economic concepts quizes

Economic Success can NOT be measured in the following ways? Gross domestic product Producer price index GNI DGP

DGP

A country possessing unique resources or capabilities to allow the lowest cost of production for a product is known as which of the following? Comparative advantage Absolute advantage

absolute advantage

Which of the following constitutes economic production rising then falling in a long cycle of expansion and contraction? Business cycle Trade alliances and agreements Event cycle International trade

buisness cycle

Which of the following is an economic system in which businesses are privately owned and product development is proportionate to the accumulation and reinvestment of profits gained in free market? Monopoly Socialism Communism Capitalism

capitalism

Which of the following are materials used in producing goods or providing services? Economic utility Economic resources Human needs Supply

economic resources

Which of the following is the theories, principles and models which deal with production, distribution and consumption of goods and services? Demand Supply Price Economics

economics

Unprofitable firms negatively affect the economy by increasing the job market and increasing salaries and benefits. True False

false

Which of the following types of utility enhances value by creating more useful or desirable products out of raw materials or separate parts? Form Possession Information Time

form

Advertising which informs consumers about a new product is an example of which of the following? Time utility Possession utility Information utility Place utility

information utility

Which of the following is the amount charged as a percentage of the initial loan borrowed from a lender? Types of competition Interest rate Consumer spending Supply and demand

interest rate

Which of the following is the rule which states at some point adding more factors to a production process will not improve returns? Specialization Place utility Law of diminishing returns Factors of production

law of diminishing returns

Which of the following is defined as two or more consecutive fiscal quarters of decreasing GDP? Expansion Contraction Depression Recession

recession

When describing supply and demand, which of the following defines when a product is demanded in larger quantities than is produced? Equilibrium Surplus Demand Shortage

shortage

An economic system in which there is increased government involvement where the goal is to keep prices low and provide jobs for everyone is known as which of the following? Socialism Communism Free enterprise Capitalism

socialism

the amount of product available to the market is known as which of the following? Interest Resources Demand Supply

supply

Which of the following can be defined as the taxes placed on imports? Embargos Risks Quotas Tariffs

tariffs

Which of the following enhances value by having a product or service available to consumers during a certain time of day, month or year? Information utility Place utility Time utility Possession utility

time utility

Which phase in the business cycle is defined as the period of lowest economic activity? Expansion Trough Contraction Peak

trough

Current events can impact personal financial decisions, particularly through the stock market? False True

true

Gross National Income includes all of the income earned by a country's residents and businesses including those earned abroad. False True

true

When companies are understaffed employees can become overworked, cause a hostile work environment and increase the time of production. True False

true

Which of the following countries is NOT a member of the EU? Turkey Sweden Italy Croatia

turkey

Which of the following shows an economic decline when high and an economic expansion when low? Unemployment rate Consumer price index Producer price index Rate of inflation

unemployment rate

Which of the following is NOT one of the basic economic questions listed in the presentation? When will we produce those goods and services What goods and services do we produce How do we produce those goods and services Who should benefit from the goods and services produced

when will we produce those goods and services

Protection for business, individuals and resources are NOT provided by which of the following types of government departmental regulation? NHAC EEOC FDA OSHA

NHAC