Coachturk Exam Review (Meech)

Question 1

Which of the following were the first types of unions formed in the United States?

Accepted Answer

craft unions and industrial unions

Question 2

graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time

Accepted Answer

Demand Curve

Question 3

a rise in the general prices

Accepted Answer

Inflation

Question 4

quantity supplied is greater than quantity demanded at a given price

Accepted Answer

Surplus

Question 5

someone who organizes and manages land, capital, and labor to make a profit

Accepted Answer

Entrepreneur

Question 6

business conducted over the internet

Accepted Answer

E-commerce

Question 7

change in total income when one additional unit of output is added

Accepted Answer

Marginal Revenue

Question 8

Quality of life

Accepted Answer

Standard of Living

Question 9

quantity supplied is less than quantity demanded at a given price

Accepted Answer

Shortage

Question 10

conversion of state-owned factories and property to private ownership

Accepted Answer

Privatization

Question 11

worker's pay rate is set by supply of and demand for that worker's skills

Accepted Answer

Market Theory of Wage Determination

Question 12

combination of desire, ability, and willingness to buy a product

Accepted Answer

Demand

Question 13

Economic system characterized by a central authority which makes most of the major economic decisions

Accepted Answer

Command Economy

Question 14

final burden of a tax

Accepted Answer

Incidence of a Tax

Question 15

funds that one level of government receives from another level of government

Accepted Answer

Intergovernmental Revenue

Question 16

almost no requirements to start up owner makes all the decisions - owner keeps all the profits

Accepted Answer

Sole Proprietorship

Question 17

stage of output increases at a decreasing rate as more units of variable input (workers) are added

Accepted Answer

Diminishing Returns

Question 18

federal program retirement benefit that covers most working people

Accepted Answer

Social Security

Question 19

driving force that encourages people to improve their material well being

Accepted Answer

Profit Motive

Question 20

using social networking to appeal to potential investors

Accepted Answer

Crowdfunding

Question 21

price where quantity supplied equals quantity demanded

Accepted Answer

Equilibrium Price

Question 22

products that encourage the use of another product

Accepted Answer

Complement

Question 23

Nonprofit service cooperation that accepts deposits, makes loans, and provides other financial services

Accepted Answer

Credit Union

Question 24

quantity of output supplied that is exactly equal to the quantity demanded

Accepted Answer

Equilibrium Quantity

Question 25

temporary government takeover of a company

Accepted Answer

Seizure

Question 26

People make the WHAT, HOW, and FOR WHOM to produce decisions

Accepted Answer

Market Economy

Question 27

a business' total income after expenses

Accepted Answer

Net income

Question 28

organization that works for its member's interests concerning pay, working hours, health coverage,

Accepted Answer

Labor Union

Question 29

products that can be used in place of one another

Accepted Answer

Substitute

Question 30

Manufactured good used to produce other goods or services

Accepted Answer

Capital Good

Question 31

monetary value of a product

Accepted Answer

Price

Question 32

When a country’s total output increases over time

Accepted Answer

Economic Growth

Question 33

Fundamental problem facing all societies resulting limited resources and peoples virtually unlimited needs and wants

Accepted Answer

Scarcity

Question 34

when two companies that produce the same kind of product merge together

Accepted Answer

Horizontal Merger

Question 35

negotiation between union and management reps

Accepted Answer

Collective Bargaining

Question 36

different amounts offered for sale at each possible price in the market

Accepted Answer

Supply

Question 37

Most comprehensive measure of a nations wealth

Accepted Answer

Gross Domestic Product

Question 38

prevent prices from reaching equilibrium

Accepted Answer

Price Ceiling

Question 39

largest source of federal revenue

Accepted Answer

Individual Income Tax

Question 40

total amount borrowed from investors to finance the government's deficit spending

Accepted Answer

National Debt

Question 41

non-institutionalized persons, aged 16 or over, either working or seeking employment

Accepted Answer

Civilian Labor Force

Question 42

the lowest legal wage that can be paid to most workers

Accepted Answer

Minimum Wage

Question 43

level of pay that creates neither a surplus nor a shortage of workers in the market

Accepted Answer

Equilibrium Wage Rate

Coachturk Exam Review (Meech)

Questions 43

Coachturk Exam Review (Meech)

Questions 43