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Economics Final Review 1 Flashcards | StudBud
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Economics Final Review 1
Economics Final Review 1
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Final Review 1
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Households are the buyers and firms are the sellers in a?
product market
market economy
traditional economy
factor market
2
Which laws require companies to provide important information about possible harmful effects of their products?
Public Disclosure Laws
Public Interest Laws
the TSA
the Food and Drug Act
3
Which type of economic system bases decisions on custom, habit, and religion?
mixed market
socialist
traditional
command
4
Which of these would be difficult for private businesses to provide in the marketplace?
fast food
makeup products
public schools
national defense
5
The factors of production are?
land, labor, capital, entrepreneurship
land, labor, goods, services,
land, labor, physical capital, human capital
land, labor, production, entrepreneurship
6
Laissez Faire means?
the government creates jobs
the government imposes import quotas
the government produces what we need
the government does not restrict economic activity
7
The US has elements of voluntary exchange and some gov't intervention, so it is?
mixed market
traditional
socialist
command
8
Which characteristic of free enterprise states that anyone from any background can achieve success?
economic freedom
incentives
opportunity
profit motive
9
Machines represent which factor of production?
entrepreneurship
land
labor
capital
10
Which federal agency was established in 1906 to set standards for the food and drug industry?
TSA
FDA
OSHA
FDIC
11
What is the consumer's role in a free enterprise system?
to make choices based on their needs andwants
to indicate to producers what to produce
to wear BKs
to listen to the government regarding what to buy
12
Households are the sellers and firms are the buyers in a?
traditional economy
product market
factor market
socialist economy
13
How does a society choose what to produce, how to produce it, and who will receive it?
their natural resources
by drawing sticks
their economic system
their goods and services
14
Unlimited wants but limited resources results in?
scarcity
a problem
The Hunger Games
shortage
15
Which characteristic of free enterprise has consumers seeking low prices and better options?
profit motives
opportunity
competition
incentives
