Abeka Economics Test 6 (Final Exam)
Questions With Correct Answers
Besides its utility, what else determines the value of a good by a
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consumer? - CORRECT ANSWER✔✔-scarcity
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What is a basic component of capitalism besides limited government,
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freedom of enterprise, and competition? - CORRECT ANSWER✔✔-
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property rights |
When supply of a good increases, what tends to decrease? - CORRECT
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ANSWER✔✔-equilibrium price |
Which economic system bases production of goods on customs and
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habits? - CORRECT ANSWER✔✔-traditional
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Which economic system is regulated by the public sector? - CORRECT
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ANSWER✔✔-command
Which economic system is guided by the choices made by the private
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sector? - CORRECT ANSWER✔✔-free enterprise
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, What was one of the first antitrust laws enacted in the Untied States? -
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CORRECT ANSWER✔✔-Sherman Act | |
What is the sum cost of all the factors of production used in making
| | | | | | | | | | | | | |
goods? - CORRECT ANSWER✔✔-total cost
| | | |
Besides division of labor and automatic conveyance, what composes the
| | | | | | | | |
"American system" of mass production? - CORRECT ANSWER✔✔-
| | | | | | | |
standardized parts |
A checking account is what type of account? - CORRECT ANSWER✔✔-
| | | | | | | | | |
transaction account |
What type of account guarantees a certain interest rate and has a
| | | | | | | | | | | |
specified maturity date? - CORRECT ANSWER✔✔-CD
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What function of money allows people to compare the worth of one
| | | | | | | | | | | |
good with that of another good? - CORRECT ANSWER✔✔-measure of
| | | | | | | | | |
value
What is the value of all finished goods and services produced within a
| | | | | | | | | | | | |
country during a year's time? - CORRECT ANSWER✔✔-GDP
| | | | | | |
Questions With Correct Answers
Besides its utility, what else determines the value of a good by a
| | | | | | | | | | | | |
consumer? - CORRECT ANSWER✔✔-scarcity
| | |
What is a basic component of capitalism besides limited government,
| | | | | | | | | |
freedom of enterprise, and competition? - CORRECT ANSWER✔✔-
| | | | | | |
property rights |
When supply of a good increases, what tends to decrease? - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-equilibrium price |
Which economic system bases production of goods on customs and
| | | | | | | | | |
habits? - CORRECT ANSWER✔✔-traditional
| | |
Which economic system is regulated by the public sector? - CORRECT
| | | | | | | | | | |
ANSWER✔✔-command
Which economic system is guided by the choices made by the private
| | | | | | | | | | | |
sector? - CORRECT ANSWER✔✔-free enterprise
| | | |
, What was one of the first antitrust laws enacted in the Untied States? -
| | | | | | | | | | | | | |
CORRECT ANSWER✔✔-Sherman Act | |
What is the sum cost of all the factors of production used in making
| | | | | | | | | | | | | |
goods? - CORRECT ANSWER✔✔-total cost
| | | |
Besides division of labor and automatic conveyance, what composes the
| | | | | | | | |
"American system" of mass production? - CORRECT ANSWER✔✔-
| | | | | | | |
standardized parts |
A checking account is what type of account? - CORRECT ANSWER✔✔-
| | | | | | | | | |
transaction account |
What type of account guarantees a certain interest rate and has a
| | | | | | | | | | | |
specified maturity date? - CORRECT ANSWER✔✔-CD
| | | | |
What function of money allows people to compare the worth of one
| | | | | | | | | | | |
good with that of another good? - CORRECT ANSWER✔✔-measure of
| | | | | | | | | |
value
What is the value of all finished goods and services produced within a
| | | | | | | | | | | | |
country during a year's time? - CORRECT ANSWER✔✔-GDP
| | | | | | |
