econ test

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1.
1 point
Economic freedom is a feature of capitalism
2.
1 point
What are wants?
3.
1 point
How are prices set?
4.
1 point
MR > MC
5.
1 point
Total Cots is variable costs + fixed costs
6.
1 point
An economic system is a way of producing the things people need and want
7.
1 point
What are the 5 features of capitalism
8.
1 point
A shortage is where there is too much of something
9.
1 point
goods are things we can touch and hold
10.
1 point
America uses a traditional economic system
11.
1 point
what will happen if verizon and at&t tried to merge
12.
1 point
American prices are set by consumer and producer interactions
13.
1 point
Who is the founder of modern economics?
14.
1 point
Change in consumer income affects demand because if consumers earn more they are willing/able to buy more and if they earn less they can not boy as much
15.
1 point
An equilibrium is the price set for a good or service in the market place, where demand and supply are perfectly balanced
16.
1 point
Markets, voluntary exchange, and money you make are all features of capitalism
17.
1 point
resources are all the things that can be used in BUYING a product or service
18.
1 point
A trade-off is giving up one alternative for another
19.
1 point
Which is NOT a program that helps regulate public service and goods to make sure they are safe
20.
1 point
What causes scarcity?
21.
1 point
What is included in gdp?
22.
1 point
If Maryn wants a dog and also wants a laptop for christmas, and she gets the dog, what is the opportunity cost
23.
1 point
The boy followed in his fathers footsteps and took over the farm. What kind of economic system does this example represent?
24.
1 point
marginal cost is the DECREASE in expenses due to another unit of something
25.
1 point
Gdp per capita means gdp per each country
26.
1 point
Fixed costs are expenses that do not change no matter how much business produces/serves
27.
1 point
What are the 4 parts of demand?
28.
1 point
revenue is the money a business earns by selling, sum of money received from consumers
29.
1 point
What is NOT a basic principle of economics
30.
1 point
What will happen if the government feels a product is unsafe?
31.
1 point
what is laizzez-faire economics?
32.
1 point
Which isn't a basic question of economics?
33.
1 point
services are products we can buy
34.
1 point
What usually happens when quantity goes up?
35.
1 point
What is not a type of business