Littre Economics End Of Quarter Review

When manufactured goods are used to produce other goods and services, they are capital goods

The United States has a modified private enterprise economy

If there is a shortage in a market, how is the price likely to be affected?

Which of the following is an example of a good?

Increase in price of milk causes decrease in demand for cereal. The 2 products are example of

What is the government's role in a mixed economy?

Which of these is an advantage of a corporation?

What is the money called that is used to buy the tools and equipment needed for production?

Which of the following is NOT a characteristic of a command economy?

Which of the following must be true in order for something to have value?

Which situation do some necessities have little value while non-necessities have higher value?

What factor of production would these images illustrate? A cow, Trees, Forest & The Sun

Land refers to natural resources needed for production, such as forests, minerals, and climate.

The minimum wage is an example of a federal law that supports which of the following goals?

What are manufactured goods needed to produce other goods and services called?

Who plays the roles of protector, consumer, regulator, & promoter of economic goals in the US?

Capitalism is a competitive economic system which private citizens own factors of production.

Actions in one country or world that have economic impact on what happens elsewhere is called?

What factor of production do these images illustrate? A tool box, a drill, and a factory

Which of the following is NOT an example of complements?

Which of the following lists the four factors of production?

The four factors of production are land, capital, labor, and financing

Division of labor is a characteristic of which of the following?

Entrepreneur organizes land, capital, and labor for production in hopes of earning a profit

What is the most common form of business organization in the United States?

Paradox of value occurs when necessities have little value and non-necessities have high value

Law of Demand states that more of a product will be purchased at low prices than at high ones

A desire to buy a product is the only requirement needed for demand to exist

What is the purpose of government in a command economy?

Which of the following is an example of a market economy?

Many schools, medical care facilities, and churches operate as nonprofit organizations

Which of the following is an example of a service?

Which of the following describes the demand curve?

Why are entrepreneurs important in a free enterprise economy?

A nondurable good lasts for less than five years when used on a regular basis

Why is the study of economics important?

What is the definition of voluntary exchange?

What is a government document granting permission to create a corporation called?

Rent payments and property taxes would be counted as which of the following?

Dollar value of goods and services & most comprehensive measure of a country's total production