Core Principles of Economics: Final Review

econ final multiple Question tools and equipment fall under what factor or production a nation's wealth is determined by its the most comprehensive measure of a nation's wealth is provided by its which of the following statements best describes the purpose of the production possibilities curve which of the following descriptions best explains the meaning of opportunity cost consumers waiting in long lines for a new product is an example of when a nation's total output increases over time, the nation is experiencing the efficient use of scarce resources leads to an increase in when a business needs to decide whether a certain action is worth the cost, the most helpful analysis would be a(n) the study of economic involves which of these statements describes a disadvantage of a traditional economy which of these economic systems have the least in common which of these statements is descriptive of a market economy in which of these systems is the government most likely to provide people with goods and services they could not otherwise afford which of these helps explain why mixed economies develop which of these countries has an economy most similar to that of the former soviet union which of the following is a feature of a command economy that distinguishes it from a socialist economy in a transitioning economy, why would privatization tend to raise a nation's overall standard living how are economic transactions shaped in a traditional economy which of these is a major advantage of a market economy one of the characteristics of a capitalist free enterprise economy is the economic system of the United States is considered a ____ protect consumers against harm from products on the market which of the following is largely responsible for the growth of a free enterprise system consumers in a free enterprise economy ultimately determine __ to produce Answer capital accumulation of all tangible products gross domestic product the cost of choosing one alternative over another scarcity economic growth productivity cost -benefit analysis all of the above explaining how people deal with scarcity studying how things are made, bought sold, and used explaining how incomes are earned and how jobs are created new ways of doing things are discouraged command economy and capitalism major economic decisions are made by individuals, not for them a socialist economy people become unhappy with aspects of their current economy north korea all production is managed by the government people are more likely to be productive when it benefits them personally elders and ancestors make certain that things are done in specific ways there is a high degree of individual freedom voluntary exchange free market capitalist economy government regulations profit motive what markets in the free enterprise system are seldom regulated by the four factors of production are land, labor, capital , and a general rise in the level of prices over time is known as what have some states done to protect workers from adverse economic events such as layoffs, and illness economic equity means that it is illegal to discriminate on the basis of age, sex, race, religion, or what do low prices signal buyers to do in a competitive market economy, prices are considered without prices, the three basic questions WHAT, HOW, and FOR WHOM to produce are answered by what do most economists believe is the most efficient way to allocate resources equilibrium is reached when what occurs which is the opposite of a surplus what effect would a bumper crop most likely have on the price of that crop what do price ceilings and price floors prevent which term best describes rent control why have agricultural products been the object of many price stabilization efforts during the great depression, union promoters which of the following were the first types of unions formed in the United States which of the following was a response to the growing strength of unions which of the following tactics is used only by management which statement is the best explanation of the market theory of wage determination which of the following best expresses the idea that higher education often results in higher earnings the income earned by females has only been a fraction of that earned by males partially because of which kind of union organization was stopped by the Taft-Hartley Act which of the following illustrates why the wage gap between women and men is discriminatory which of the following is most responsible for increases in the federal minimum wage the government entepreneurs inflation they set up unemployment compensation programs disability buy more neutral government competitive markets quantity supplied equals quantity demanded shortage decrase prices reaching equilibrium price ceiling their prices tend to fluctuate widely renewed efforts because hard times united workers craft unions and industrial unions right-to-work laws lockout a worker's pay rate is set by suppl and demand for the worker's skills signaling theory all of these the uneven distribution of men and women among various occupations differences in human capital discrimination closed shop glass ceiling inflation