ABEKA ECONOMICS Test 3 (9 Weeks
Exam) Questions and 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
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, 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
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Exam) Questions and 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
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
, 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
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
