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☆☆☆☆☆Cards in this guide (20)
Which of the following actions best meets the goal of security
Wearing a seatbelt while riding in a car.
The government does which of the following in a planned economy
Runs the economic system
Which of the following does not need to be addressed when organizing an economy
The rules of political institutions.
What happens in the case of a product that has elastic supply when the price decreases
people die
Which of the following economic systems leaves production decisions competely up the producers
free-market economy
What best describes what labor directly contributes to production
human effort and ideas drive production
Which of the following terms best characterizes cost-benefit analysis
Rational
Which of the following explains why scarcity is a basic fact of life
demand will always be geather than supply
What is the income people receive for supplying factors of production such as land labor or capital called
They are called factor payments.
In the study of economics which is the definition of a market
an arrangement that allows buyers and sellers to exchange things
What else is necessary to protect against theft coercion and fraud
Resources are necessary in order to protect against theft coercion and fraud in order for consumers and producers to have freedom of choice.
Resources
What results from the fact that free market system is based on the free choices of consumers and producers
The free-market system has a circular flow of influence.
What is a garage worker called
A worker.
Which point on the graph represents the equilibrium price
Supply and demand graphs meet at the equilibrium price.
Which word best completes the following sentence a players role in his or her in the game
Job.
What stage of the business cycle would be most appropriate to describe the years from 1929 to 1933
The years from 1929 to 1933 are most appropriately described as an expansion
Which of the following statements accurately describes how cost and benefits care calculated
Calculations of cost and benefit are based on personal preference
According to the circular flow model Which of the following is not provided by consumer
Wages
Which group of people was most directly affected by the Nineteenth Amendment
women
Which of the following markets is an example of monopolistic competition
bookbags
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