Economics Semester Exam

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1.
1 point
What is an economic rule stating that as more units of a factor of production are added, total output continues to increase, but at a diminishing rate?
2.
1 point
What is a situation in which the quantity demanded is greater than the quantity supplied?
3.
1 point
What is a reduction of government regulation and control over business activity?
4.
1 point
What is an industry dominated by a few suppliers who exercise some control over price?
5.
1 point
What are the factors of Production?
6.
1 point
What shows the quantity that producers are willing to supply at each possible price?
7.
1 point
What is an economic rule stating that if two items satisfy the same need and the price of one rises, people will buy the other?
8.
1 point
What is the branch of economic theory dealing with behavior and decision making of small units such as individuals and firms?
9.
1 point
What is the branch of economic theory dealing with the economy as a whole and behavior and decision making by large units?
10.
1 point
What is an economic rule stating that price and quantity supplied move in the same direction?
11.
1 point
What is it when you are sacrificing one good or service to purchase or produce another?
12.
1 point
Ideally, what is an economic system in which there is no need for a government?
13.
1 point
What is a situation in which people do not have enough resources to satisfy every desire?
14.
1 point
What is a situation in which quantity supplied is greater than quantity demanded?
15.
1 point
What is an economic system in which individuals own the factors of production and make their own economic decisions?
16.
1 point
What is a market situation in which there are numerous buyers and sellers, and no single buyer or seller can affect price?
17.
1 point
What is an economic rule stating that the quantity demanded and price move in opposite directions?
18.
1 point
What is the study of how individuals, families, businesses, and societies use limited resources to fulfill their unlimited wants?
19.
1 point
What is a market situation in which a single supplier makes up an entire industry?
20.
1 point
What is the price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy?