Saari Economics Quiz

1- A legal entity owned by individual stock holders is called?

To be most efficient, where does the point need to be on the Production Possibilities Curve?

Person that operates a business(es)

The dollar value of all final goods and services produced within a country’s borders in a year.

1- A measure of how suppliers will respond to a change in price.

1- Nations may choose to impose this tax on imports from other countries.

Persistent increase in the general level of prices...

1- We can use figures on this to measure economic growth?

The most preferred possible alternative

1- Goods shipped abroad for sale.

1- Refers to how easily assets can be converted to cash.

1- The services and facilities necessary for an economy to function.

Due to lack of competition, a firm can set prices to raise profits and control markets

1- Amount taken out of an employee’s paycheck as a prepayment on taxes.

Income received by a government from taxes and nontax sources.

1- The most important sacrifice that results from making a decision.

Your stock is Exxon Mobil. Purchase of which stock would provide the largest reduction in risk?

1- An organized work stoppage intended to force an employer to address workers’ demands.

1- This grants the right to sell an invention without competition.

Study of the production, consumption and distribution of goods

1- The total amount of money the government owes?

1- A period of time during which the stock market steadily rises.

1- The seven-member board that oversees the Federal Reserve System.

Public and private sector of business are shared with government involvement.

1- The additional cost of producing one more unit of output.

Part of economics concerned with single factors and effects of individual decisions

1- A prolonged economic contraction or decline is known as?

1- According to this law, when prices increase, demand will decrease.

His idea of competitive market process to individuals that enhances the welfare of society?

1- Economists define __________________ as “limited quantities to meet unlimited wants.”