
An increase in supply is a shift to the
Right.
Up.
Down.
Left.
4
The point at which supply and demand meet.
excess demand.
surplus.
shortage.
equilibrium.
5
Who wrote the Wealth of Nation?
Karl Marx.
Adam Smith.
Frederich Engels.
Vladamir Lenin
6
A business owned and managed by a single individual is known as which of the following?
MNC.
Sole Proprietorship.
General Partnership.
Franchise
7
popcorn, soda and movie tickets are all examples of which of the following
Substitute Goods.
Elastic Goods.
Complementary Goods.
Income Effect
8
To improve its standard of living, what must a nations economy do?
Grow through innovation.
Remain Stable.
Reach economic equity.
Have the gov't make economic decisions
9
A factory building is an example of
physical capital.
human capital
Possibility Frontier.
Trade off.
10
Only one partner is required to be the general partner, or to have unlimited liability for firm
Limited Partnership
MNC.
General Partnership.
Limited Liability Partnership
11
All partners are liable for themselves.
Limited Partnership.
General Partnership
Limited Liability Partnership.
MNC.
12
Allows individuals to buy and sell stock on the open market.
Closely Held Corporation.
Corporation.
Stock.
Publicly Held Corporation.
13
Government choice over resources is known as
Guns Vs. Butter
Thinking at the margin
Efficient Production.
Global Trade-Off
14
Partners share equally in both responsibility and liability.
General Partnership.
Limited Liability Partnership.
Limited Partnership.
MNC.
15
This is a guiding force regulations free markets.
competition.
profit motive.
incentive.
Invisible hand.
16
Corporations must pay taxes on their income and on corporate profits paid to them known as...
Taxes
Dividends.
Certificate of incorporation.
Stocks.
17
The factors of production include all the following EXCEPT:
Assets
Human Capital
Natural Resources
Physical Capital
18
Legally bound obligations to take responsibility to pay all debts.
Insurance
Debt.
Liability
Ownership
19
A legal entity, or being, owned by individual stockholders.
Publicly held corporation
Stocks.
Closely held corporation.
Corporation.
20
Large corporations that are headquartered in one country but has branches in other countries.
Conglomerates.
Multinationals.
Dividends.
Stock Holders.
21
All of the following are examples of elasticity EXCEPT:
Non-Inelasticity
Inelastic
Elastic
Unitary Elasticity
22
Shares that represent a stockholders portion of ownership of a corporation.
Stocks.
Publicly Held Corporation
Closely Held Corporation.
Corporation.
23
Which of the following is an advantage of a sole proprietorship?
Easy to find investors.
No one is responsible if the business fails.
Easy to start up.
Easy way to make money fast.
24
Money and other valuables are known as which of the following?
Assets.
Bonds.
Investments.
Stocks.
25
If a celebrity endorses a product, the demand will do which of the following.
Decrease.
Increase.
26
Which of the following is characteristic of a traditional economy?
They are usually based on light industrial production.
They have a high standard of living.
Communities tend to be economically fast-growing.
Men and women tend to have roles defined by gender.
27
Which of the following would an economist consider land.
farm fields, tractors, pesticides, fertilizers
dams, bridges, rock quarries, oil wells
iron ore, natural gas, fertile soil, water
factories, office buildings, assembly lines, workers
28
The resources used to make all goods and services are
productions trade-off.
factors of production
production possibilites.
opportunity cost.
29
The study of how people seek to satisfy their needs and wants by making choices.
Anthropology
Economics.
Historiography
Philosophy
30
Which of the following is NOT a key economic question?
How should goods and services be paid for?
What goods and services should be produced?
Who will consume these goods and services?
How should these goods and services be produced?
31
The degree to which a change in price affects the way that people consume products.
Total Profit
Total Revenue
Elasticity
Relative Importance
