In a ___________________ economy the government does not tell consumers and producers directly what they need to buy or produce, but they impose some limitations to guide production and to protect consumers and workers from unfair treatment. correct answers Mixed
In a ___________________economy ...
Econ Final Exam(All Accurately solved)
In a ___________________ economy the government does not tell consumers and producers directly
what they need to buy or produce, but they impose some limitations to guide production and to protect
consumers and workers from unfair treatment. correct answers Mixed
In a ___________________economy the three economic questions are answered by "What has always
been done." correct answers Traditional
Which of these is a negative unintended consequence from your decision to go out for the evening before
your morning math test? correct answers You did poorly on your math test
Which of these best describes the invisible hand theory of Adam Smith? correct answers When we act to
better ourselves, society as a whole also benefits
Raising the minimum wage could decrease employment of minimum wage workers. Which of these is an
unintended consequence of raising the minimum wage? correct answers Some minimum wage workers
lose their job
Christopher can pay $20 for one pair of shoes or $30 for two pairs of shoes. The marginal cost of the
second pair of shoes is correct answers $10
Which of the following is a category of economic resources? correct answers Labor
Which of the following is an important feature of a command economy? correct answers Government
intervention
Heath can pay $10 for one meal deal at the hamburger restaurant or $15 for two meal deals. The marginal
cost of the second meal deal is correct answers $5
Scarcity exists when there are _____ resources available to satisfy all the competing uses. correct answers
Not enough
Which of the following is an important feature of a market economy? correct answers The profit motive
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller sh3rrymagdah. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £8.86. You're not tied to anything after your purchase.
