Econ Test 4
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| In a command economy, decisions are made mainly by: | show 🗑
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| Most jobs are handed down from parent to child in a: | show 🗑
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| Which of the following is considered to be a human resource? | show 🗑
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| A new invention is most likely to be resisted in a | show 🗑
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| A person who buys a good or a service is a: | show 🗑
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| show | when to produce
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| A basic economic problem facing all societies is: | show 🗑
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| An example of a natural resource is all of the following except: | show 🗑
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| show | Resources are limited and wants are unlimited
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| show | United States
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| The Law of Demand states that as the price of an item increases, the quantity demanded will… | show 🗑
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| The Law of Supply states that as the price of an item increases, the quantity supplied will… | show 🗑
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| show | Complementary goods
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| show | Surgeries
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| The graph below is a: | show 🗑
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| On the graph from question 15, the vertical (Y) axis would be labeled | show 🗑
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| Which one of the following is an ideal market structure in which producers each compete directly under the laws of supply and demand? | show 🗑
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| This is a market dominated by a few large sellers | show 🗑
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| What type of monopoly does the granting of patents encourage? | show 🗑
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| U.S. agriculture is most closely associated with which of the following markets? | show 🗑
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| In three sentences or more, please describe: what were a few advantages and a few disadvantages you experienced as a result of your decision in Question One? | show 🗑
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| In two sentences or more, make a judgment: has what you learned about opportunity costs in Economics made you a better decision-maker in your own life? Why or why not? | show 🗑
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Created by:
migliorej
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