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Economics

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Aurelia Stracke

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Cards in this guide (20)
What explains why globalization has led to wage cuts in some jobs in the United States
What is an essential commodity needed for the productive process

labor

What best explains the purpose of a strike

To get employers to submit to collective bargaining.

When consumers get more money they tend to substitute normal goods for what goods

When consumers get more money, they tend to substitute normal goods for _inferior_ goods.

An increase in the standard of living results from an increase in what

an increase in standard of living comes from increase in income. An increase in national income will increase the standard of living of the people of that nation.
Income

Why do people gamble online

People chose to gamble online for various reasons:

  • They do not live near a casino
  • They do not like crowds of people
  • They do not like the smoke
  • The legal age to gamble online is 18+
  • Some land based casinos require you to be 21+
  • An online casino may have an attractive bonus
What best states the purpose of an import quota

To reduce competition from foreign producers.

When an employer prevents workers from entering their workplace it is called what

When an employer prevents workers from entering their workplace it is called a lockout.

Which of the following is the best example of a substitution

People at the movie theater switch from popcorn to candy because popcorn has gotten too expensive.

Which of the following is another term for market clearing price

equilibrium price

What do economists use to measure the personal satisfaction someone gets from consuming goods and services

Utility because it's a term in economics that refers to the total satisfaction received from consuming a good or service.

What is the following situations would the price of a good be most likely to decrease Apex

The development of a new energy source reduces production costs for a company.

Because immigration can result in an increase in the supply of labor what can immigration result to

A general decrease in wages. - Apex

Which of he following is an advantage of a partnership

Specialization. A+

Which of the following accurately describes the effect of a situation of scarcity

Jjj

Which of the following best explains why large companies have an advantage over smallercompanies

Economics of scale make it possible to offer lower prices

What Best explains the effect of immigration in the labor market

Immigration increases the supply of labor

What if the following describes a situation in which there would be a decreasing marginal utility

Buying a second winter coat.

Which of the following is an example of expansionary fiscal policy

cutting taxes

Match each organization with its correct relationship to the government

A. Social security _ government agency

B. U.S. Postal Service _ government corporation

C. Boeing _ government contractor

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