What concept represents unlimited wants and limited resources and is the basis of Economics?

What is the goal of every economic society?

A free market structure is often based around which of the following concepts?

Which type of economic structure provides some government intervention but also allows for some individual freedom?

What is the main incentive for those entering into a free market structure?

Private property is incredibly important to which type of economic system?

If an economy uses taxes in order to fund public goods, what type of economy would this be?

Which economic philosopher was the first to advocate for a purely free market system?

What is the Law of Demand?

In which direction does a supply curve generally go?

In which direction does a demand curve generally go?

Which of the choices below describe equilibrium?

If good X and good Y are complements, what could be a consequence for good Y if there is a price increase on good X?

Which of the following is an example of labor?

A ______ is temporary while ______________ is forever

When deciding whether to import or export goods, which economic question is being answered?

Which of the following is NOT one of the main economic questions?

What type of economic system has the government making all economic decisions?

Which economic system has no government intervention in the economy?

When deciding whether to produce oil or lumber, which economic question is being answered?

The United States, Germany, and France are all examples of what type of economic structure?

Which economic philosopher believed in a purely communist/command system?

What does a change in technology normally signify for supply levels?

If more efficient systems make cheese production quicker, which way would the supply curve for cheese shift?

If more efficient systems make cheese production quicker, which determinant of supply is at work?

Which of the following would cause a general increase in prices?

If there is an increase in rubber prices that results in a decrease in the supply of tires, which determinant of supply is present?

If demand for a certain good or service is NOT very sensitive to price change what is this typically called?

Which of the following would be the most elastic?

Which of the following would be considered an elastic good?

What economic law states that the more one consumes of a good or service the lower the demand will go?

What does stock represent?

Which type of business typically has a board of directors rather than an owner?

A celebrity endorsement that attempts to increase demand of a good would be categorized as what determinant of demand?

Hotdogs and hotdog buns would be considered what type of goods?

JIF and Peter Pan Peanut Butter would be considered what type of goods?

If mass migration to California increase the demand for housing in California cities, which determinant of demand is present?

Which determinant of supply increase the ending costs based on the cost of materials along the supply line?

If joggers fall out of fashion in favor of baggy sweatpants, what determinant of demand is present?

What is often true of a natural monopoly?

Who generally benefits from inflation?

Which of the following is NOT a basic form of business structure?

Which type of business structure has the least amount of risk?

Sole Proprietorships and partnerships are similar in that they both:

Combining businesses across an entire market is known as a

Combining businesses across the same line of supply is known as

Which form of competition is most likely to engage in collusion and cartel formation?

Which form of competition has easy entry and exit as well as the lowest possible prices?

Which type of market structure generally has the highest prices?

Which statement generally applies to all forms of competition?

Which function of money is being used when money and wealth are stored in a bank?

Which of the following would NOT be considered non-price competition?

Which of the following would NOT be considered a public good?

What are the three main categories of the federal budget?

Which category of The Federal Budget includes social security and medicare?

America's income tax rate increases as one earns more income. What type of tax is that?

What is the main tool that The Federal Reserve uses to stabilize the economy?

What are the four main phases of the economic cycle?

In actual practice, what type of tax is a sales tax?