ECON - EXTRA CREDIT (replaces the 2 lowest grades) you Must Pass

Front

What term describes a market where several companies are selling similar products?

Back

Monopolistic Competition

Front

What economic question does the headline "Consumers demand new cell phones with greater functionality" address?

Back

what to produce

Front

Imagine Hannah, Arjun, and Ava are running their own businesses in a country. What would happen if they decided to heavily invest in new capital goods and technology for their businesses?

Back

They would contribute to economic growth.

Front

Which market structure is characterized by interdependence and price leadership? Options: perfect competition, oligopoly

Back

oligopoly

Front

In a game of Monopoly, what is the system by which goods (like houses and hotels) and services (like paying rent) are produced and distributed?

Back

economy

Front

What is a house, a good or a service?

Back

Good

Front

Who is correct in the debate about UPS Delivery: Charlotte thinks it is a good, while Michael and Benjamin believe it's a service?

Back

Service

Front

Zoe, Ava, and Avery are having a debate. Zoe thinks if butter becomes more expensive, the demand for margarine will decrease. Ava disagrees. Who do you think is correct?

Back

Ava

Front

Where does the point of equilibrium occur on the market demand and supply graph?

Back

Where the demand and supply curves intersect.

Front

What is the correct equation for GDP in the game 'Economy Masters'? Options: C+I+T+(X+M), C+I+G+(X-M)

Back

C+I+G+(X-M)