BackIntroduction to Economics quiz #11
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1/39BackSkip to main contentBackWhat type of services or businesses are unlikely to be found in a lower-order settlement?
Specialty medical clinics. Which of these actions is not a way a firm can obtain new products?
Ignoring market research. How does a market economy support nonprofit organizations?
By allowing voluntary donations and competition for resources. What is one of the three measures used to determine the Human Development Index (HDI) of a country?
Life expectancy. What is a primary function of firms in a market economy?
Producing goods and services. Which is not one of the four types of economies countries use?
Feudal economy. Which region has the highest NIR?
Sub-Saharan Africa. Why would commodity money be hard to use in most societies?
It is bulky and not easily divisible. Which economic system do most countries operate under today?
Most countries have mixed economies. What do all three economic systems have in common?
They allocate scarce resources. In what type of market is a buyer cautioned against asking for personal items?
In a formal retail market. When do prices serve as signals and incentives for producers to enter a market?
When prices rise due to increased demand. What drives the choices of consumers and producers in a market economy?
Self-interest and price signals. How has the internet dramatically reduced search costs?
By making information easily accessible. Are firms primarily buyers or sellers in the goods and services market? In the labor market?
Firms are sellers in goods markets, buyers in labor markets. Which economic issue has a direct impact on crime?
Unemployment. What unfair business practice do cartels use?
Price fixing. Which economic condition typically occurs during a popular vacation destination’s off–season?
Lower demand and reduced prices. What are the nine attributes of money?
Portability, durability, divisibility, uniformity, acceptability, limited supply, stability, recognizability, and fungibility. What causes a leftward shift in aggregate demand?
A decrease in consumer spending. What is the main goal of peak business organizations?
Maximizing profits. What is not one of Porter's generic business level strategies?
Diversification. How does a mixed economy decide 'how to produce?'
Through both market forces and government regulation. Check understanding: How is a society’s economic system defined?
By how it allocates resources and organizes production. What best represents fiat money?
Paper currency with no intrinsic value. What are functions of households in the market economy?
Supplying labor and consuming goods. What is one of the quickest and least costly ways to conduct exploratory research?
Surveys. What drives the market for EVs?
Consumer demand and government incentives. What accounts for the eight general forms of market competition?
Market structure classification. Which phrase defines 'consumerism' best?
The protection and promotion of consumer interests. Why might economic interest groups find more success than public interest groups?
They have more resources and focused goals. How did high tariffs hurt many Americans?
By raising prices and reducing trade. In response to what do new careers emerge?
Technological change. Which statement best explains why money was invented?
To facilitate exchange and overcome barter limitations. Which economic system can change direction quickly and drastically?
Command economy. What is the movement of people from rural to urban areas called?
Urbanization. If Pepsi goes on sale, what happens to demand?
Demand increases. What is a potential benefit of inflation?
It can reduce the real burden of debt. Why might buying a home during a recession be a good decision for some consumers?
Home prices may be lower.
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