Economic Quiz- Chapter 3

_____is the rivalry among sellers to attract customers while lowering cost?

• microeconomics

• free contract

• competition

• welfare

_______is the force that encourages people and organizations to improve their material well being?

• profit motive

• gross domestic product(GDP)

• interest group

• public disclosure laws

The______is the income level below that which is needed to support families or households?

• public interest

• voluntary exchange

• free rider

• poverty threshold

______is government aid to the poor

• competition

• welfare

• profit motive

• macroeconomics

A_______is a private organization that tries to persuade public officials to act or vote according to the interest group's interest?

• work ethic

• legal equality

• interest group

• free contract

_____is the study of the behavior and decision making of the entire economies?

• macroeconomies

• microeconomies

• In-kind benefits

• public disclosure laws

_____is the study of the economic behavior and decision making of small units, such as individual families, and businesses?

• welfare

• macroeconomics

• open opportunity

• microeconomics

_____require companies to give consumers important information about their products?

• private property rights

• public disclosure laws

• work ethic

• public sector

_______is the total value of all final goods and services produced in an economy?

• business cycle

• public goods

• gross domestic product (GDP)

• microeconomics

A_______is someone who would choose not to pay for certain goods or services, but would get the benefits anyway if it were a public good?

• public good

• free rider

• profit motive

• public interest