MidTerm Review Challenge

A curve sloping upward is also known as a

What type of liability does a corporation have?

What do price floors create?

Which economic goal BEST demonstrates a command economy?

Which of the following influences supply?

What does a consumer get from the product market?

What is the next best alternative choice given up?

What do consumers receive from the factor market for working for a business?

What would happen to the quantity of a good if supply decreased?

What type of economic system is completely controlled by the government?

According to the law of supply as prices decreases quantity supplied

When goods and services are exchanged freely and willingly this is known as

Which of the following influences demand?

What type of life does a sole proprietorship have?

What are the owners of a corporation called?

Which of the following is the fundamental economic problem?

What type of business organization is owned by one owner?

Which of the following is NOT a characteristic of an oligopoly?

A rational economic decision is made when

What happens to the demand of a good if income increases?

What is the motivation for starting a business?

Which of the following NOT an example of a market sturcture?

Which of the following IS an economic system?

Of the four economic systems which one is based upon habits and customs?

In relation to the circular flow model, businesses receive _______ from the factor market?

Which of the following market structures has the key characteristic of identical products?

A consumer good that is used with another consumer good is called a

What type of market structure has few barriers to entry and different products?

Which type of monopoly is based upon the location of business?

Which of the following is a factor of production?

What type of market structure has only one producer dominating the game?

what type of market structure has few producers dominating the market?

According to the law of demand as prices increase quantity demanded

Which of the following does NOT shift the supply curve?

What happens to the price and quantity if supply increases?

What is scarcity?

Which of the following is NOT a factor of production?

What type of liability does a general partnership have?

Which of the following is NOT one of the three basic questions?

What type of economic system is dominated by producers and consumers?