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Introduction to Economics quiz #16

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  • In a free-enterprise system, consumers decide
    What to buy and use.
  • The decrease in total surplus that results from a market distortion, such as a tax, is called a
    Deadweight loss.
  • The high-tech firms of Silicon Valley in California are clustered together to take advantage of
    Shared resources and talent.
  • Economics is the study of how individuals and societies allocate:
    Scarce resources.
  • True or false: Everyone except for the super wealthy has a finite, or limited, amount of income.
    True.
  • Rules are a necessary component of competition.
    True.
  • What is one cost of avoiding insurance?
    Risk of financial loss.
  • The widespread financial insecurity of Americans is primarily because:
    Limited savings and high expenses.
  • Economics is the study of how individuals and societies allocate
    Scarce resources.
  • Successful entrepreneurs contribute to the economy by
    Creating jobs and innovation.
  • The finished product of one company can become raw materials for another company.
    True.
  • Explain the concept of market and market identification.
    A market is where buyers and sellers interact; identification finds target customers.
  • The creation of usable goods.
    Production.
  • Businesses which provide services to consumers and other businesses
    Service businesses.
  • Supply side economics APUSH definition
    Economic theory favoring lower taxes and less regulation.
  • The number one cause of collisions is:
    Driver error.
  • Government regulations on credit aim to
    Protect consumers.
  • An example of an intermediate good would be
    Steel used in car manufacturing.
  • Supporting the conditions for economic reconstruction is an action in the _____ phase.
    Recovery.
  • Quaternary economic activities are those that
    Involve information and knowledge services.
  • Voluntary exchange
    Is a transaction where both parties benefit.
  • Supply is the supply of a good or service that considers only the private costs of its production.
    True.
  • A ______ economy aims to be self-sufficient.
    Command.
  • The rivalry between companies selling similar products and services is called:
    Competition.
  • Limited life economics definition
    A business that ceases to exist when the owner leaves.
  • The ultimate goal of all economic activity is
    Satisfying human wants and needs.
  • The term _____________ describes circumstances where a country's exports exceed its imports.
    Trade surplus.
  • ________ is an official ban on trade with a country.
    Embargo.
  • A mixed economy has strong elements of both __________ and __________ economies.
    Market and command.
  • A tax on the sellers of coffee will increase the price of coffee paid by buyers,
    True.
  • Bid rent theory definition AP Human Geography
    Land value decreases with distance from the city center.
  • A public opinion is designed to estimate the views or sentiments of the public.
    True.
  • What is an economic system?
    A method for organizing production and distribution.
  • A mixed-market economy is one in which
    Private and public sectors coexist.
  • Traditional economy
    Relies on customs and barter.
  • 5 foundations of economics
    Incentives, trade-offs, opportunity cost, marginal thinking, and markets.
  • Identify the five fundamental questions that all economies, whether market or command, must address.
    What, how, for whom, how much, and how to distribute.
  • A butcher who cuts a larger piece of beef into steaks is an example of utility.
    Form utility.
  • The primary way government raises revenue is through
    Taxes.
  • Consumption is the purchase of goods and services by:
    Households.