ABEKA ECONOMICS Test 3 (9 Weeks
Exam)||Latest Exam Update With
Questions And Correct
Answers||Graded A+
what type of good is a truck used by a florist to deliver flowers? -CORRECT ANSWER
capital
group that favored a natural economy -CORRECT ANSWER physiocrats
if gordon mcconnell's accounting business had expenses equaling $90k and revenues
totaling $115k last year, but he could've had a salary of $80k working elsewhere, what
was his opportunity cost? -CORRECT ANSWER $55,000
states that when the price of a good falls, consumers tend to buy more of that good -
CORRECT ANSWER income effect
type of good that doesn't last more than three years -CORRECT ANSWER nondurable
good
type of good directly related to a consumer's income -CORRECT ANSWER normal
good
type of economic system controlled by a centralized authority -CORRECT ANSWER
command
type of economic system based upon custom, heredity, and caste -CORRECT
ANSWER traditional
to what does the free market economy owe its proficiency -CORRECT ANSWER
property rights, limited government, freedom of enterprise
group of firms that produce similar products or provide similar services -CORRECT
ANSWER industry
what is the retail clothing industry in a large city an example of? -CORRECT ANSWER
monopolistic competition
what is the american automobile industry an example of? -CORRECT ANSWER
oligopoly
, which is a non pricing strategy? -CORRECT ANSWER advertising
adam smith -CORRECT ANSWER invisible hand
carl menger -CORRECT ANSWER diamond-water paradox
e. i. du pont -CORRECT ANSWER gunpowder entrepreneur
david ricardo -CORRECT ANSWER comparative advantage
henry ford -CORRECT ANSWER mass production
pierre samuel du pont -CORRECT ANSWER physiocracy
study of the choices that individuals and societies make in the production, distribution,
and consumption of goods -CORRECT ANSWER economics
the four factors of production -CORRECT ANSWER natural resources, labor, capital,
entrepreneurship
name of adam smith's most famous book -CORRECT ANSWER the wealth of nations
list of numbers that compares price with quantity demanded -CORRECT ANSWER
demand schedule
if firm a can produce 40 coats or 50 shoes with the same resources from which firm b
can produce 45 coats or 65 shoes, which firm has the comparative advantage in coats?
-CORRECT ANSWER firm a
governmental agency that investigates trade practices -CORRECT ANSWER federal
trade commission
first act implemented in 1890 to regulate monopolistic trusts -CORRECT ANSWER
sherman act
antitrust act passed in 1914 that addressed practices not addressed in earlier laws -
CORRECT ANSWER clayton act
three things that mass production is based on -CORRECT ANSWER division of labor,
standardized parts, automatic conveyance
production of goods in which a country or region has absolute or comparative
advantage -CORRECT ANSWER geographic specialization
makes possible a better standard of living for everyone in a prosperous society -
CORRECT ANSWER competition
Exam)||Latest Exam Update With
Questions And Correct
Answers||Graded A+
what type of good is a truck used by a florist to deliver flowers? -CORRECT ANSWER
capital
group that favored a natural economy -CORRECT ANSWER physiocrats
if gordon mcconnell's accounting business had expenses equaling $90k and revenues
totaling $115k last year, but he could've had a salary of $80k working elsewhere, what
was his opportunity cost? -CORRECT ANSWER $55,000
states that when the price of a good falls, consumers tend to buy more of that good -
CORRECT ANSWER income effect
type of good that doesn't last more than three years -CORRECT ANSWER nondurable
good
type of good directly related to a consumer's income -CORRECT ANSWER normal
good
type of economic system controlled by a centralized authority -CORRECT ANSWER
command
type of economic system based upon custom, heredity, and caste -CORRECT
ANSWER traditional
to what does the free market economy owe its proficiency -CORRECT ANSWER
property rights, limited government, freedom of enterprise
group of firms that produce similar products or provide similar services -CORRECT
ANSWER industry
what is the retail clothing industry in a large city an example of? -CORRECT ANSWER
monopolistic competition
what is the american automobile industry an example of? -CORRECT ANSWER
oligopoly
, which is a non pricing strategy? -CORRECT ANSWER advertising
adam smith -CORRECT ANSWER invisible hand
carl menger -CORRECT ANSWER diamond-water paradox
e. i. du pont -CORRECT ANSWER gunpowder entrepreneur
david ricardo -CORRECT ANSWER comparative advantage
henry ford -CORRECT ANSWER mass production
pierre samuel du pont -CORRECT ANSWER physiocracy
study of the choices that individuals and societies make in the production, distribution,
and consumption of goods -CORRECT ANSWER economics
the four factors of production -CORRECT ANSWER natural resources, labor, capital,
entrepreneurship
name of adam smith's most famous book -CORRECT ANSWER the wealth of nations
list of numbers that compares price with quantity demanded -CORRECT ANSWER
demand schedule
if firm a can produce 40 coats or 50 shoes with the same resources from which firm b
can produce 45 coats or 65 shoes, which firm has the comparative advantage in coats?
-CORRECT ANSWER firm a
governmental agency that investigates trade practices -CORRECT ANSWER federal
trade commission
first act implemented in 1890 to regulate monopolistic trusts -CORRECT ANSWER
sherman act
antitrust act passed in 1914 that addressed practices not addressed in earlier laws -
CORRECT ANSWER clayton act
three things that mass production is based on -CORRECT ANSWER division of labor,
standardized parts, automatic conveyance
production of goods in which a country or region has absolute or comparative
advantage -CORRECT ANSWER geographic specialization
makes possible a better standard of living for everyone in a prosperous society -
CORRECT ANSWER competition
