Economics for Intro

Which of these does the Gross Domestic Product (GDP) represent

A general partnership is a business co-owned by two or more general partners who are liable for everything the business does.

The term "laissez faire" refers to which of the following concepts

In economic terms, what are land, labor, capital and entrepreneurship?

which type of economy produces the highest standard of living for its citizens

When a nation imports more than it exports, economist say it has which of the following?

Which of these is a goal of the North American Free Trade Agreement (NAFTA) member nations?

which of the following is a characteristic of a public good

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?

Which of these best explains why the United States might place tariffs on import?

A hurricane hit Florida and destroyed half of the orange crop, what would most likely happen to the orange market

What is the main disadvantage of being a sole proprietor?

In general, what type of economy does the United States have?

The board of directors are appointed by

Which of the following is a result of the specialization of labor?

What is the most likely to happen when consumers want to buy more scooters than the store has available for sale?

What happens when the United States trades wheat to Saudi Arabia exchange for crude oil?

Which of the following best completes the equation
unlimited wants + limited Resources = ????

In an open corporation, stocks are bought and sold on security exchanges and can be bought by anyone

Which of these is an economic benefit of tariffs on goods imported into the United States?

In a market economy, when consumers and producers act in their own self-interest, which is most likely to be the overall result

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

Which form of business accounts for the majority of the countries GDP or Gross Domestic Product

Which form of business is most profelent in the United States

"Their is no free lunch"
In economic terms,f what does this mean?

In which of the following economic systems is the "factors of production" privately owned?

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?

The shares of ownership of a corporation are called dividends

If a government sets a maximum price for a good or service, what does it create?

In economic terms, what is a stock?

In a market economy, what determines the price and guantity of most goods and services

Which type of business makes a finished product, such as an automobile?

Which of the following describes a market in which one firm controls thes upply and pricing of a good or service

In market economy, what is the government's role?

Which is true of a sole proprietorship?

How does the process of specialization change an economy?

Not for profit businesses include churches hospitals and social services goals do not include making a profit.

On supply and demand graph, what is the point called at which quantity demanded equals quantity supplied?

If Great Britian has a comparative advantage over France in the production of cars, which of the following is true?

what is the effect of trade barriers on the economy?

To deal with the problem of unlimited wants and limited resources societies establish which of the following

Limited partners have no ?management responsibility and ?no liability for losses beyond ?their investment

Which of these best explains Japan's need for imports?

What is the most basic economic issue for all societies?

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

What are the three main forms of business organization?

What is the primary incentive that motivates a manufacturer to sell a product

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

A company decides to install more machines and lay off workers. Which economic question is being addressed?

Who actually ownes a corporation