Term 1 Final Study Quiz

Economics is all about what?

Is this part of GDP? Students purchase airplane tickets to Alaska?

All economic decisions are made by the government and individuals is part of what system?

How many producers are in an Oligopoly?

Wha group oversees and organizes trade rules and settles trade disputes?

What market structure as multiple producers selling identical products?

A space where buyers and sellers trade is called what?

What happens when exports > imports?

Is this part of GDP? Ford purchases steel for producing new trucks.

Custom, ritual, and tradition determines what is produced, how it is made, and who consumes it is part of what economy?

Is this part of GDP? A television is purchased on E-Bay.

Today most economies do not fall under the mixed economy category.

All resources are limited explains what?

What is the name of the government when the leaders are also the leaders of a religion?

Trade agreements can be made to reduce or eliminate restrictions between nations and promote free trade?

Is this part of GDP? Target pays its employees an hourly wage.

Goods sold to another country are called?

Goods brought in from another country are called what?

What is cost-benefit analysis?

What are the three questions every economy must answer?

What I macroeconomics

Is this part of GDP? Burger King purchases a brand new grill?

A nation's agreement to block trade wit ha target nation is called what?

Even though most economies are mixed, they do lean either toward command or market.

England is an Absolute Monarchy.

what is microeconomics?

Is this part of GDP? Jonny Esposito buys a vintage lunch box at a garage sale.

Why do incentives matter?

What are outputs?

Land + Labor + Capital + Entrepreneurship = what?

What do you give up every time you make a choice?

What is it called when people elect representatives who then make decisions for them?

What happens when exports < imports?

All economic decisions are made by individuals and businesses, with no government regulation is part of what system?

What are inputs?

What are quotas?

What are tariffs?

Because of what, economies must choose what to focus on and where to spend its resources?

A leader with total control over the government and has total power is called a?

All economic decisions are made by the government, usually a dictator is part of what system?