Unit 10 Economics Test Review

When a market is in equilibrium

Which is an example of Fixed Costs?

"a business owned andoperated by a single person; it is the most common business type.”

What is laissez-faire economics?

"A business that two or more people own"

Which type of business is the most common?

Which of the following is NOT a need?

Which is NOT one of the four types of economicsectors?

Who wrote The Wealth of Nations?

“Menand women 16 and up who are either working or actively looking for a job.”

As prices decrease,what happens to the quantity demanded?

"The things we would like to have"

Which of the following is NOT one of the threeeconomic questions?

Legal order of court, it can be used to prevent lockouts and strikes

Howlong does a bankruptcy judgment remain on your credit rating for?

The FDIC (FederalDeposit Insurance Corporation) insures individual accounts for up to  _______.

What is Gross Domestic Product?

What is the priceelasticity of demand for Tacos at Taco Point?

Which of the following is NOT one of the four Factors of Production?

Which of the following terms means that you areNOT able to pay back your debts?

The opportunity cost of a good is

As prices increase, what happens to the quantity supplied?

What percentage of American workers are part of a labor union?

“thedesire, willingness, and ability to buy a good or service.”

"Agovernment document granting permission to organize a corporation."

Which of the following is the riskiest?

"Items consumers can use in place of one another"

What is the priceelasticity of demand for addicting drugs like heroine and morphine?

"the study of howindividuals and nations make decisions in a world where resources are limited"

 “Agovernment payment to an individual, business, or group for certain actions.”