Economics USA TEST PREP – Flashcards
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Land labor capital and entrepreneurship are the
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Factors of production
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The United States government is least likely involved in the nations economy as a
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Planner and deciding what to produce
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decentralized decision making Adjust to change the marketplace Producers and consumers have control of the economy
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Market
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What is a primary purpose of a job specification
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Increase efficiency and productivity
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The graph is a production possibilities chart What of these might cause a line to move to the right
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And prep technology in whoopee Cushion production
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Incapitalist economies prices are
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Determined by supply and demand
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As one of the factors of production resources capital can be defined as
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The equipment and factories needed to produce goods
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Which type of cost occurs when the individual pays for a piano lesson instead of going to movie
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Opportunity cost
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In a command economy how are the prices of goods and services determined
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The central government
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The best explanation of why there will be a scarcity because
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Well people's wants are unlimited resources are limited
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New e-commerce businesses including companies like eBay focus on voluntary exchange which generalization best describes this type of commerce
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Decentralized decision-making results and buyers and sellers freely engaging in commerce
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A measure of the amount of output produced by a given amount of inputs is a specific period of time is the definition of
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Productivity
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Investment in education training and skill development has been linked to
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Increasing earnings for workers
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Because scarcity exists any strategy for allocating scarce resources must address
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For Whom to produce how to produce and what to produce
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Which examples of productivity resources is matched correctly
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Capital an Oil rig
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Although specialization increases productivity one disadvantage is
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Loss of flexibility among workers
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But I would like to increase his earnings that option most likely to increase his earning potential in the long-term is to
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Spend money for additional training and education
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Why is a consumer considered king in a capitalist economy
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Customers determine what Products will be produced
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Which of these words best synonym for the word entrepreneur
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Business owner
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In this type of economic System the production of goods and services as a controlled Soley By the concept of supply and demand of businesses are operated for profit in the government is not involved
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Market
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Which nations economy could best be described as a command economy where the government determines guidelines for the economic development in circles for economic production
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China
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Increased education and training within a nation will most likely result in
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An increase in gross domestic product
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In what Does specialization increase productivity
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Specialization or reduces the cost of production
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When there are advances in technology such as personal computer how much business productivity change
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The new technology can replace outdated less efficient machinery
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Some products are not adequately Supplied by the marketplace acting alone therefore choices are building such things are made by
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Governments
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Suppose the government passes a law taxing manufactures according to the amount of pollutants they released into the environment this long would be an example of which regulatory function of the government
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Regulate negative Externalities
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The United States Congress passes a law requiring all businesses Regardless of size pay 100% of employers health care costs what is likely result of this action
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Businesses may be forced to raise their prices
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What is a rational economic decision
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When is which Marginal cost exceed marginal benefit
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A headline in the local paper reads new product aims to attracting girls which economic questions Does this headline answer
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For who to produce
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Why would the government offer a tax rebate for purchasing a new fuel efficient vehicle
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To encourage Better use of a limited resources of fossil fuel's
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Which market structure has a large number of suppliers
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Perfect competition
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Many companies all different types of cell phone some customers prefer to use a specific brand because of the different kind of features is an example of
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Monopolistic Competition
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Which scenario best represents monopolistic competition
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A college student uses cellular service based on the availability of a specific type of phone
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One of the best measures of success for businesses and their entrepreneur is
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Profit
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Corporate stockholders are not responsible for the depth of the corporation this is most likely an example of
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Limited liability
