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This quiz examines key concepts in economics, focusing on market economies, the role of the Federal Reserve, economic security, equilibrium price, human capital, business organizations, opportunity cost, command economies, and distinctions between microeconomic calculations.

The amount of a good or service that is wanted is called:: demand. The amount of a good or service provided is called:: supply. The total value of goods and services produced within the a country during one year: . There are 4 _______________. They are land, labor, capital and entrepreneurship: Factors of Production . Tools used by people at work like assembly lines, or a hammer, or a ladder are called _______________: Capital. The study of how people seek ways to meet their wants and needs by making choices is called: Economics. The four factors of production. : Natural Resources, Labor, Capital, Entrepreneurship . This measurement is used to determine how well a country's economy is doing: Gross Domestic Product. Phrase that means how good a person's quality of life is: Standard of living. All of the following are possible costs of your decision to go away to college except: You will become more educated. What is scarce in the following scenario: You have to go to work but if you work a lot of hours you are going to be very tired: Time. What is the best example of scarcity: The school parking lot only has 150 spaces but 200 students want to park there. You buy a chair on craigslist for $10. You then discover that this is a special chair you could sell for $100, you decide to keep the chair anyway. What is the opportunity cost: $100. What factor of production does this picture represent: Labor. The basic problem of economics that develops because humans have unlimited wants but limited resources: Scarcity. The factor of production that includes the physical land and resources that come directly from the earth: Land. The limited availability of resources is known as..: Scarcity. A student must decide between going to the movies with friends or staying home and studying for a final exam. She chooses to stay home and study. Which economic concept describes going to the movies in this scenario: Opportunity Cost. Which of the following is true: Needs and wants are unlimited but resources are limited

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How many EWoTs are there: 7. The crux of all economics is _______________ forces tradeoffs: scarcity. According to an economist, we do stuff IF: benefits are greater than costs. Deciding to eat that 4th piece of pizza or not is what EWoT: thinking at the margin. things that "nudge" people towards certain behaviors is known as ___________. Examples include speed limits, school suspensions, and pay for work: incentives. ______________ makes people better off. That's why our presidents are wrong concerning China and Mexico tariffs: trade. Which of the following is NOT a market: all of these are markets. The acronym for the crux of ch 1, "How to think like an economist" is..: EWoT. T or F: Economic is Everywhere: True

At what point do supply and demand intersect on a curve: market equilibrium. What occurs when the price of a product is higher than the market equilibrium: surplus. Why does a surplus happen: prices are too high and there's too much supply. What is the simplest solution to a surplus: the producer lowers the price until the supply balances out to equilibrium. What causes a shortage: A product's price is lower than equilibrium with not enough supply. What are the 3 solutions for a shortage: allowing the price to rise to equilibrium. What is a price ceiling: It's a price below equilibrium . What is a price floor: a price above equilibrium. A price floor leads to a:: surplus

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introduction to business

The ______ states that as the price of a good rises, the quantity consumers are willing to purchase decreases: Law of Demand. The ______ states that as the price of a good rises, the quantity producers are willing to produce increases: Law of Supply. True or False: A change in the price of a product causes a shift in the demand curve: False. Do the circled points represent a price floor or a price ceiling: Price Floor. Do the circled points represent a surplus or shortage: Shortage. A market in which a few sellers offer similar products: Oligopoly. A business owned by one person: Sole Proprietorship. This market structure has the strongest price controls: Monopoly. This market structure has no barriers to entry: Pure Competition. This market structure often has product differentiation so they can charge different prices. : Monopolistic Competition. This type of business is the easiest to start but has unlimited liability and a limited lifespan: Sole Proprietorship. This type of business is the most complex to start but has limited liability and an unlimited lifespan: Corporation. A market in which one seller controls the market: Monopoly. A market in which many sellers offer differentiated products: Monopolistic Competition. A market in which many sellers offer identical products: Pure Competition. A business owned by two or more people: Partnership. A business owned by shareholders and run by the board of directors: Corporation

Gross Domestic Product measures the  : market value of the final goods and services produced in a given year within a country.. If you make dinner for yourself: only the market value of ingredients that you purchased this year is added to GDP.. Which of the following is a final good or service? : a new replacement muffler installed by Midas Mufflers . Consumption expenditures are defined as spending on goods and services by: households. . Investment is defined as the purchase of: the purchase of new capital goods and additions to inventories. . The purchase of stocks and bonds is : not included in GDP as investment. . Net exports of goods and services is defined as equal to: the value of exports of goods and services minus the value of imports of goods and services.. Which of the following expenditure components of GDP can be negative or positive: Net exports of goods and services. . In order to measure gross domestic product, we can follow: two approaches: the expenditure approach and the income approach.. When calculating GDP, purchases of used goods are: not included. . The purchase of the financial assets, such as stocks and bonds, is not included in GDP because : they don't represent the production of goods or services. . The expenditure approach to measuring GDP is done by using data on only: consumption expenditure, investment, government expenditures on goods and services, and net exports of goods and services.. Real GDP measures the value of goods and services produced in a given year valued using: base year prices.

What is the best measure of a nation's standard of living: real GDP per capita. Real GDP: expresses GDP in constant prices. Which is the following is included in GDP: a fish that you buy at a store. When a farm worker loses his job after the harvest, it is an example of : Seasonal unemployment. Which statement describes full employment: There is no cyclical unemployment. A general increase in prices is called: inflation. People who underemployed: work part time or at jobs that are below their skills. The inflation rate is: the percentage change in prices over time. Inflation reduced people's purchasing power because: the same amount of money buys fewer goods and services. Is this counted in the GDP of the US?The federal government purchases a new submarine for the US Navy: Yes. In which part of the GDP calculation does this fit? You spend $15 at AMC to see the latest Avengers movie: Consumer spending. In which part of the GDP calculation does this fit?The US military spends $5 billion on five new helicopters: Government spending. In which part of the GDP calculation does this fit?The local taxi service purchases new vehicles for the company: Investment spending. In which part of the GDP calculation does this fit?Australia exported $6 billion worth of goods in 2018, but imported $10 billion in goods. : Net exports. What the definition of deflation? : decrease in the average price of goods and services. What causes demand pull inflation: a rise in price level due to an increase in consumption. GDP that is adjusted for inflation: real GDP. a woman who lost her job due to a decrease in sales during a recession in the economy is..: cyclically unemployed. Which of the following best defines unemployment? : The state of being able to work and actively seeking work, but unable to find employment . Which of these people is officially unemployed: Maid who got fired and will start a new job in 2 weeks

Economics is the study of how people choose to use their limited ____________________ to satisfy their unlimited wants. : Resources. The goal of ___________ Economics is to advise how things ought to be done: Normative . __________is the condition that results because people have limited resources but unlimited wants: scarcity. _______________________ Economics is tangible:  So, it can be substantiated by FACTS. : Positive Economics. Whenever you choose one thing over another, you are make a ___________. : tradeoff. A ___________________ is a way to compare the costs of an action with the benefits of that action.  If benefits exceed costs, then the action is worth taking:

Who has the Congressional mandate of helping create full employment: the FED. The labor force includes: both the employed and unemployed. Which of the following is NOT employed: 30 year old active military. The equation for calculating unemployment is: . Who gathers the data for the unemployment rate: US bureau of labor statistics. What type of unemployment: lost job to an automatic check out machine at Target: structural. What type of unemployment: Coronavirus shuts things down: cyclical. What type of unemployment: Mr Goldsmith quite Creighton Prep in May, but knows he is starting at Waverly in August: frictional. T or F: The more education, the more likely to be unemployed: False. A general rise in the prices of goods and services is called: inflation. T or F: Inflation erodes your purchasing power: true. When someone says, "I remember when gas was .50 cents" they are referring to what type of price: nominal. To calculate the inflation rate: . What index is used to measure inflation by the BLS: the consumer price index. Who is better off with inflation and who is worst off: borrowers. lenders

In pure competition, a large number of suppliers offer very similar products.  : True. A business in monopolistic competition has no control over price if it wants to sell its products.  : False. In a monopoly, customers will pay a higher price because there are no alternative products to those of the supplier.  : True. A cable television company usually operates in a pure competition environment.  : False. The airline industry is an example of an oligopoly.  : True. The most common type of economic competition facing most businesses is pure competition.  : False. Businesses in monopolistic competition should focus on making their products different from and better than competitors' products: True. Each product in a specific market has its own supply and demand curves.  : True. The market environment in which a business without competitors operates is : a monopoly . The market environment in which most retail businesses operate is : monopolistic competition. As a consumer, you will usually choose the  : option providing the most satisfaction at the best value  . In a market where demand exceeds supply  : all are correct