2nd six weeks test

According to the Law of Supply

How does new technology affect economic growth?

Situation where the price has reached a level where quantity supplied equals quantity demanded

Which economic philosopher supported government spending and taxing to stimulate the economy?

When the price of Good A increases and consumer buy more of Good B, what is this called?

Which of the following is NOT a characteristic of the free enterprise system?

increased productivity in business contributes to

Which of the following is an example of an oligopoly?

The 3 economic questions society must answer are what to produce, who consumes the goods and

What two sectors make up the circular flow model of a market economy?

In a free enterprise system, the basic questions are answered by

According to the law of supply and demand, increasing supply and decreasing demand results in

The three terms to describe the U.S. economic system are free enterprise, capitalism and

Government regulations restricting businesses from operating in residential areas are

In the United States economy, one purpose of government is to

According to the Law of Demand

Which of the following is a responsibility of a small business owner?

In the U.S. free enterprise system the role of government can be described as

How does trade relate to growth?