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- 1. Multiple ChoiceThe highest valued alternative given up as a result of making a choice.Trade OffOpportunity CostTradeHuman Resources
- 2. Multiple ChoiceThe physical and mental efforts people use to create goods and services.Natural ResourcesHuman ResourcesCapital ResourcesAvailable Resources
- 3. Multiple ChoiceThe buildings, tools, and machines people create and use to produce final goods and services.Natural ResourcesHuman ResourcesCapital ResourcesAvailable Resources
- 4. Multiple ChoiceUnaltered gifts of nature like soil, minerals, timber, and fresh water.Natural ResourcesHuman ResourcesCapital ResourcesAvailable Resources
- 5. Multiple Choice______ means that an inequality exists between wants and the resources available to satisfy them.EntrepreneurshipScarcityCapitalLand
- 6. Multiple ChoiceThe study of the economy as a wholeMacroeconomicsMicroeconomics
- 7. Multiple ChoiceThe study of individual consumers and businessesMacroeconomicsMicroeconomics
- 8. Multiple Choicean economic system in which the government holds most of the property rights.Market CompetitionCommand EconomyTraditional EconomyMixed Economy
- 9. Multiple ChoiceAn economic system in which people rely on traditions or customs to make what, how, and for whom choicesMarket CompetitionCommand EconomyTraditional EconomyMixed Economy
- 10. Multiple ChoiceBlends voluntary exchange, government command, and tradition and traditional elements of economic choice making.Market CompetitionCommand EconomyTraditional EconomyMixed Economy
- 11. Multiple ChoiceWhich of the following functions of money involves trading it for a good or service (paying $8 to see a movie)?Medium of ExchangeStore of ValueMeasure of Value
- 12. Multiple ChoiceProducts that often are used together (cars and gasoline)Substitute GoodsComplementary Goods
- 13. Multiple ChoiceA small increase in chicken prices can then bring about a big increase in the number of chickens offered for sale. In this case, supply is _____ElasticInelastic
- 14. Multiple Choicean inverse relationship between the quantity demanded and the price of a product.law of demanddemandlaw of supplysupply
- 15. Multiple Choicea positive relationship between the quantity supplies and the price of the productlaw of demanddemandlaw of supplysupply
- 16. Multiple ChoiceThe _______ is the price at which the amount supplied is equal to the amount demanded.surplusshortagescarcityequilibrium
- 17. Multiple ChoiceThe final value of all goods and services produced in the country in one yearDisposable IncomeGross Domestic ProductNet WorthInterest
- 18. Multiple ChoiceA general rise in overall pricesincreaseinterestriskinflation
- 19. Multiple ChoiceProfits distributed to stockholdersdividendsbondsinterestdeferment
- 20. Multiple ChoiceA business owned by one personsole proprietorshippartnershipcorporationfranchise
- 21. Multiple Choicea business organization owned by two or more people who share ownership and control over a businesssole proprietorshippartnershipcorporationfranchise
- 22. Multiple Choicea business organization managed on behalf of its owners who provide the fundssole proprietorshippartnershipcorporationfranchise
- 23. Multiple Choicea license that entitles its holder to operate his or her individually owned business as if it were part of a chain storesole proprietorshippartnershipcorporationfranchise
- 24. Multiple ChoiceA market structure in which a large number of firms all produce an identical productPerfect CompetitionMonopolyMonopolistic CompetitionOligopoly
- 25. Multiple Choicea market structure with only one seller in the marketPerfect CompetitionMonopolyMonopolistic CompetitionOligopoly
- 26. Multiple Choicea market structure with many firms that offer similar but not identical productsPerfect CompetitionMonopolyMonopolistic CompetitionOligopoly
- 27. Multiple Choicea market structure in which a few large businesses supply most or all products in a marketPerfect CompetitionMonopolyMonopolistic CompetitionOligopoly
- 28. Multiple ChoiceAn economist would probably state that in a market economy, prices are generally determined bybuyers and sellerswholesalers and retailersproducers and labor unionsconsumers and government officials
- 29. Multiple ChoiceThe study of how people satisfy unlimited wants with limited resources is...EconomicsGeographyHistory
Semiotics
- 30. Multiple ChoiceWhat type of economy are most world economies?CommandMarketMixedTraditional
- 31. Multiple ChoiceBusinesses issue stock to raiseProfitCapitalPricesMargins
- 32. Multiple ChoiceWhat does limited liability mean?A business can only borrow a limited amount of money from a bank.The business has a limited number of partners.If the business fails, the onwers may lose the money they invested but none of their personal possessions.
- 33. Multiple Choice"The Fed" refers to the....Federal Bureau of InvestigationFederal GovernmentFederal Reserve SystemFederal Income Tax
- 34. Multiple ChoiceThe Fed keeps a certain amount of money out of circulation. This is referred to as....Reserve requirementEmergency FundStockpileHoard
- 35. Multiple ChoiceWhich part of the Fed decides when to raise or lower interest rates?Board of GovernorsAdvisory CommitteeChairmanFederal Open Market Committee
- 36. Multiple ChoiceThe Fed is required by law not to lend out a certain portion of its money. This is a characteristic of the....Bank HolidayFractional Reserve SystemFDICBanking Act
- 37. Multiple ChoiceInfluencing the economy through government taxing and spending is called:Fiscal policyMonetary policyEasy MoneyTight Money
- 38. Multiple ChoiceInfluencing the economy by changing the reserve requirement is called:Fiscal policyMonetary policyTight MoneyEasy Money
- 39. Multiple ChoiceDoes increasing the money supply cause inflation or deflation?InflationDeflation
- 40. Multiple ChoiceWorkers who have been looking for work so long that they have almost given up are called...BumsDiscouragedDeadbeatsUnder-educated
- 41. Multiple ChoiceYour teacher worked as a sales clerk at Macy's in the winter of 2003, after which he was out of work. This is known as....Frictional unemploymentStructural unemploymentCyclical unemploymentSeasonal unemnployment
- 42. Multiple ChoiceUnemployment due to not being qualified for the jobs being offered is called....FrictionalCyclicalStructuralSeasonal
- 43. Multiple ChoiceTemporary unemployment, as you might experience between jobs, is known asFrictionalCyclicalStructuralSeasonal
- 44. Multiple ChoiceAn economy that is beginning to slow down is said to be in aTroughPeakRecessionRecovery
- 45. Multiple ChoiceWhich stage of the business cycle has businesses performing at their worst?TroughPeakRecessionRecovery
- 46. Multiple ChoiceWhich stage of the business cycle has businesses operating at their best?TroughPeakRecessionRecovery
- 47. Multiple ChoiceWhen the government changes how much money is in circulation in the economy, it is using which kind of power?Fiscal policyMonetary policy
- 48. Multiple ChoiceWhen the government changes its spending habits or changes the tax rate to influence the economy, it is using which kind of power?Fiscal PolicyMonetary Policy
- 49. Multiple ChoiceIf lowering the price of an item doesn't result in more sales, demand is said to be.....DiminishingIncreasingMarginalInelastic
- 50. Multiple ChoiceThe total demand of all potential buyers is called the....Total DemandEquilibrium costMarket DemandSuggested Retail Price
- 51. Multiple ChoiceIf one item costs more than you are willing to spend, you can buy a similar item that costs less. This item would be called a(n).....AlternativeKnock-offStore BrandSubstitute
- 52. Multiple ChoiceWhich describes Diminishing Marginal Utility?You're running out of moneyYou like something better every time you use it.You get less satisfaction from each subsequent use of something.
- 53. Multiple ChoiceWhen a small change in price causes a dramatic change in demand, this is called....Equilibrium costOpportunity CostInelasticity of DemandElasticity of Demand
- 54. Multiple ChoiceHaving limited resources (time, money, etc.) is known as....Trade-offEconomic StabilityScarcityDisincentive
- 55. Multiple ChoiceThe study of the economy as a whole is called....Macro-economicsMicro-economicsFree EnterpriseProfit Motive
- 56. Multiple ChoiceThe ability to choose your own living is calledEqual OpprtunityEconomic GrowthEconomic FreedomEfficieny
- 57. Multiple ChoiceThe idea that, through economic activity, people should be able to meet their needs is called....economic equityprice stabilityeconomic growtheconomic security
- 58. Multiple ChoiceTotal of all the nation's borrowing to finance deficitsFederal Income TaxRevenueNational DebtBudget
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