What is the difference between a shortage and a scarcity? correct answers Shortage can be temporary or long-term scarcity always exist
Which of the following are factors of production? correct answers capital and land
The economic concept of guns or butter means that correct answers a governm...
Econ Final (100% Everfree answers)
What is the difference between a shortage and a scarcity? correct answers Shortage can be temporary or
long-term scarcity always exist
Which of the following are factors of production? correct answers capital and land
The economic concept of guns or butter means that correct answers a government must decide to produce
more or less military or consumer goods
If you choose between two summer jobs, what is the one you do not choose called? correct answers
opportunity cost
Which of the following is an example of a shortage? correct answers a type of doll is not available
because a limited number were made
In a free enterprise system, how do consumers most often express their desires to businesses? correct
answers buying or not buying products
The price of home computers rises. According to the law of supply, what will computer makers do?
correct answers make more computers
Which of the following is an advantage of a sole proprietorship? correct answers is is the least regulated
form of business organization
What is considered a normal unemployment rate when the economy is working properly? correct answers
4 to 6 percent
An efficient economy is one that correct answers uses its resources to make the most goods and services
What can a decision-making grid do? correct answers help you determine some of the opportunity costs
for your decision
Why are goods and services scarce? correct answers resources used to produce them are limited
, Which person below is an entrepreneur? correct answers an artist who runs a business painting murals
To improve its standard of living a nation's economy must correct answers grow through innovation
Why are free market economies able to grow? correct answers competition encourages innovation
The United States government intervenes in the economy in order to correct answers promote the general
welfare
Which of the following is handled by individuals instead of government in a free market economy?
correct answers investment options
What is one of the most important advantages of a free market? correct answers it encourages growth
Which of the following philosophers argued that a free market would regulate itself with little
government involvement? correct answers Adam Smith
What is the product market? correct answers the market in which households purchase the goods and
services that firms produce
A town votes to raise taxes on its households and businesses in order to renovate a school in one of its
poorest neighborhoods. What societal goal best explains this decision? correct answers equity
Which of the following best describes the economy of the United States? correct answers mixed, but on
the side of a free market
What is one way the Constitution protects the free enterprise system? correct answers it recognizes
private property rights
The federal government monitors and regulates American banks and other financial institutions correct
answers to shield money from the damaging effects of economic downturns
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 or Stuvia-credit 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 $11.39. You're not tied to anything after your purchase.
