IndietroIntroduction to Economics quiz #12
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1/40IndietroSkip to main contentIndietroWhich type of innovation is illustrated by Toyota implementing lean production principles?
Process innovation. What is a primary economic goal of governments? (Quizlet)
Promoting economic stability and growth. What is an example of a cost that is not a transaction cost?
Production cost. What is an example of a form of nonprice competition?
Advertising. What is an example of a person interacting outside of a market?
Volunteering for a charity. How does promotion help the economy grow?
It increases awareness and demand for products. What are the three types of market research?
Exploratory, descriptive, and causal research. Which of these is an example of the broad economic goal of growth?
Increasing GDP. What is not a focus of economic sustainability?
Maximizing short-term profits. Why is the American economic system best described as modified capitalism?
It combines free markets with government regulation. Why would firms internationalize to earn higher margins and profits?
Access to new markets and lower costs. What idea is associated with laissez-faire economics?
Minimal government intervention. Read the charts. How are federal and state revenues similar?
Both rely heavily on taxes. Why is thinking economically an important skill?
It helps make rational decisions. Why did forming corporations allow big business to increase in power and profitability?
Corporations can raise capital and limit liability. Government lowers the tax on steel sold in the US. The tax is levied on producers. What will happen?
Steel prices may decrease and production may increase. A sex worker striving towards financial stability would fit which example in Merton's strain theory?
Innovation. Which countries have centrally planned economies?
North Korea and Cuba. What is a group of people who seek to control the government by winning elections?
A political party. What new business practices arose as trade expanded?
Specialization and division of labor. As the demand for goods and services decreases, job growth _____.
Decreases. In a(n) _______ government, power is divided between central and state governments.
Federal. A tariff is a type of tax, punishment, subsidy, or grant?
Tax. As the demand for goods and services increases, job growth _____.
Increases. A purposive incentive is defined as
Motivation to achieve a specific goal. Money encourages specialization by exchange costs.
Money reduces exchange costs, encouraging specialization. ______ costs are all of the costs associated with an economic exchange.
Transaction costs. A tariff is a type of tax, punishment, subsidy, or grant?
Tax. A market is composed of potential customers who have what?
Willingness and ability to buy. Bartering is made easier through a double coincidence of wants.
True. What is one major role international organizations play in the global economy?
Facilitating trade and cooperation. A firm that uses crowdsourcing will generate product ideas from whom?
The public or consumers. A physical good, service, or idea that satisfies a want or need is called a(n)
Product. Properties of money quick check: What are they?
Portability, durability, divisibility, uniformity, acceptability. The product market sends __________ to businesses.
Revenue. One of the economic properties of money is what?
Divisibility. In a market economy, the main incentive for entrepreneurs to take risks is the potential for what?
Profit. Taking on an economic risk in order to innovate is known as what?
Entrepreneurship. A(n) _______ is a product that can be bought and sold.
Good. Economic variables whose values are measured in goods are called what?
Real variables.
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