Which is NOT the benefit of a production line?

It can be repetitive and boring for employees

What is Specialization?

When people focus on making on product, or providing one service

What is NOT a characteristic of Traditional Economies?

Decisions are made by the governement

What are the four types of monopolies?

Natural, Technological, Government, and Oligopoly

The willingness and ability of producers to provide a good or service

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Mrs. K Economic Quiz

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Review quiz for the midterm

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Questions 20

Answers

1
What is an EASY monetary policy trying to fight?
Depression
Inflation
Recession
Deflation
2
What are the 3 Basic Choices?
Surplus, Shortage, and Scarcity
Scarcity, Trade off, And ooprotunity costs
Costs, Revenue, and Benefits
What, How, and for Whom
3
Which is NOT the benefit of a production line?
It can be repetitive and boring for employees
Allows for mass production
Increases knowledge and lessens start/stop time
Allows for more profit
4
What is NOT one of the characteristics of market structure?
Ease of Entry
Liability
Number of Producers
Control Over Prices
5
What is a TIGHT monetary policy trying to fight?
Recession
Depression
Deflation
Inflation
6
What is Specialization?
The amount of goods and services created with given inputs
When people focus on making on product, or providing one service
Where you get stuff
Anywhere things are sold
7
What drives the economy?
Goods and Services
Wants and Needs
Producers and Consumers
Markets and Resources
8
Keeping the economy growing over time, limiting unemployment, and keeping prices stable is what?
A country's economic goals
A civilian labor force
Frictional unemployment.
The unemployment rate
9
The top of the business cycle
Expansion
Contraction
Peak
Trough
10
What is NOT a characteristic of Traditional Economies?
Surplus is rare
Bartering over money
Usually developing countries
Decisions are made by the governement
11
What happens under the USPTO?
Trademarks and Patents
Trademarks
Unions
Patents
12
When the business cycle is rising or improving
Contraction
Peak
Expansion
Trough
13
What are the four types of monopolies?
Productivity, Innovation, Invention, and Efficiency
Natural, Technological, Government, and Oligopoly
Sole Proprietorship, partnerships, Corporations, and Cooperatives
Employees, Employers, Government, and Unions
14
How long does a Copy Right last after the creator's death?
70 years
70 weeks
700 years
7 years
15
When the business cycle is declining
Expansion
Contraction
Peak
Peak
16
Which economy has no true example of its structure?
Market
Command
Traditional
Mixed
17
Taxes on imported goods are
Free trade
Quotas
Sanctions
Tariffs
18
What is Supply?
The money, tools, and buildings used in production
The willingness and ability of producers to provide a good or service
The idea that resources are limited, while wants and needs are unlimited
The desire, willingness, and ability of consumers to buy a product
19
An organization formed by workers in a particular trade to improve pay, benefits, and working conditions is a what?
Government
Employers
Employees
Labor Union
20
When the business cycle is at its lowest
Contraction
Peak
Expansion
Trough

Mrs. K Economic Quiz Flashcards | StudBud