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Economics

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Haylee Leannon

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Cards in this guide (20)
Economics is about allocating resources for doing which of the following processes involving goods and services

Production and distribution

Which of the following is not an economic goal

Victory

Technological advancements can improve productivity by doing which of the following

Developing machines that reduce the human effort needed to produce goods and services.

When the gross domestic product is neither growing nor shrinking a country's economy is doing what

Stagnating

Calculations of cost and benefit are always which of the following

Subjective

A capitalist country has which of the following economic systems

Free-market

Which of the following best explains why the circular flow model characterizes the free-market system

Consumers and producers influence each other in a circular fashion.

The Gross Domestic Product goes down when which of the following occurs

Imports increase faster than exports.

What questions must be asked about the use of resources in an economic system

What is the most effective allocation?APEX!

A mixed economy is a combination of which of the following economic systems

Free-market and command

In economics workers are both producers and which of the following

Consumers

Which of the following best explains the main purpose of short term planning

To meet fixed expenses and allow for discretionary spending.

Which of the following best explains why the game of economics does not have a signal goal

Evaluation

What is the benefit of greater organization

Increase in productivity

Which of the following economic indicators would be most useful for figuring out whether the economy is growing quickly of slowly

gross domestic product

What is debit to equity ratio

Debt to equity ratio is a measurement criteria to measure how much debt is used in business as compare to owner's capital to finance the business.

What must be a feature of an activity for it to be a game

A set of rules

The need to get goods from producers to consumers raises what basic questions

How are goods and services distributed

Which of the following is an example of a production decision ...

Science can be used to predict the effects of the dam on wildlife.

Which of the following is another term for a planned economy

socialist system

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