Economics for Intro

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1.
1 point
Who actually ownes a corporation
2.
1 point
A company decides to install more machines and lay off workers. Which economic question is being addressed?
3.
1 point
If a foreign country can supply us with a proudcut cheaper than we ourselves can make it, it is better to buy from them.
Based on this excerpt from Adam Smiths Wealth of Nations, which of these governemnt actions would adam smith support
4.
1 point
What is the primary incentive that motivates a manufacturer to sell a product
5.
1 point
What are the three main forms of business organization?
6.
1 point
There is a country in which the governmnet owns all the industries, businesses and farms. The governemt sets production and wages. The government provides all education childcare, and medical care for all the people. What type of economy does this describe
7.
1 point
What is the most basic economic issue for all societies?
8.
1 point
Which of these best explains Japan's need for imports?
9.
1 point
Limited partners have no ?management responsibility and ?no liability for losses beyond ?their investment
10.
1 point
To deal with the problem of unlimited wants and limited resources societies establish which of the following
11.
1 point
what is the effect of trade barriers on the economy?
12.
1 point
If Great Britian has a comparative advantage over France in the production of cars, which of the following is true?
13.
1 point
On supply and demand graph, what is the point called at which quantity demanded equals quantity supplied?
14.
1 point
Not for profit businesses include churches hospitals and social services goals do not include making a profit.
15.
1 point
How does the process of specialization change an economy?
16.
1 point
Which is true of a sole proprietorship?
17.
1 point
In market economy, what is the government's role?
18.
1 point
Which of the following describes a market in which one firm controls thes upply and pricing of a good or service
19.
1 point
Which type of business makes a finished product, such as an automobile?
20.
1 point
In a market economy, what determines the price and guantity of most goods and services
21.
1 point
In economic terms, what is a stock?
22.
1 point
If a government sets a maximum price for a good or service, what does it create?
23.
1 point
The shares of ownership of a corporation are called dividends
24.
1 point
Jenny has enough money to buy either a CD or to go to a movie with her friends. In economics, what is the choice that Jenny "gives up" called?
25.
1 point
In which of the following economic systems is the "factors of production" privately owned?
26.
1 point
"Their is no free lunch"
In economic terms,f what does this mean?
27.
1 point
Which form of business is most profelent in the United States
28.
1 point
Which form of business accounts for the majority of the countries GDP or Gross Domestic Product
29.
1 point

What does unlimited liability mean to the owner of a business?


30.
1 point
In a market economy, when consumers and producers act in their own self-interest, which is most likely to be the overall result
31.
1 point
Which of these is an economic benefit of tariffs on goods imported into the United States?
32.
1 point
In an open corporation, stocks are bought and sold on security exchanges and can be bought by anyone
33.
1 point
Which of the following best completes the equation
unlimited wants + limited Resources = ????
34.
1 point
What happens when the United States trades wheat to Saudi Arabia exchange for crude oil?
35.
1 point
What is the most likely to happen when consumers want to buy more scooters than the store has available for sale?
36.
1 point
Which of the following is a result of the specialization of labor?
37.
1 point
The board of directors are appointed by
38.
1 point
In general, what type of economy does the United States have?
39.
1 point
What is the main disadvantage of being a sole proprietor?
40.
1 point
A hurricane hit Florida and destroyed half of the orange crop, what would most likely happen to the orange market
41.
1 point
Which of these best explains why the United States might place tariffs on import?
42.
1 point
Assume the government subsidizes the production of a good every year. Which of these would be the most likely result if the government stopped the subsidies?
43.
1 point
which of the following is a characteristic of a public good
44.
1 point
Which of these is a goal of the North American Free Trade Agreement (NAFTA) member nations?
45.
1 point
When a nation imports more than it exports, economist say it has which of the following?
46.
1 point
which type of economy produces the highest standard of living for its citizens
47.
1 point
In economic terms, what are land, labor, capital and entrepreneurship?
48.
1 point
The term "laissez faire" refers to which of the following concepts
49.
1 point
A general partnership is a business co-owned by two or more general partners who are liable for everything the business does.
50.
1 point
Which of these does the Gross Domestic Product (GDP) represent