Which of these best describes prices in a market economy?A. a signal for consumers to purchase lessB. a signal for producers to manufacture lessC. a set of compromises between buyers and sellersD. a set of compromises between the...
C. a set of compromises between buyers and sellers
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15
Protection from layoffs, illnesses, injuries or disabilities falls under the goal ofA. economic equity.B. economic efficiency.C. economic growth.D. economic security.
D. economic security.
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15
Which of the following phrases best defines the term limited partnership?A. an organization that limits liability to the corporation rather than the individual ownersB.a partnership in which at least one partner has less responsib...
B.a partnership in which at least one partner has less responsibility in the business operations and less liability for business losses
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15
Which of these describes an effect of increased government regulation on producers?A. It shifts their market supply curve to the right.B. It shifts their market supply curve to the left.C. It prompts them to increase output at all...
B. It shifts their market supply curve to the left.
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15
How does inflation affect the minimum wage?A. It increases the buying power of the wage.B. It decreases the buying power of the wage.C. It creates a conversion of the wage from current dollars to constant dollars.D. It creates a c...
B. It decreases the buying power of the wage.
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15
When a union negotiates pay and other job-related matters, this is calledA. collective bargaining.B. going on strike.C. cooperative bargaining.D. accessing resources.
A. collective bargaining.
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15
manufactured good used to produce other goods or services
capital good
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15
place where entrepreneurs can receive the training to build a successful start-up business
incubator
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15
Which of these tends to force the price of an item upward?A. a surplus of that itemB. a shortage of that itemC. attainment of an equilibrium price for that itemD. attainment of an equilibrium quantity of that item
B. a shortage of that item
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15
Describe a situation in which a provider of a good or service could be reasonably certain that raising the price on an item would increase revenue
A provider of a good or service could be reasonably sure that raising the price on an item would increase revenue when they are the only company that...
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15
the portion of a change in quantity demanded caused by a change in price that makes other products more or less costly
substitution effect
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15
market economy in which people freely carry on economic affairs but are subject to some government regulation
mixed economy
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15
Which of these can be added to determine total costs?A. fixed costs and overheadB. marginal costs and overheadC. fixed costs and variable costsD. fixed costs and marginal costs