Econ final

What are the four categories in which economists divide factors of production?

• land, labor, capital, and entrepreneurship

• land, labor, money, and entrepreneurship

• resources, labor, capital, and entrepreneurship

• resources, labor, money, and entrepreneurship

Jed has one hour available after school each weekday. The rest of the afternoon is taken up by other activities. He is evaluating what to do with those b hours

According to the chart. which option has the least benefit?

• working 1 hour

• Working 2 hours

• Working 4 hours

• Working 5 hours

A society that has public schools and ownership of private property has elements of which economic systems?

• command and market economic systems

• traditional and market economic svstems

• traditional and socialist economic systems

• command and traditional economic systems

Which of the following is an example of the law of supply?

• A milling company builds a new factory to process flour to export.

• A catering company buys a new dishwasher to make its work easier.

• A price of a sandwich increases and the sandwich shop increases quantity supplied.

• A food producer increases the number of acres of wheat he grows to supply a milling company.

Based on the graph, if the government sets a minimum wage at $11, how many workers would be unemployed?

• 200,000

• 400,000

• 600,000

• 800,000

Which statement is true about partnerships?

• In a limited liability partnership, only one partner manages the business.

• B. In a limited partnership, partners cannot lose the money they have invested.

• In a limited partnership, every partner is responsible for the company's actions.

• In a limited liability partnership, all partners are limited from liability in some situations.

Which of the following is characterized as having few sellers and many buyers?

• monopoly

• an oligopoly

• a pure compestion

• monopolistic competition

Why do companies engage in competitive pricing?

• to gain a bigger share of the market

• to increase their employee salaries

• to reduce their share of the market

• to prepare for bankruptcy

What is the basic economic principle that decides how high wages will be?

• Employers will not pay more than a worker is worth.

• Employers will hire the cheapest labor.

• People who want jobs will find them.

• Supply and demand control wages.

What is the artist's main message is in this cartoon?

• The government's current fiscal policies are good for children.

• Babies and young children are affected the most by fiscal policies.

• Future generations will reap huge profits from current fiscal policies.

• Current fiscal policies will have a harmful effect on future generations.