Abeka Economics Final Exam with 100% correct answers 2024

scarcity Besides its utility, what else determines the value of a good by a consumer? property rights What is basic component of capitalism besides limited government, freedom of enterprise, and competition? Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen equilibrium When supply of good increases, what tends to decrease? traditional Which economic system bases production of goods on customs and habits? command Which economic system is regulated by the public sector? free enterprise Which economic system is guided by the choices made by the private sector? Sherman Act What was one of the first antitrust laws enacted in the United States? total cost What is the sum cost of all the factors of production used in making goods? standardized parts Besides division of labor and automatic conveyance, what composes the "American system" of mass production? transaction account A checking account is what type of account? CD What type of account guarantees a certain interest rate and has a specified maturity date? measure of value What function of money allows people to compare the worth of one good with that of another good? GDP What is the value of all finished goods and services produced within a country during a year's time? oligopoly What type of market model is dominated by only a few firms? monopolistic competition What type of market model provides differentiated products? perfect competition What type of market model results in firms that are price takers? monopoly What type of market model results when there is only one supplier of a good for which there is no substitute? bonds What is one of the safest ways to invest in a corporation? NAFTA What agreement among the United States, Canada, and Mexico encouraged free trade encouraged? WTO What organization holds a policy of "most-favoured nation"? IMF What was originally established to monitor currency exchange? legal What type of monopoly is a copyright on a novel? capital What type of good is an oven used to bake bread in a bakery? demand What is the relationship between a good's price and the amount that people are willing to buy? surplus What usually results when a govern