Economics Final Exam||Newest Exam
With Questions And Correct Verified
Answers||Graded A+
Economics -CORRECT ANSWER the study of how people seek to satisfy their needs
and wants by making choices
Horizontal Merger -CORRECT ANSWER the combination of two or more firms
competing in the same market with the same good or service
Vertical Merger -CORRECT ANSWER the combination of two or more firms involved in
different stages of producing the same good or service
Shortage -CORRECT ANSWER a situation in which a good or service is unavailable
Scarcity -CORRECT ANSWER limited quantities of resources to meet unlimited wants
Factors of Production -CORRECT ANSWER land, labor, and capital; the three groups
of resources that are used to make all goods and services
Entrepreneur -CORRECT ANSWER ambitious leader who combines land, labor, and
capital to create and market new goods or services
Trade-Off -CORRECT ANSWER the alternative we sacrifice when we make a decision
Opportunity Cost -CORRECT ANSWER the most desirable alternative given up as the
result of a decision
Human Capital -CORRECT ANSWER the skills and knowledge gained by a worker
through education and experience
Physical Capital -CORRECT ANSWER all human-made goods that are used to produce
other goods and services; tools and buildings
Thinking at the Margin -CORRECT ANSWER deciding whether to do or use one
additional unit of some resource
Production Possibility Graph -CORRECT ANSWER a graph that shows alternative
ways to use an economy's resources
Production Possibility Frontier -CORRECT ANSWER the line on a production
possibilities graph that shows the maximum possible output for a specific economy
, Adam Smith -CORRECT ANSWER classic economist that believed the market could
regulate itself
Classical Economics -CORRECT ANSWER the idea that free markets can regulate
themselves
Free Market -CORRECT ANSWER individuals and privately owned businesses own the
factors of production and therefore, make what they want and buy what they want
Command Economy -CORRECT ANSWER economic system in which the central
government makes all of the decisions on the production and consumption of goods and
services
Mixed Economy -CORRECT ANSWER economic system that combines tradition and
free market with limited government involvement
Natural Monopoly -CORRECT ANSWER a market that runs most efficiently when one
large firm supplies all of the output
Perfect Competition -CORRECT ANSWER a market structure in which a large number
of firms all produce the same product
Monopolistic Competition -CORRECT ANSWER a market structure in which many
companies sell products that are similar but not identical
Non-price Competition -CORRECT ANSWER a way to attract customers through style,
service, or location, but not a lower price
Cartel -CORRECT ANSWER a formal organization of producers that agree to
coordinate prices and production
Sherman Anti-Trust Act -CORRECT ANSWER law that outlawed mergers and
monopolies that limit trade between states
Clayton Anti-Trust Act -CORRECT ANSWER law that outlawed practices that limit
competition or lead to monopoly
Sole Proprietorship -CORRECT ANSWER a business owned and managed by a single
individual
General Partnership -CORRECT ANSWER partnership in which partners share equally
in both responsibility and liability
Limited Partnership -CORRECT ANSWER partnership in which only one partner is
required to be a general partner
With Questions And Correct Verified
Answers||Graded A+
Economics -CORRECT ANSWER the study of how people seek to satisfy their needs
and wants by making choices
Horizontal Merger -CORRECT ANSWER the combination of two or more firms
competing in the same market with the same good or service
Vertical Merger -CORRECT ANSWER the combination of two or more firms involved in
different stages of producing the same good or service
Shortage -CORRECT ANSWER a situation in which a good or service is unavailable
Scarcity -CORRECT ANSWER limited quantities of resources to meet unlimited wants
Factors of Production -CORRECT ANSWER land, labor, and capital; the three groups
of resources that are used to make all goods and services
Entrepreneur -CORRECT ANSWER ambitious leader who combines land, labor, and
capital to create and market new goods or services
Trade-Off -CORRECT ANSWER the alternative we sacrifice when we make a decision
Opportunity Cost -CORRECT ANSWER the most desirable alternative given up as the
result of a decision
Human Capital -CORRECT ANSWER the skills and knowledge gained by a worker
through education and experience
Physical Capital -CORRECT ANSWER all human-made goods that are used to produce
other goods and services; tools and buildings
Thinking at the Margin -CORRECT ANSWER deciding whether to do or use one
additional unit of some resource
Production Possibility Graph -CORRECT ANSWER a graph that shows alternative
ways to use an economy's resources
Production Possibility Frontier -CORRECT ANSWER the line on a production
possibilities graph that shows the maximum possible output for a specific economy
, Adam Smith -CORRECT ANSWER classic economist that believed the market could
regulate itself
Classical Economics -CORRECT ANSWER the idea that free markets can regulate
themselves
Free Market -CORRECT ANSWER individuals and privately owned businesses own the
factors of production and therefore, make what they want and buy what they want
Command Economy -CORRECT ANSWER economic system in which the central
government makes all of the decisions on the production and consumption of goods and
services
Mixed Economy -CORRECT ANSWER economic system that combines tradition and
free market with limited government involvement
Natural Monopoly -CORRECT ANSWER a market that runs most efficiently when one
large firm supplies all of the output
Perfect Competition -CORRECT ANSWER a market structure in which a large number
of firms all produce the same product
Monopolistic Competition -CORRECT ANSWER a market structure in which many
companies sell products that are similar but not identical
Non-price Competition -CORRECT ANSWER a way to attract customers through style,
service, or location, but not a lower price
Cartel -CORRECT ANSWER a formal organization of producers that agree to
coordinate prices and production
Sherman Anti-Trust Act -CORRECT ANSWER law that outlawed mergers and
monopolies that limit trade between states
Clayton Anti-Trust Act -CORRECT ANSWER law that outlawed practices that limit
competition or lead to monopoly
Sole Proprietorship -CORRECT ANSWER a business owned and managed by a single
individual
General Partnership -CORRECT ANSWER partnership in which partners share equally
in both responsibility and liability
Limited Partnership -CORRECT ANSWER partnership in which only one partner is
required to be a general partner
