Economics 1st six weeks review part A

Which of these is not a public good?

• Computer

• Interstate

• Military

• Police

Answer explanation

public good- a commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.public goodp

a state of limited competition, in which a market is shared by a small number of producers or sellers is call a(n)

• monopoly

• oligopoly

• capitalism

• socialism

What was an economic technique used in the U.S. during the World War 2 Era:

• Command

• Socialism

• Oligopoly

• Rationing

Which of these is not a fixed cost?

• Car payment

• Rent/Lease payment

• Hourly wages

• Mpnthly loan payment

What type of good increases the use of another good?

• Complementary good

• Public Good

• Private Good

• Available good

What has the greatest effect on quantity demanded?

• Advertisement

• Competition

• Price

• Income

What was the Social Security program established for?

• As a tax on the rich

• To provide equality for all?

• To benefit former slaves

• To provide money for retirees over 65 and the disabled

Why do people go into business for themselves?

• Profit motive

• To work for a boss

• To pay taxes

• To help mankind

What is the role of Government in a Socialist Economy?

• Hands off

• Control Everything

• Own some property and direct how business owners conduct business

• Follow tradition

Who has the majority of the decision-making power in a Free Enterprise Economy:

• The Government

• The consumer

• The President

• The business owner