Economics Final Exam Review

Front

What basic economic question is addressed in the press release?

Back

What to produce?

Front

In a free market society, the answer to the question about how much to produce is determined by -

Back

consumer demand

Front

Which of the following represents capital needed to start a tailoring or garment making business? dressmakers, building space, marketing team, sewing machines

Back

sewing machines

Front

Which factor of production completes the excerpt? Laborers, Landlords, Entrepreneurs, Capital investors

Back

Entrepreneurs

Front

Paying rent instead of purchasing tickets to a concert is an example of -

Back

opportunity cost

Front

In comparison to the U.S. free enterprise system, the economy of China is characterized by a lack of -

Back

Competition

Front

Based on the information in the excerpt, in what way is the economy of Cuba changing?

Back

free markets are emerging

Front

Which of the following economic philosophers is described by the information in the box? Adam Smith, John Maynard Keynes, Friedrich Hayek, Milton Friedman

Back

Friedrich Hayek

Front

In what way does the event of the headline affect the circular flow model?

Back

Firms and households would incur higher expenditures

Front

Recently the government announced that it would discontinue the production of a particular military aircraft. How will this decision affect the circular flow model?

Back

There will be a reduction in the income of households resulting in reduced purchasing power.