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 united states - CORRECT
ANSWER-Sherman
What is the sum cost of all the factors of production used in making goods -
CORRECT ANSWER-Total
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 years time - CORRECT ANSWER-GDP
What type of market model is dominated by only a few firms - CORRECT ANSWER-
Oligopoly
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 united states - CORRECT
ANSWER-Sherman
What is the sum cost of all the factors of production used in making goods -
CORRECT ANSWER-Total
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 years time - CORRECT ANSWER-GDP
What type of market model is dominated by only a few firms - CORRECT ANSWER-
Oligopoly
