Abeka Economics Final Exam 2024 questions with complete solution

Abeka Economics Final Exam 2024 questions with complete solution Besides its utility, what else determines the value of a good by a consumer? ANS-scarcity What is basic component of capitalism besides limited government, freedom of enterprise, and competition? ANS-property rights When supply of good increases, what tends to decrease? ANS-equilibrium Which economic system bases production of goods on customs and habits? ANS-traditional Which economic system is regulated by the public sector? ANS-command Which economic system is guided by the choices made by the private sector? ANS-free enterprise What was one of the first antitrust laws enacted in the United States? ANS-Sherman Act What is the sum cost of all the factors of production used in making goods? ANS-total cost Besides division of labor and automatic conveyance, what composes the "American system" of mass production? ANS-standardized parts A checking account is what type of account? ANS-transaction account What type of account guarantees a certain interest rate and has a specified maturity date? ANS-CD What function of money allows people to compare the worth of one good with that of another good? ANS-measure of value What is the value of all finished goods and services produced within a country during a year's time? ANS-GDP What type of market model is dominated by only a few firms? ANS-oligopoly What type of market model p