Economics Final Practice

A characteristic of credit cards is -

• repayment problems

• purchase products without having enough money

• accepted in most countries

• All of these

To ensure the safety of products through regulation is one of the roles of the -

• consumers

• business owners

• government

Companies who control all the different phases of the business to control profits & maximize efficiency use the method called

• Horizontal Integration
• Vertical Integration
• Big Business Model
• Maximum Profit Idea

Companies who specialize in one area of business use the method of organization called

• Horizontal Integration
• Vertical Integration
• Bug Business Model
• Maximum Profit Idea

A technological monopoly involves:

• Stealing plans from another business.

• Being the only seller in a small town.

• Having a patent for a new invention or scientific process.

• Having a few sellers in the market.

In an oligopoly...

• One seller dominates the market

• A few sellers dominate the market

• Many sellers are in the market

• No sellers exist in the market

What does Gross Domestic Product

mean?

• The total value of all goods and services a country imports.

• The total value of all goods and services a country exports.

• The total value of all goods and services produced within a country in one year.

• The net loss in profits within a country due to imports.

What are the 4 factors that lead to a country’s economic growth?

• investment in human capital, investment in physical capital, land (natural resources), entrepreneurship

• good international relations, a democratic president, strict laws, freedom of press

• a powerful military, strong dictatorial leadership, communist regime, little personal freedom

• a monarchy, the World Bank, a parliamentary democracy, personal freedom

What does human capital mean?

• the place where the most people live within a country

• the place where the most work is performed within a country

• the people who perform labor (work)

• the building where most people work in a country or state

To change from private ownership to government ownership

• Nationalize
• Privatize