CGHS Economics Ch. 3 Quiz

What is the most important economic decision maker, consisting of all those who live under one roof?

• Firm

• Household

• Government

• Corporation

What term describes the level of satisfaction from consumption or sense of well-being?

• Utility

• Profit

• Revenue

• Cost

What is a business unit formed by a profit-seeking entrepreneur who combines resources to produce goods and services?

• Household

• Firm

• Corporation

• Partnership

Which historical event involved the development of large-scale production during the 18th century?

• Industrial Revolution

• Renaissance

• Enlightenment

• World War I

What are legal claims that guarantee individuals the right to use their resources as they choose?

• Antitrust laws

• Private property rights

• Public goods

• Social insurance

What is it called when it is cheaper for one firm to serve the market than for two or more firms to do so?

• Antitrust

• Natural monopoly

• Fiscal policy

• Open-access goods

What are laws that attempt to promote competition in markets and reduce anticompetitive behavior?

• Fiscal policies

• Antitrust laws

• Monetary policies

• Social insurance

What is the central bank's attempt to control the money supply to influence the national economy?

• Fiscal policy

• Monetary policy

• Social insurance

• Income-assistance programs

What is the federal government's use of taxing and public spending to influence national economic variables?

• Monetary policy

• Fiscal policy

• Antitrust laws

• Private property rights

What type of goods have the feature that the amount consumed by one person is unavailable to others and nonpayers can easily be excluded?

• Public goods

• Private goods

• Quasi-public goods

• Open-access goods