ABEKA ECONOMICS QUIZ 6 QUESTIONS AND ANSWERS
value of the best alternative foregone when a different alternative is taken - CORRECT
ANSWER✅✅opportunity cost
total value of a business minus any liabilities - CORRECT ANSWER✅✅equity
excess of the total revenue paid by buyers for goods over the seller's total expense of producing these
goods - CORRECT ANSWER✅✅profit
cost of people running their own establishments or hiring managers to run the businesses for them -
CORRECT ANSWER✅✅wage of management
diminishing value of goods caused by wear and time - CORRECT ANSWER✅✅depreciation
t/f: a computer is an example of a DURABLE good - CORRECT ANSWER✅✅true
t/f: consumers in a free market economy constantly send market SYMBOLS to let producers know how
much of a good to produce at a given price - CORRECT ANSWER✅✅false, signals
t/f: the PRIVATE sector is controlled by national, state, and local governments - CORRECT
ANSWER✅✅false, public
t/f: in a COMMAND economy, the consumers determine what goods are to be produced and in what
quantity - CORRECT ANSWER✅✅false, free enterprise
t/f: to obtain needed goods, people in command economies buy and sell through BLACK MARKETS -
CORRECT ANSWER✅✅true
t/f: a new car is a good example of an investment that APPRECIATES in value during the first ten years
that you own it - CORRECT ANSWER✅✅false, depreciates
value of the best alternative foregone when a different alternative is taken - CORRECT
ANSWER✅✅opportunity cost
total value of a business minus any liabilities - CORRECT ANSWER✅✅equity
excess of the total revenue paid by buyers for goods over the seller's total expense of producing these
goods - CORRECT ANSWER✅✅profit
cost of people running their own establishments or hiring managers to run the businesses for them -
CORRECT ANSWER✅✅wage of management
diminishing value of goods caused by wear and time - CORRECT ANSWER✅✅depreciation
t/f: a computer is an example of a DURABLE good - CORRECT ANSWER✅✅true
t/f: consumers in a free market economy constantly send market SYMBOLS to let producers know how
much of a good to produce at a given price - CORRECT ANSWER✅✅false, signals
t/f: the PRIVATE sector is controlled by national, state, and local governments - CORRECT
ANSWER✅✅false, public
t/f: in a COMMAND economy, the consumers determine what goods are to be produced and in what
quantity - CORRECT ANSWER✅✅false, free enterprise
t/f: to obtain needed goods, people in command economies buy and sell through BLACK MARKETS -
CORRECT ANSWER✅✅true
t/f: a new car is a good example of an investment that APPRECIATES in value during the first ten years
that you own it - CORRECT ANSWER✅✅false, depreciates
