BackIntroduction to Economics quiz #9
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1/38BackSkip to main contentBackWhich term describes the idea that not all individuals prefer an equal ratio of outputs to incomes?
Preference heterogeneity. What is an example of a business market transaction?
A company buying office supplies. What microeconomic factors point to the fact that your business should be successful?
High demand and low competition. What is an example of a want for most people?
A smartphone. Which market structure represents the majority of American businesses?
Monopolistic competition. What is most responsible for increases in the federal minimum wage?
Government legislation. What is an example of an implicit cost of production?
Foregone income from alternative employment. Why did many farmers grow cash crops?
To sell for profit. What is the term for buying out all of the competition in a particular industry?
Monopoly formation. Which movement influenced the concepts of the market economic system?
The Enlightenment. What best illustrates the medium of exchange function of money?
Using cash to buy groceries. Which type of economy is usually centered mainly on meeting people’s basic needs?
Traditional economy. What is economics? Why is it important to learn about the ideas that economics covers?
Economics studies resource allocation; learning it helps make informed decisions. What defines a multinational corporation?
A company operating in multiple countries. Which type of marketing is used to describe items that have a universal demand?
Mass marketing. How would a growing economy generate good feelings?
By increasing incomes and job opportunities. What are the three basic principles of the General Agreement on Tariffs and Trade (GATT)?
Non-discrimination, transparency, and reciprocity. What is an example of the 'invisible hand' at work?
Competition leading to better products. What is an example of an economic activity that is part of the service sector?
Providing legal advice. Which term describes the seller's ability and desire to sell goods and services?
Supply. What would an economist most likely classify as a need?
Food. Which scenario indicates a relatively high level of economic freedom?
Individuals freely starting businesses. In a traditional economic system, how are decisions made?
Based on customs and traditions. How are economic transactions shaped in a traditional economy?
By customs and social norms. Which type of economy did hunter-gatherers and early farming societies have?
Traditional economy. What does it mean 'to assume states’ debts'?
To take responsibility for paying state debts. What part of the Economic Opportunity Act of 1964 was designed to help young people learn a trade?
Job Corps program. What is a characteristic of a market economy?
Private ownership of resources. Google's business model is the most similar to that used by companies in which industry?
Advertising industry. What is a primary benefit of entrepreneurial competition?
It leads to innovation and better products. What is an important economic characteristic of real estate?
Immobility. If Jell-O is an inferior good, what happens when income rises?
Demand for Jell-O decreases. Which type of spending is not a component of gross domestic product (GDP)?
Transfer payments are not a component. What is a benefit of conventional agriculture?
High crop yields. What describes products in a natural monopoly market?
Products are supplied by a single firm due to high costs. Why do people need to buy and sell products or services?
To satisfy wants and needs. Why is it important to study economics?
To understand how resources are allocated. Which is an illustration of a microeconomic question?
How does a price change affect a firm's sales?
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