econ Unit 2 test

question
bartering
answer
Exchanging desserts between you and your friend is an example of _____.
question
markets
answer
Trading stocks, buying and selling currency, and purchasing a new computer from the store are all examples of _____
question
gives up
answer
Fern agrees to sell her guitar for $30 because she expects to gain more than she _____ from this sale.
question
Who will consume the goods and services? How will the goods and services be produced? What goods and services will be produced?
answer
Select the three economic questions that each economy has to answe
question
Lisa demanded the new pair of shoes.
answer
Lisa bought a new pair of shoes for $50. Choose the statement that best describes this situation.
question
entrepreneur
answer
A person, such as the owner of a pharmacy, who organizes other productive resources to make goods and services is called a(n) _____.
question
earn profits
answer
Entrepreneurs and other sellers when consumers buy products at prices high enough to cover their production costs.
question
high wages
answer
An incentive to accept a new job is _____.
question
choosing a career training education
answer
Select the factors that improve human capital.
question
Revenue left over after expenses are paid 1 Rules that control the behavior of others 4 Amount of output that comes from a unit of input 3 Something that people put their money into, because they hope to make more money in the future 5 Chance that things will turn out differently than expected 2
answer
1. Profit Chance that things will turn out differently than expected 2 2. Risk 3. Productivity 4. Regulation 5. Investment
question
Antitrust laws
answer
_____ are rules that prevent the creation and behavior of monopolies.
question
incentives
answer
Liability rules, property rights, contract enforcement, and standards for weights and measures affect the for people to produce and exchange goods and services.
question
patents copyrights trademarks protection of trade secrets
answer
Select the items that describe the ways that the U.S. government protects intellectual property rights.
question
True
answer
Protecting intellectual property rights can result in new inventions that help the economy to grow.
question
store of value unit of account medium of exchange
answer
Select the items that describe the jobs of money.
question
exchange rate
answer
The amount of one currency that can be traded for a unit of another currency is called the _____.
question
easier
answer
Money makes trading by replacing bartering with transactions that involve paper money, coins, or checks.
question
False
answer
Consumers consume money to satisfy their economic wants.
question
Financial institution whose funds come mainly from deposits 5 Permission granted to other people to sell a business's goods or services 3 Monetary aid given by another organization (such as the government or corporation) 4 Money used for investment 2 Decreasing the average cost of each good as output increases 1
answer
Depository Institution Grant Franchise Financial Capital Economies of Scale
question
health
answer
Not-for-profit organizations are established mainly for religious, civic, educational, or purposes.
question
loans, investors
answer
Adina deposits $1,000 in the bank. The bank can then use her savings to make _____ to/for _____.
question
increases
answer
When banks make loans, the money supply
question
government
answer
Fiscal policy, or changes in tax levels and spending, is carried out by the
question
spending
answer
If the government wants to help the economy to grow, it can increase , but this can also increase the budget debt.
question
includes roads, education, and the police force provided by the government in market economies can provide benefits to many people at the same time
answer
Select the items that describe a public good.
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question
bartering
answer
Exchanging desserts between you and your friend is an example of _____.
question
markets
answer
Trading stocks, buying and selling currency, and purchasing a new computer from the store are all examples of _____
question
gives up
answer
Fern agrees to sell her guitar for $30 because she expects to gain more than she _____ from this sale.
question
Who will consume the goods and services? How will the goods and services be produced? What goods and services will be produced?
answer
Select the three economic questions that each economy has to answe
question
Lisa demanded the new pair of shoes.
answer
Lisa bought a new pair of shoes for $50. Choose the statement that best describes this situation.
question
entrepreneur
answer
A person, such as the owner of a pharmacy, who organizes other productive resources to make goods and services is called a(n) _____.
question
earn profits
answer
Entrepreneurs and other sellers when consumers buy products at prices high enough to cover their production costs.
question
high wages
answer
An incentive to accept a new job is _____.
question
choosing a career training education
answer
Select the factors that improve human capital.
question
Revenue left over after expenses are paid 1 Rules that control the behavior of others 4 Amount of output that comes from a unit of input 3 Something that people put their money into, because they hope to make more money in the future 5 Chance that things will turn out differently than expected 2
answer
1. Profit Chance that things will turn out differently than expected 2 2. Risk 3. Productivity 4. Regulation 5. Investment
question
Antitrust laws
answer
_____ are rules that prevent the creation and behavior of monopolies.
question
incentives
answer
Liability rules, property rights, contract enforcement, and standards for weights and measures affect the for people to produce and exchange goods and services.
question
patents copyrights trademarks protection of trade secrets
answer
Select the items that describe the ways that the U.S. government protects intellectual property rights.
question
True
answer
Protecting intellectual property rights can result in new inventions that help the economy to grow.
question
store of value unit of account medium of exchange
answer
Select the items that describe the jobs of money.
question
exchange rate
answer
The amount of one currency that can be traded for a unit of another currency is called the _____.
question
easier
answer
Money makes trading by replacing bartering with transactions that involve paper money, coins, or checks.
question
False
answer
Consumers consume money to satisfy their economic wants.
question
Financial institution whose funds come mainly from deposits 5 Permission granted to other people to sell a business's goods or services 3 Monetary aid given by another organization (such as the government or corporation) 4 Money used for investment 2 Decreasing the average cost of each good as output increases 1
answer
Depository Institution Grant Franchise Financial Capital Economies of Scale
question
health
answer
Not-for-profit organizations are established mainly for religious, civic, educational, or purposes.
question
loans, investors
answer
Adina deposits $1,000 in the bank. The bank can then use her savings to make _____ to/for _____.
question
increases
answer
When banks make loans, the money supply
question
government
answer
Fiscal policy, or changes in tax levels and spending, is carried out by the
question
spending
answer
If the government wants to help the economy to grow, it can increase , but this can also increase the budget debt.
question
includes roads, education, and the police force provided by the government in market economies can provide benefits to many people at the same time
answer
Select the items that describe a public good.
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