Duplicate of Economics Final Exam Review Quiz

Question 1

A company which is owned by two people that have all of the responsibility of the company

Accepted Answer

Partnership

Question 2

The quantity of a good or service that consumers buy

Accepted Answer

Demand

Question 3

That state or quality of producing something especially crops.

Accepted Answer

Productivity

Question 4

A firm's proportion total sales in a market

Accepted Answer

Market Share

Question 5

Government imposed limits on price that producers charge.

Accepted Answer

Price Controls

Question 6

Tax that benefits the elderly

Accepted Answer

Social Security Tax

Question 7

Is the satisfaction, pleasure or gains from consuming a product or service.

Accepted Answer

Utility

Question 8

Which is not a Demand shifter

Accepted Answer

Change in price of good

Question 9

The price at which demand and supply intersect

Accepted Answer

Equilibrium Price

Question 10

A standard percent tax for all income ranges

Accepted Answer

Flat Tax

Question 11

When demand exceeds supply

Accepted Answer

Shortages

Question 12

The people or private industries owns the means of production.

Accepted Answer

Market Economic System

Question 13

your money is deducted from your checking account.

Accepted Answer

Debit Cards

Question 14

Contribute financially but do not get involved in operations

Accepted Answer

Limited Partners

Question 15

The amount of money borrowed or the amount still owed apart from interest

Accepted Answer

Principle

Question 16

People and Government share the means of production.

Accepted Answer

Mixed Economic System

Question 17

Tax on expensive goods

Accepted Answer

Luxury Tax

Question 18

The value of the next best alternative that we could have chosen

Accepted Answer

Opportunity Cost

Question 19

A situation in which the supply of something is not sufficient to satisfy needs.

Accepted Answer

Scarcity

Question 20

A method of lowering risk by investing in a wider variety of financial assets.

Accepted Answer

Diversification

Question 21

When demand of a good equals the supply of that good at a specific quantity and price

Accepted Answer

Market Equilibrium

Question 22

An increasing income tax percent as income increases

Accepted Answer

Progressive Tax

Question 23

Looks at decision making done by individuals, households, small communities and business groups

Accepted Answer

Microeconomics

Question 24

your money is borrowed to be repaid latter.

Accepted Answer

Credit Cards

Question 25

When a few firms dominate the market and produce similar or identical goods

Accepted Answer

Oligopoly

Question 26

an economic resource in term of money used by businesses to buy what it need to make it product

Accepted Answer

Financial Capital

Question 27

Tax that benefits the poor and unemployed

Accepted Answer

Unemployment Tax

Question 28

A publicly owned company that is run by a board of directors

Accepted Answer

Corporation

Question 29

A measure of the degree in which quantity demanded changes with price.

Accepted Answer

Elasticity

Question 30

Focuses on studying the working of a whole economy or society regionally nationally or globally

Accepted Answer

Macroeconomics

Question 31

the characteristic in which people rely on others for most of the goods and services they want

Accepted Answer

Economic Interdependence

Question 32

when the person that is sacrificing the least, lowest opportunity cost.

Accepted Answer

Comparative Advantage

Question 33

What is not a Factor of Production?

Accepted Answer

Machines

Question 34

How much you can get with a certain good

Accepted Answer

Purchasing Power

Question 35

Trading goods for goods instead of goods for common currency

Accepted Answer

Barter

Question 36

willingness to develop and manage a business along with any of its risks to make a profit

Accepted Answer

Entrepreneurship

Question 37

The bank reserves its money and does not loan it out at once

Accepted Answer

Reserve Requirement

Question 38

The government or ruling class owns the means of production.

Accepted Answer

Command Economic System

Question 39

Is when both parties give up something in exchange for something else they want

Accepted Answer

Voluntary Exchange

Question 40

Six Goals of Economic Systems

Accepted Answer

Freedom, Efficiency, Growth, Security, Stability, Equity

Question 41

Goods or services that are used collective and that no one can excluded from using.

Accepted Answer

Public Goods

Question 42

A business owned and managed by one person

Accepted Answer

Sole Proprietorship

Question 43

The study of how people choose to use their resources to satisfy their wants.

Accepted Answer

Economics

Question 44

Pre-planning how you will spend your money

Accepted Answer

Budget

Question 45

A place where goods and/or services are exchanged

Accepted Answer

Market

Question 46

A price that results in no surpluses or shortages (the ideal)

Accepted Answer

Market-Clearing Price

Question 47

Is the price at which willing consumers pays a willing producer for the sale of a good

Accepted Answer

Market Price

Question 48

When supply exceeds demand

Accepted Answer

Surpluses

Question 49

The quantity of a good or service that producers will make

Accepted Answer

Supply

Question 50

How much money is made and usable and in the hand of individuals, banks, reserves and business.

Accepted Answer

Money Supply

Question 51

Tax on goods that the government labels as "bad"

Accepted Answer

Sin Tax

Question 52

Large scale manufacturing of goods and/or service

Accepted Answer

Mass Production

Question 53

A loan used to buy an estate

Accepted Answer

Mortgage

Question 54

The controlled distribution a of a limited supply of a good or service

Accepted Answer

Rationing

Question 55

the skill possesed by an individual viewed in terms of their value to a organization or country

Accepted Answer

Human Capital

Question 56

A market structure in which a single producer supplies a unique product that has no competitors

Accepted Answer

Monopoly

Question 57

when an individual becomes very skilled in a specific task.

Accepted Answer

Specialization

Question 58

when the person that is most efficient and can create good with less time and resources.

Accepted Answer

Absolute Advantage

Question 59

That as price increases quantity demanded decreases

Accepted Answer

Law of Demand

Duplicate of Economics Final Exam Review Quiz

Questions 59

Duplicate of Economics Final Exam Review Quiz

Questions 59