Economics Semester 1 Midterm 2018

The relationship of inputs to outputs is known as...

• Productivity

• trade off

• market economy

• sole proprietorship

When a country has to make more guns, and has to make less butter. What term describes this scenario?

• Productivity

• trade off

• market economy

• sole proprietorship

Which form of of business organization gives an owner full control and unlimited personal liability?

• Productivity

• trade off

• market economy

• sole proprietorship

In which economic system does profit motive play the biggest role?

• Productivity

• trade off

• market economy

• sole proprietorship

Price ceilings are set...

• By Mr. Eubanks' wife because she has all the power

• above the equilibrium price

• below the equilibrium price

• At the equilibrium price

Deciding whether or not to use one additional unit of a resource. What economic concept is this?

• Oligopoly

• Land

• price ceiling

• thinking at the margin

In which market structure do a few large firms dominate?

• Oligopoly

• Land

• price ceiling

• thinking at the margin

Coal is an example of?

• Oligopoly

• Land

• price ceiling

• thinking at the margin

Rent control is an example of...

• Oligopoly

• Land

• price ceiling

• thinking at the margin

In the circular flow model, what two market do households and businesses buy and sell resources and goods and service?

• Product and factor markets

• Supply and Demand markets

• Price and quantity markets

• Monopoly and Oligopoly Markets