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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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