0. Basic Principles of Economics

Which of the following is one way a command economy affects the lives of private citizens?

In which type of economy does the government decide whether houses or apartments will be built?

Which of the following events would increase the cost of production?

Which of the following best describes Gross Domestic Product (GDP)?

To be considered part of a market, an individual must:

A skimming pricing strategy is more commonly used by firms to:

In the context of economics, what does it mean to say that money is divisible?

Which of the following best describes an economic system?

In microeconomics, what is the term used to describe the additional revenue generated from the sale of a single unit of output?

In perfect competition, long-run equilibrium occurs when the economic profit is:

Job seekers should recognize that small businesses in the United States:

Which economic sector employs the most people in Sub-Saharan Africa?

Which of the following best describes the difference between an excise tax and a sales tax?

Renting is more advantageous than buying a home when you are seeking:

Which of the following equations sums up the components of Gross Domestic Product (GDP)?