economics chapter two
Which of the amendments... property rights?
5th
An example of a public good would be
A National Park like the Grand Canyon
A public good is
A shared good or service for which it would be
Obsolescence refers to
A situation in which older products and process become out-of-date
Who is considered to be the "Father of Economics"
Adam Smith
Which of the following is an example of positive externality resulting from an outdoor band concert?
An elderly woman in her apartment hears a song that she liked as a child.
The term market failure suggest
False
The standard measure of standard living is determined by
GPD divided by total population
The... Constitution support the principle that
Goverment can take private property
Which choice is NOT correct regarding Karl Marx?
He stressed — beneficial reflections between
Which of the following does NOT describe Karl Marx?
Russian Dictator
How does the government determine economic strength
Secure Financial Markets
A free rider is
Someone who would not be willing to pay for a certain good but who would get the benefits of it anyway if it
Which is NOT an example of a market?
The public school system
Which is NOT an example of Externalities
Unexpected profits
The business cycle is
a period of macroeconomic expansion, or growth, followed by a period of contraction, or decline
A market failure is
a situation in which the free market, operating on its own, does not distribute resources efficiently
Public goods are examples of market failure because producing these goods in the free market
does not allow for the efficient distribution of resources
When consumers choose not to purchase a good, what is one likely response
lower the price of the good
In a circular flow model of a market economy
monetary flow and physical flow go in opposite directions
How specialization... capital, land, and labor?
one task
Communism
political system in which the government owns and controls all resources and means of production and makes all economic decisions
Eminent Domain is
the right of a government to take private property for public use
A market self regulates
through incentives and competition
Why do government experts track the business cycle
to try to predict what will happen to the U.S. economy
