ECON FINAL

Question 1

Which of the following is NOT a type of economic system?

Accepted Answer

Socialistic Economy

Question 2

Substitutes are products that can easily replace another product

Accepted Answer

True

Question 3

Being a Mcdonald&#x27;s worker is providing an unskilled labor

Accepted Answer

True

Question 4

Which is NOT a characteristic of a Monopoly

Accepted Answer

No control over price

Question 5

A teachers job is semi-skilled labor

Accepted Answer

False

Question 6

Which of the following is the best example of a complimentary good?

Accepted Answer

Bacon and Eggs

Question 7

Which of the following types of Labor is Professional Labor?

Accepted Answer

Lawyer

Question 8

What is a Market?

Accepted Answer

Where buyers and sellers do business

Question 9

What is Human Capital

Accepted Answer

Human Capital is the knowledge that people learn throughout their lives

Question 10

Land, Labor, and Capital are the three factors of production.

Accepted Answer

True

Question 11

The law of supply looks like this: P^ Qs ^

Accepted Answer

True

Question 12

Shortages are when suppliers are still able to produce, but have low stock.

Accepted Answer

True

Question 13

A decrease in demand menas that at every price, the quanity demanded has decreased.

Accepted Answer

True

Question 14

Cristiano has a law degree. He works at a local restaurant tending bar. What do we call this type of employment?

Accepted Answer

Underemployment

Question 15

The formula to determine GDP is:

Accepted Answer

C+I+G+NX

Questions 15