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- Multiple ChoicePlease save your changes before editing any questions.
Which of the following types of utility enhances value by
creating more useful or desirable products out of raw materials or separate parts?
Possession
Time
Form
Information
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following is NOT one of the basic economic questions listed in the presentation?
What goods and services do we produce
How do we produce those goods and services
When will we produce those goods and services
Who should benefit from the goods and services produced
- Multiple ChoicePlease save your changes before editing any questions.
When companies are understaffed employees can become overworked, cause a hostile work environment and increase the time of production.
True
False
- Multiple ChoicePlease save your changes before editing any questions.
An economic system in which there is increased government involvement where the goal is to keep prices low and provide jobs for everyone is known as which of the following?
Capitalism
Socialism
Communism
Free enterprise
- Multiple ChoicePlease save your changes before editing any questions.
Unprofitable firms negatively affect the economy by
increasing the job market and increasing salaries and benefits.
True
False
- Multiple ChoicePlease save your changes before editing any questions.
When describing supply and demand, which of the following defines when a product is demanded in larger quantities than is produced?
Surplus
Equilibrium
Demand
Shortage
- Multiple ChoicePlease save your changes before editing any questions.
Protection for business, individuals and resources are NOT
provided by which of the following types of government departmental regulation?
FDA
OSHA
EEOC
NHAC
- Multiple ChoicePlease save your changes before editing any questions.
Gross National Income includes all of the income earned by a country’s residents and businesses including those earned abroad.
True
False
- Multiple ChoicePlease save your changes before editing any questions.
A country possessing unique resources or capabilities to
allow the lowest cost of production for a product is known as which of the following?
Absolute advantage
Comparative advantage
- Multiple ChoicePlease save your changes before editing any questions.
Current events can impact personal financial decisions,
particularly through the stock market?
True
False
- Multiple ChoicePlease save your changes before editing any questions.
Fluctuations in economic activity over time; constitutes production rising then falling in a long cycle of expansion and contraction.
Place Utility
Business Cycle
Form Utility
Time Utility
- Multiple ChoicePlease save your changes before editing any questions.
Degree to which a product or service is easy to learn about, gain information about and understand.
Information Utility
Possession Utility
Form Utility
Place Utility
- Multiple ChoicePlease save your changes before editing any questions.
Degree to which a product or service is easy to purchase or pay for.
Place Utility
Possession Utility
Time Utility
Information Utility
- Multiple ChoicePlease save your changes before editing any questions.
Economic problem of having unlimited human wants and necessities in a world of limited resources.
Surplus
Monopoly
Oligopolies
Scarcity
- Multiple ChoicePlease save your changes before editing any questions.
Economic system in which elements of both market and command systems can be found.
Mixed Economies
Monopoly
Scarcity
Oligopolies
- Multiple ChoicePlease save your changes before editing any questions.
Natural resources used in the production of goods and services.
Quota
Land
Labor
Surplus
- Multiple ChoicePlease save your changes before editing any questions.
Complete ban on certain products coming in or leaving the country; usually put in place for political reasons.
Return
Imports
Scarcity
Embargo
- Multiple ChoicePlease save your changes before editing any questions.
Degree to which a product or service is useful or desirable due to its form (the raw materials or parts it is made of)
Time Utility
Information Utility
Place Utility
Form Utility
- Multiple ChoicePlease save your changes before editing any questions.
Imports --- Goods and services purchased from other countries.
True
False
- Multiple ChoicePlease save your changes before editing any questions.
Resources --- Materials used in producing goods or providing services; known as factors of production.
True
False
- Multiple ChoicePlease save your changes before editing any questions.
Gross National Product (GNP) --- Measurement of a country's income; includes income earned by country's residents and businesses.
True
False
- Multiple ChoicePlease save your changes before editing any questions.
Rate of Inflation --- Measure of change in the value of a currency; rate of rising prices in a country.
True
False
- Multiple ChoicePlease save your changes before editing any questions.
Recession --- Period of two or more consecutive fiscal quarters of decreasing GDP.
True
False
- Multiple ChoicePlease save your changes before editing any questions.
Imports --- Product is produced in larger quantities than is demanded.
True
False
- Multiple ChoicePlease save your changes before editing any questions.
Return --- Profit made or lost from a specific good or service; can be a positive or negative return.
True
False