examples of economic equity include

minimum wage, anti discrimination laws

to demonstrate an increase in a country's standard of living, it could

decrease population, increase GDP

used to produce other goods and services

in voluntary exchange

individuals freely exchange money for products

the USA is an example of

modified free enterprise economy

The paradox of value is

needed items valued low, but not needed items valued high

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chapter 1 and 2 economics with financial literacy

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Economics

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Questions 17

Answers

1
examples of economic equity include
medicare
medicaid
minimum wage
anti discrimination laws
2
a point on the production possibility graph indicates
full potential
unused capital
inflation
recession
3
market economy
Government is in charge
will let you fail
you do what your parents did
will take care of you
4
Adam Smith advocates all BUT
market economies
division of labor
specialization
command economies
5
to demonstrate an increase in a country's standard of living, it could
decrease GDP
decrease population
increase GDP
increase population
6
what is an important characteristic of free enterprise capitalism
competition
communism
inflation
economic equity
7
land is
natural resources like timber
machines like ovens
inventors
labors
8
capital goods are
help create a business
used to produce other goods and services
workers
plants, animals, metals
9
traditional economies
are based on consumers
have never existed
obey the dominant rule of the Government
observe tradition and habit
10
entrepreneurs start a business
false
true
11
in voluntary exchange
only sellers benefit in exchange
money is not exchanged
only buyers benefit in exchange
individuals freely exchange money for products
12
the dollar value of all final goods and services in a country in a year, is ...
RGDP
GNP
RGNP
GDP
13
if the dot shifts along the production possibility curve, it demonstrates
price stability
opportunity cost
capital formation
economic growth
14
the USA is an example of
command economy
traditional economy
modified free enterprise economy
unwitting economy
15
The paradox of value is
both rare and plentiful items valued low
needed items valued low, but not needed items valued high
rare items valued low, but plentiful items valued high
both needed and unneeded items valued low
16
command economy
exemplify "government hands off"
has few safety nets
can change quickly
has limited options for education
17
the production possibility of a country can not increase
false
true

chapter 1 and 2 economics with financial literacy Flashcards | StudBud