Economics Unit 3 Exam

An expansionary period in the business cycle is distinguished by —

One of the benefits of renting a home is that the cost of maintenance is —

On a supply and demand graph, supply will decrease and shift to the left when which of the following happens?

What economic policy distinguishes Sweden’s free market economy from that of the United States?

Which of the following conditions could explain the shift in the demand curve shown on the graph?

In a free market society, the answer to the question about how much to produce is determined by —

Which one of the following is both a federal revenue source and an expenditure?

Which non-price determinate is sometimes used by the govt to decrease demand for a product that is viewed as harmful

Economic growth would most likely result from —

One cost consideration made when purchasing personal property, such as a car would be —

Based on the information on the table above, which economic condition is characteristic of all three nations?

Jenny needs a computer and a new television for college. She only has enough for the computer. Which is the opp cost

If businesses can decrease the amount of labor needed to increase inventories, the result will most likely be —

In comparison to the U.S. free enterprise system the economy of China is characterized by a lack of —

Which of the following best completes the diagram?

Which of the following accounts for why countries specialize in particular trade products?

One of the advantages corporations have that sole proprietorships do not is —

The introduction of new manufacturing technologies generally affects economic growth by —

Advocates of free trade argue that it results in —

Scarcity is a basic economic problem because —

In the U.S. free enterprise system one of the primary roles of the government is to —

Supporters of protectionism would argue that free trade adversely affects which group of people?

The market structure of pure competition is distinctive because —

With a given amount of resources, a country with a comparative advantage will produce a product with —

Which of the following is a non-price determinant of demand?

High levels of unemployment combined with high levels of inflation could indicate that the business cycle has entered in

One government restriction to consider when proposing to build a new business includes —

the gov. said that it would stop the production of a particular military aircraft. How will this affect the area?

Based on the information in the graph and the table, what is the equilibrium price of pizza?

One of the benefits of the U.S. free enterprise system is the —