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Introduction to Economics quiz #15

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  • In a market system, firms are subject to business risk.
    True.
  • The goal of a command economy is to
    Achieve equality and stability.
  • The buying and selling of various goods and services is called ____________.
    Trade.
  • Economics is the study of how society manages its
    Scarce resources.
  • Becoming informed about economics helps a person understand the
    Forces shaping markets and choices.
  • What is the economic system in the United States?
    Mixed-market economy.
  • The estimated economic loss of all motor vehicle crashes in 2012 was $26,000.
    False; the actual loss is much higher.
  • Market revolution APUSH definition
    A shift to a market-based economy in the US during the 19th century.
  • The three questions of economics best help in making decisions about
    Resource allocation.
  • Incremental is incremental revenues minus incremental costs.
    True.
  • Microeconomics final exam: What topics are covered?
    Supply and demand, profit maximization, and taxes.
  • It is becoming more and more common to sell products and services
    Online.
  • An economist most likely spends time studying
    Resource allocation and market behavior.
  • Money functions primarily as a medium of _______, a unit of _______, and a store of value.
    Exchange, account.
  • Mercantilism was the principle that
    National wealth is increased by exporting more than importing.
  • A pure market economy is sometimes called pure
    Capitalism.
  • If new manufacturers enter the computer industry, then (ceteris paribus):
    Competition increases and prices may fall.
  • Economics is the study of
    How society allocates scarce resources.
  • The most significant real economic cost of high unemployment is:
    Lost output and income.
  • The activities buyers and sellers perform to facilitate mutually satisfying exchanges is:
    Marketing.
  • Soup is an inferior good if the demand
    Falls as income rises.
  • Help economists make forecasts, which are also called predictions.
    Economic models.
  • Most goods and services produced at home
    Are not included in GDP.
  • Stock is the amount of inventory required to meet expected demand.
    True.
  • An understanding of the best ways to produce goods and services is called
    Technical knowledge.
  • Voters can participate regardless of party affiliation in a(n) _______ primary.
    Open.
  • A business model where companies sell or license the data they collect as a form of revenue.
    Data monetization.
  • An economy that balances government intervention with free enterprise is known as a
    Mixed economy.
  • Cost is a measure of the
    Resources given up to obtain something.
  • The estimated economic loss of all motor vehicle crashes in 2012 was $26,000. True or false?
    False.
  • The study of the interaction between individuals and businesses is known as
    Microeconomics.
  • The ______ is the excess return an asset earns based on the level of risk taken.
    Risk premium.
  • What are expressed powers?
    Powers explicitly granted to the government by the Constitution.
  • Economics is best defined as the study of
    How society allocates scarce resources.
  • Excise tax is also called a blank tax. Tax.
    Sin tax.
  • The main role of banks in the nation’s economy is to
    Facilitate saving and lending.
  • Economies of scale AP Human Geography definition
    Cost advantages from increased production.
  • In-state college tuition is almost always a cheaper option than out-of-state colleges. False or true?
    True.
  • For entrepreneurs, taking _________ and growing a business go hand in hand.
    Risks.
  • A country that has multinational corporations is most likely to be
    Developed or emerging.