Econ Review

Front

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

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

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

Front

The market structure of pure competition is distinctive because

Back

there are no examples of this type of market structure

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

Front

One result of competition in a free enterprise system is

Back

lower prices for products

Front

One of the benefits of the U.S. free enterprise system is the

Back

amount of choices for consumers

Front

Which of the following is most characteristic of the U.S. free enterprise system? Government price controls, Nationalization of energy companies, Markets that respond to consumer demand, Public ownership of the factors of production

Back

Markets that respond to consumer demand

Front

An expansionary period in the business cycle is distinguished by

Back

low unemployment

Front

High levels of unemployment combined with high levels of inflation could indicate that the business cycle has entered into a period of

Back

stagflation