Unit 1 Test, Economics

This economic indicator refers to the rate at which prices are increasing each year.

How many businesses would be involved in a market structure displaying "Oligopy"

Which option below is an incentive?

This organization in an economy provides a service or advocates for a cause. They are not a business.

This organization in an economy represents the interests of workers and advocates for higher wages and better conditions

This organization in an economy is a government taskforce that enforces rules/laws on how businesses may operate.

How many businesses would be involved in a market structure displaying "Monopoly."

In this economic system, resource production and distribution is based the government choices/plan.

An economy refers to...

Which GDP growth below most likely repesents an "expansion" phase of the business cycle?

In this economic system, resource production and distribution is based on the choies of businesses and consumers.

In this economic system, resource production and distribution is based on customs and belives. Example:The Amish.

Opportunity cost is the idea that...

What is currency?

This economic indicator refers to the total worth of all products and services made in a country each year.

How many businesses would be involved in a market structure displaying "Perfect Competition?"

Scarcity is the idea that...

Which product below would have "inelastic demand?"

In this economic system, resource production and distribution is based on customs, choices, and government planning.

This organization in an economy keeps your money safe/insured and also provides loans to people & businesses.

The concept of "profit motive is the idea that..."

Which unemployment figure below most likely represents a recession?

What is the equilibrium Price and Quantity produced in the following supply/demand graph?

This economic indicator refers to the % of people who are unable to find a job.