Comparative Advantage: Scarcity Comparative Advantage: Scarcity.
WHAT IS THE MAIN PROBLEM OF ECONOMICS? SCARCITY. IN A COMMAND ECONOMY--? GOVERNMENTS MAKE ALL...
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Transcript of WHAT IS THE MAIN PROBLEM OF ECONOMICS? SCARCITY. IN A COMMAND ECONOMY--? GOVERNMENTS MAKE ALL...
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WHAT IS THE MAIN PROBLEM OF ECONOMICS?SCARCITY
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IN A COMMAND ECONOMY--?GOVERNMENTS MAKE ALL ECONOMIC DECISIONS.
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AN EXAMPLE OF A MARKET ECONOMY IS--The United States
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UNLIKE A GENERAL PARTNERSHIP, A LIMITED PARTNERSHIP--The inactive partner has limited liability for the business debt.
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THE ROLE OF THE AMERICAN GOVERNMENT IN THE FREE ENTERPRISE SYSTEM IS BEST DESCRIBED AS --Limiting intervention while preserving competition.
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AN INCREASE IN THE PRICE OF MILK CAUSES A DECREASE IN THE DEMAND FOR CEREAL. THE TWO PRODUCTS ARE--
Complements.
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A DEMAND SCHEDULE SHOWS?
A listing of the various quantities demanded for a particular product at all prices that might prevail in the market.
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A DECREASE IN THE SUPPLY OF A PRODUCT MAY BE CAUSED BY--An increase in the cost to make the product.
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TOTAL COST IS THE SUM OF THE--
Fixed and variable costs.
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AT A GIVEN PRICE, A SURPLUS OCCURS WHEN THE-
Quantity supplied is greater than the quantity demanded.
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THE PRICE SYSTEM ACTS AS A SIGNAL--
To both buyers and sellers, telling them what to produce and purchase.
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WHEN A MAJOR CAR COMPANY LOWERS ITS PRICE, OTHER CAR MAKERS WILL PROBABLY---Lower their prices as well.
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THE LARGEST SOURCE OF INCOME FOR THE FEDERAL GOVERNMENT IS--
Individual income taxes.
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FICA INCLUDES TAXES TO PAY FOR--Social Security and Medicare
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INTERGOVERNMENTAL REVENUE IS THE LARGEST SOURCE OF STATE REVENUE FOLLOWED
Sales Tax
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THE FDIC WAS ESTABLISHED TO
Protect the savings of the American people.
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WHICH OF THE FOLLOWING PAYS THE HIGHEST RATE OF RETURN?
Stocks
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A STOCK SHOWS--
Ownership in a company.
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WHAT IS THE OLDEST STOCK EXCHANGE IN THE COUNTRY?
NYSE
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WHAT IS THE DEFINITION OF GDP?
The market value of all goods and services provided in the economy in a given year.
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THE TYPE OF MARKET STRUCTURE WHERE A FEW FIRMS DOMINATE THE INDUSTRY LIKE BURGER KING AND MCDONALDS IS KNOWN AS A
Oligopy
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THE FEDERAL RESERVE--Is made up of 12 district banks and 25 branch banks.
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IN THE SHORT RUN, AN INCREASE IN THE MONEY SUPPLY RESULTS IN--
Lower interest rates.
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DEMAND WILL INCREASE--
If consumers save less and buy more.
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A TARIFF IS--
A tax on imports and exports.
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SOCIALISM IS CHARACTERIZED BY-Government ownership of most productive resources.
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TODAY THE DOMINANT ECONOMIC FORCE IN THE WORLD IS--
Capitalism.
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THE OPPORTUNITY COST OF A DECISION IS--The next best alternative.
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WHICH GROUP OF PEOPLE ULTIMATELY DETERMINES THE PRODUCTS THAT A FREE ENTERPRISE ECONOMY PRODUCES?Consumers.
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BUSINESSES THAT SERVE PARTICULAR EDUCATIONAL, SOCIAL, CHARTABLE, OR RELIGIOUS PURPOSES ARE CALLED?Not-for-profit corporations.
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FOR MOST PRODUCTS AND SERVES, AN INCREASE IN PRICE RESULTS IN A--
Demand for fewer products.
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WHEN PRODUCERS OFFER FEWER PRODUCTS FOR SALE AT EACH AND EVERY PRICE--The supple curve has shifted to the left.
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IN A MARKET ECONOMY, A HIGH PRICE IS A SIGNAL FOR--
Producers to supple more and consumers to buy less.
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A DECREASE IN COMPETITION WITHIN AN INDUSTRY CAN RESULT IN--
A firm gaining a greater share of the market.
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WORKERS WHO HAVE SKILLS TO OPERATE MACHINES AND WHO REQUIRE A MINIMUM AMOUNT OF TRAINING ARE-Semiskilled workers.
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THE INVISIBLE BARRIER THAT HINDERS WOMEN AND MINORITIES FROM ADVANCEMENT UP THE CORPORATE LADDER--Is known as the glass ceiling.
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THE INCIDENCE OF A TAX--
Refers to those who bear the final burden of taxation.
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THE LARGEST CATEGORY OF EXPENDITURE FOR MOST LOCAL GOVERNMENTS IS--Education.
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THE NATION’S MONETARY POLICY IS DETERMINED BY THE--
Federal Reserve.
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ONE OF THE SYMPTOMS OF A WEAK ECONOMY IS--
A low demand for capital goods.
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NAFTA IS A FREE TRADE AGREEMENT BETWEEN WHICH THREE COUNTRIES?
Canada, The United States and Mexico.
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THE MAIN REASON FOR ECONOMIC FAILURE OF THE SOVIET UNION WAS?
The economy was too complex to be managed by full government control.
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THE LARGEST CATEGORY OF NONRENEWABLE ENERGY IN USE IN THE USA IS--Oil