Econ Practice Final

Front

What are the four categories in which economists divide factors of production?

Back

land, labor, capital, and entrepreneurship

Front

According to the chart, which option has the least benefit? Options: working 1 hour, working 2 hours, working 4 hours, working 5 hours

Back

working 1 hour

Front

A society that has public schools and ownership of private property has elements of which economic systems?

Back

command and market economic systems

Front

Which of the following is an example of the law of supply? A milling company builds a new factory to process flour to export. A catering company buys a new dishwasher to make its work easier. A price of a sandwich increases and the sandwich shop increases quantity supplied. A food producer increases the number of acres of wheat he grows to supply a milling company.

Back

A price of a sandwich increases and the sandwich shop increases quantity supplied.

Front

Based on the graph, if the government sets a minimum wage at $11, how many workers would be unemployed?

Back

200,000

Front

Which statement is true about partnerships? Options: In a limited liability partnership, only one partner manages the business. In a limited partnership, partners cannot lose the money they have invested. In a limited partnership, every partner is responsible for the company's actions. In a limited liability partnership, all partners are limited from liability in some situations.

Back

In a limited liability partnership, all partners are limited from liability in some situations.

Front

Which of the following is characterized as having few sellers and many buyers? a monopoly, an oligopoly, a pure competition, a monopolistic competition

Back

an oligopoly

Front

Why do companies engage in competitive pricing?

Back

to gain a bigger share of the market

Front

What is the basic economic principle that decides how high wages will be?

Back

Supply and demand control wages.

Front

What is the artist's main message in this cartoon?

Back

Current fiscal policies will have a harmful effect on future generations.