Econ Review
Flashcard
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Other
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12th Grade
•
Practice Problem
•
Hard
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32 questions
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1.
FLASHCARD QUESTION
Front
In a free market society, the answer to the question about how much to produce is determined by consumer demand.
Back
consumer demand
2.
FLASHCARD QUESTION
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
3.
FLASHCARD QUESTION
Front
What type of market structure is described by the information: ●Few sellers ● Some control over price ● High market entry barriers ● Some product differentiation?
Back
Oligopoly
4.
FLASHCARD QUESTION
Front
The market structure of pure competition is distinctive because
Back
there are no examples of this type of market structure
5.
FLASHCARD QUESTION
Front
Which characteristic of the U.S. free enterprise system creates the incentive to work, save, and invest? Options: Social Security system, Voluntary exchanges, Private property ownership, Consumer sovereignty
Back
Private property ownership
6.
FLASHCARD QUESTION
Front
One result of competition in a free enterprise system is
Back
lower prices for products
7.
FLASHCARD QUESTION
Front
One of the benefits of the U.S. free enterprise system is the
Back
amount of choices for consumers
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