Quiz 2 Chapter 2 "Economics & Business"

Which of the following best explains why the equitable pay of workers may potentially lead to emotional unrest between them? Their diversity may lead to difficulty in maintaining a common goal. Their needs as consumers may not be taken into consideration. They lack freedom of speech. They may wish to be specifically recognized for their work.

They may wish to be specifically recognized for their work.

A statistic that reports the status of the economy a few months in the past is known as what? a lagging indicator a business cycle indicator an index indicator a leading indicator

a lagging indicator

Which of the following occurs when real GDP reaches its maximum, stops rising, and begins to decline? an expansion a trough a contraction a peak

a peak

What is the process in which a government dictates which goods or services are produced, how they are produced, and who will receive them? taxation public service socialism central planning

central planning

Opponents of socialism see private ownership of the means of production and the market exchange as natural entities or moral rights which are central to their conceptions of _____________. wealth and prosperity freedom and liberty spirituality and religion foreign and domestic relations

freedom and liberty

In a mixed economy, what remains as the fundamental driving force behind economic activity? universal education profit-seeking proletarianism social welfare

profit-seeking

What event occurred alongside the development of industrial capitalism in 19th Century Britain?

universal adult male suffrage

Economic growth is conventionally measured as the percentage rate of increase in what economic measure? inflation deflation demand GDP

GDP

Based on what you learned from this week's video, think of an example of a benefit and cost analysis that pertains to your own life.

I am not sure if this could be a good example, but in my life, migrating here to the US is a benefit in my life because after evaluating and comparing of all the good things I'm achieving, it ends up being positive in comparison to the cost of analysis that could be represented by being away from friends and family.

In terms of supply and demand, what is the quantity of a product that people are willing to buy most dependent upon? its supply its quality Its price its function

Its price

From this week's video, what is opportunity cost? whatever you give up to do something what you gain from an investment the cost of an opportunity such as education how much it costs a business to produce a widget

whatever you give up to do something