Economics Unit 1 Test Review

Question 1

The share of profit received by stockholders in a corporation is...

Accepted Answer

Dividends

Question 2

This means: "Some necessities have little value, but some non-necessities have high value."

Accepted Answer

Paradox of value

Question 3

All of the following are factors of production EXCEPT

Accepted Answer

Profit

Question 4

An economic structure in which the producers have the power is...

Accepted Answer

Market economy

Question 5

True or false: A corporation has limited liability for its owners.

Accepted Answer

True

Question 6

All of the following are goods EXCEPT...

Accepted Answer

Getting a pedicure

Question 7

This business model has unlimited liability...

Accepted Answer

Sole propietorship

Question 8

This economic system is stagnant and based on custom and habit...

Accepted Answer

Traditional economy

Question 9

The attempt to attain equal opportunity for citizens is...

Accepted Answer

Economic equity

Question 10

Burger King is now selling this NEW product in attempt to achieve economic growth...

Accepted Answer

Hot dogs

Question 11

A mega-corporation with 4 or more unrelated businesses as part of it is a...

Accepted Answer

Conglomerate

Question 12

A production possibilities curve would show you...

Accepted Answer

Opportunity cost

Question 13

Capitalism is basically another word for which economic system...?

Accepted Answer

Market economy

Question 14

All of the following are corporations EXCEPT

Accepted Answer

Salvatore's

Question 15

Mike's Subs is an example of a...

Accepted Answer

Sole propietorship

Question 16

When two companies join together who work in different stages of production, it is called

Accepted Answer

Vertical merger

Question 17

Economic models help economists to...

Accepted Answer

Predict future outcomes

Question 18

Opportunity cost refers to...

Accepted Answer

What you give up by making a particular decision

Question 19

What is this model (which shows the flow of goods and services) called?

Accepted Answer

Production possibilities frontier

Question 20

Which of the following is a want?

Accepted Answer

Netflix

Question 21

A corporation with operations in several different countries is a...

Accepted Answer

Multinational

Question 22

Over 3/4 of businesses in the USA are this type...

Accepted Answer

Sole propietorships

Question 23

If everyone who wants a job can get one, you have...

Accepted Answer

Full employment

Question 24

Mr. Cooley's dog Bubba is what kind of dog?

Accepted Answer

bull mastiff

Question 25

One disadvantage of a corporation is...

Accepted Answer

Double taxation

Question 26

A charter would be required to set up which type of business structure?

Accepted Answer

Corporation

Question 27

This term means "a measure of the amount of output produced by the amount of inputs."

Accepted Answer

Productivity

Question 28

Unlimited wants in a world of limited resources refers to...

Accepted Answer

Scarcity

Question 29

The government has the most power in which type of economy?

Accepted Answer

Command economy

Question 30

Time Warner joining with AT & T would be an example of...

Accepted Answer

Horizontal merger

Question 31

The entrepeneur buys the factors of production in this market...

Accepted Answer

Factor market

Question 32

This term means that our country and other countries rely on each other economically...

Accepted Answer

Interdependence

Question 33

The 3 fundamental questions of economics are?

Accepted Answer

What to produce? How to produce? For whom to produce?

Question 34

Capital is defined as...

Accepted Answer

The resources that determine how products are made

Question 35

A sum of money granted by the government to an individual or private business is a...

Accepted Answer

Subsidy

Question 36

Which of the following is a nondurable good?

Accepted Answer

T-bone steak

Question 37

Satisfaction in economics is measured by...

Accepted Answer

Utility

Question 38

Locations for buyers/sellers to trade are known as?

Accepted Answer

Markets

Economics Unit 1 Test Review

Questions 38

Economics Unit 1 Test Review

Questions 38