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Introduction to Economics quiz #12

컨트롤 버튼이 '내비게이션' 모드로 변경되었습니다.
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이 집합의 용어 (40)

  • Which 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.