FINAL EXAM Economics (KAY)

Front

Manufactured goods needed to produce other goods and services are called

Back

capital goods

Front

Who plays one of the most important roles in the free enterprise system by starting new businesses?

Back

Entrepreneurs

Front

Unlike a general partnership, in a limited partnership

Back

the inactive partner has limited liability for the business's debts

Front

An advantage of a corporation is that

Back

owners have limited liability for debt

Front

What form of business organization does this organizational chart depict?

Back

corporation

Front

The money that households spend would best be represented from ____ to ___

Back

Households to Product Market

Front

The concept of voluntary exchange means

Back

people freely and willingly engage in market transactions

Front

The means by which a society answers the three basic economic questions is known as

Back

Economic systems

Front

Based on this graph, how many Beanie Babies™ were demanded at a price of $6 before they became a fad?

Back

200

Front

The movement in the graph shows that the quantity demanded of butter decreased because the

Back

Price of margarine decreased