AGBM 101 questions and answers
correctly solved
no single buyer or seller can dictate the price of the product or resource
because others can undercut the price - correct answer ✔which of the
following is true when there are many buyers and sellers acting independently
in a market?
the interaction between buyers and sellers - correct answer ✔products and
resource prices in a market system are determined by
regulatory; coordinating - correct answer ✔competition in the ____
mechanism of the market system, where as the market system itself is the
organizing and _____ mechanism
advanced technology - correct answer ✔which of the following refers to the
extensive use and rapid development of capital good in a market system
competition; personal reward; freedom of choice; and self interest - correct
answer ✔which of the following provide the opportunity and motivation for
technological advances
produce one or only a few goods and services - correct answer
✔specialization is about an individual or firm using available resources too
competitive market price - correct answer ✔a producer that chargers more
than the ____ will relinquish sales to other producers in a market economy
private - correct answer ✔_____ ownership of capital gives capitalism its
name
, product; resource prices - correct answer ✔the interaction between buyers
and sellers in a market system determine ____ and _____
contracts - correct answer ✔private property rights, coupled with the freedom
to negotiate binding legal _____ enables individuals and businesses to obtain,
use, and dispose of property resources as they see fit
firms - correct answer ✔in the circular flow model, households sell resources
to, and buy products from _____
partnership; sole partnership; corporation - correct answer ✔the three main
categories into which businesses fall are:
the price of a new pair of athletic shoes - correct answer ✔which of the
following would be determined in the product market
resources - correct answer ✔both land and labor would be bought and sold
in the _____ market
businesses sell goods and services and households buy goods and services -
correct answer ✔the product marker is the place where
goods and services - correct answer ✔which of the following is/are found in
the product market
false - correct answer ✔TRUE OR FALSE: the resources market is the place
where resources or the service of resources suppliers are produced
correctly solved
no single buyer or seller can dictate the price of the product or resource
because others can undercut the price - correct answer ✔which of the
following is true when there are many buyers and sellers acting independently
in a market?
the interaction between buyers and sellers - correct answer ✔products and
resource prices in a market system are determined by
regulatory; coordinating - correct answer ✔competition in the ____
mechanism of the market system, where as the market system itself is the
organizing and _____ mechanism
advanced technology - correct answer ✔which of the following refers to the
extensive use and rapid development of capital good in a market system
competition; personal reward; freedom of choice; and self interest - correct
answer ✔which of the following provide the opportunity and motivation for
technological advances
produce one or only a few goods and services - correct answer
✔specialization is about an individual or firm using available resources too
competitive market price - correct answer ✔a producer that chargers more
than the ____ will relinquish sales to other producers in a market economy
private - correct answer ✔_____ ownership of capital gives capitalism its
name
, product; resource prices - correct answer ✔the interaction between buyers
and sellers in a market system determine ____ and _____
contracts - correct answer ✔private property rights, coupled with the freedom
to negotiate binding legal _____ enables individuals and businesses to obtain,
use, and dispose of property resources as they see fit
firms - correct answer ✔in the circular flow model, households sell resources
to, and buy products from _____
partnership; sole partnership; corporation - correct answer ✔the three main
categories into which businesses fall are:
the price of a new pair of athletic shoes - correct answer ✔which of the
following would be determined in the product market
resources - correct answer ✔both land and labor would be bought and sold
in the _____ market
businesses sell goods and services and households buy goods and services -
correct answer ✔the product marker is the place where
goods and services - correct answer ✔which of the following is/are found in
the product market
false - correct answer ✔TRUE OR FALSE: the resources market is the place
where resources or the service of resources suppliers are produced
