Which of the following is NOT an example of a human need?

Which of the following is NOT a factor of production?

Because resources are limited and wants are unlimited, people must decide how to use the resources...?

Specialization increases productivity because...?

One strategy which may help a company improve efficiency is to introduce a...?

A production possibilities curve is all the combinations of __________ goods that can be produced.

Which of the following choices is a standard means of exchange?

When economists refer to a product’s usefulness they use the term...?

People who satisfy their own needs without outside assistance are said to be...?

All economies today are actually...?

Children are likely to carry on the economic roles of their parents in a __________ economy.

Which of the following is a command economic system that operated in Western Europe during the Middle Ages?

Cuba’s economy is an example of...?

Which type of economy is closest to the pure market model?

The system under which business can be conducted freely with little government intervention is known as...?

The circular flow model represents...?

Economic efficiency is making the best use of...?

Which goal of the U.S. economy is concerned with questions of fairness?

The goal of economic stability has two concerns:

Full Employment and...?

What term refers to the amount of money consumers have available to spend on products?

As more units of a product are consumed, the satisfaction from consuming each additional unit is called...?

A demand curve only displays a “snapshot” of a market because...?

Which of the following is NOT a non-price determinant of demand?

Which of the following can market size NOT be affected by?

Which direction will the demand curve shift if consumers’ incomes rise?

A product's demand elasticity is affected by three different things. Which of the following choices is NOT one of the three?

If substitutes are readily available for a product, it has __________ demand.

If substitutes are not readily available for a product, it has __________ demand.

If a price increase causes a fall in total revenue, demand is...?

The amount of money remaining after producers have paid all their costs is called...?

A business makes a profit when its costs of production are less than its...?

If a good has elastic supply, it can be made...?

A good has inelastic supply if...?

Gold is an example of a good that has __________ supply.

If prices of resources rise, supply will...?

What are the three stages of production that can be predicted by the law of diminishing returns?

Rent is an example of a __________ cost.

Raw materials are an example of a __________ cost.

Workers’ wages are an example of a __________ cost.

The side effects that sometimes result from the production of goods are called...?

Pollution is an example of a __________ externality.

National defense, the judicial system, and law enforcement are examples of...?

The process through which the price system moves the market toward the equilibrium point often involves...?

When a surplus exists in a market, price is __________ equilibrium.

When a shortage exists in a market, price is __________ equilibrium.

An example of a price ceiling is...?

An example of a price floor is...?

Overtime, what may a price ceiling cause?

A government sometimes rations a good because the supply of that good is...?

Under perfect competition, buyers and sellers act...?

What two things set prices in a perfectly competitive market?

What is the key difference between perfect competition and monopolistic competition?

How does product differentiation bring about a rise in prices?

Which of the following is NOT a way that an oligopoly can be ended?

The situation in which sellers undercut each other’s prices in an attempt to gain market share is called...?

The effort by sellers to secretly set production levels or prices is called a...?

If competition is inconvenient and impractical, what kind of monopoly tends to develop?

What kind of monopoly does the granting of patents encourage?

Antitrust legislation was enacted in the late 1800s to...?

What type of business organization are you most likely to use if you want complete control and exclusive right to all profits?

Which of the following is a disadvantage of a sole proprietorship?

What advantage do sole proprietorships and partnerships share?

What disadvantage do sole proprietorships and partnerships share?

Partners enjoy equal decision making authority in a...?

What type of business organization can hire workers and own property as if it were an individual?

All of these corporate financial instruments indicates that the company is in debt, except...?

The advantages of corporations include limited liability, separation of ownership from management, the ease with which capital can be raised, and __________.

A major advantage of corporate mergers is...?

Sometimes a company agrees, for a fee, to let another person or group set up an enterprise that uses the original company’s name to sell goods and services. What is this type of business organization called?

All of the following are factors that a person might consider in choosing a job, except...?

The process of mechanizing all major forms of production is called...?

When the number of workers in an occupation is limited and demand for these workers is high, then wages tend to be...?

Which of the following can consumers in a free-enterprise economy choose to do with their money?

Which of the following is NOT a reason for saving money?

Most financial institutions are protected by...?

An example of a time deposit is a...?

Capital gains is the profit earned through the sale of a capital...?

An example of a fixed expense is...?

An example of a flexible expense is...?

The exchange of property ownership and payment between two individuals or groups is known as...?

A stock split is generally beneficial to stockholders because stock prices tend to __________ afterwards.

A financial market in which the price of stocks, bonds, or other traded commodities is generally on the decline and in which investors believe that prices will continue to fall is called...?

A financial market in which the price of stocks, bonds, or other commodities is generally on the rise and in which investors believe that prices will continue to rise is called...?

People invest in stocks because it returns the __________ profit.