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Side A ------ Side B
The situation in which some necessities have little value while some non-necessities have a much higher value is known as ------ paradox of value
Manufactured goods needed to produce other goods and services are called ------ capital goods
To arrive at an economic decision, a decision-making grid may be used to evaluate ------ alternative choices of action
Division of labor is a charcteristic of  ------ assembly line production
The study of economics is important because it enables us to  ------ become better decision makers
The dollar value of all final goods and services and the most comprehensive measure of a country's total production output is ------ Gross Domestic Product (GDP)
The Money used to buy the tools and equipment needed for production is known as ------ financial capital
An example of a market economy is  ------ the United States
Which of the following is NOT considered an economic and social goal? economic effeciancy, economic growth, price stability, entrepreneurship ------ entreprenuership
Which group of people ultimately determines the products that a free enterprise economy produces? ------ consumers
The United States can best be described as having a  ------ modified private enterprise system
All of the following are characteristic of a command economy EXCEPT: it can change directions drastically in a brief period of time; there is much uncertainty; it is not designed to meet the wants of consumers; it provides workers with few incentives to work hard ------ there is much uncertainty
A market economy ------ does not provide for everyone's basic needs
The minimum wage is an example of a federal law that supports  ------ economic equity
The concept of voluntary exchange means ------ people freely and willingly engage in market transactions
The government's role in a mixed economy is that it is the  ------ regulator charged with preserving competition
This regulates the sale of stock in a corporation ------ Securities and Exchange Commission
A merger of corporations involved in different steps of manufacturing or marketing is known as a  ------ vertical merger
Non-profit organizations may  ------ provide goods and services to members
The local chamber of commerce works to  ------ promote the welfare of its members and the community
In a general partnership ------ partners usually draw up legal papers called articles of partnership
An advantage of a corporation is that  ------ owners have limited liability in debt
All of the following are examples of the government playing a direct role in the economy EXCEPT: public utility regulation, police and fire protection, court systems, libraries ------ public utility regulation
Which of the following is NOT a nonprofit organization? multinational, producer cooperative, chamber of commerce, labor union ------ multinational
In its direct role as an economic organization, American government  ------ owns and manages public utilities
An increase in the price of milk causes a decrease in the demand for cereal. The two products are ------ complements
Advertising, fashion trends, and new product introductions serve to ------ create consumer demand
Because a modest price increase has little or no effect, the demand for the product is  ------ inelastic
A business doubled the price of a poduct in order to increase profits. Which of the following senarios might have occured? ------ A dramatic decline in revenues demonstrated the elasticity of the product.
A demand schedule shows ------ a listing of the various quantities demanded of a particular product at all prices that might prevail in the market
Consumers' willingness to replace a costly item with a less costly item is an example of  ------ the substitution effect
When a manufacturer of pain medication reduced the price of medication by 30%, profits declined by almost exactly 30%. Deman for the product is ------ unit elastic
All of the following can change the market supply curve EXCEPT: the cost of labor; the expectation that prices are about to increase; a change in the demand for the product; the numbers of sellers offering the product ------ a change in the demand for the product
The supply of a product normally decreases if  ------ taxes on the product increse
When employees are getting in each other's way, the firm is operating  ------ in Stage II of production
The level of Profit-maximizing output is reached when marginal cost is  ------ equal to marginal revenue
When producers offer fewer products for sale at each and every price,  ------ the supply curve has shifted to the left
Many businesses are engaging in e-commerce because ------ fixed costs are minimal
Profits will be maximized when marginal revenue ------ equals marginal cost
Which of the following is NOT a reason why prices effectively perform the allocation function? ------ Prices remain suprisingly stable despite unexpected events
In a market economy, a high price is a signal for  ------ producers to supply more and consumers to buy less
At a given price, a surplus occurs when  ------ the quantity supplied is greater than the quantity demanded
The federal minimum wage law demonstrates ------ a societal choice for economic equity over effeciency
When economic or political conditions are unstable ------ the demand for gold increases
Prices enable a market to adjust to unexpected events by  ------ adjusting consumption and production
All of the following are charcteristics of allocation by rationing EXCEPT: lack of fairness, high administrative cost, effeciency, diminished incentive for workers ------ effeciency
If a competitve market is at equilibrium, and there is a sudden increase in demand, than a temporary ------ shortage will occur and the price will increase
The theory of competitve pricing  ------ is a set of ideal conditions and outcomes
Deficiency payments are part of a federal program to assist ------ farmers
A monopoly that is based on the ownership or control of a manufacturing method, process, or other scientific advance is a  ------ technological monopoly
A decrease in competition within an industry can result in  ------ a firm wielding economic and political power
The Sherman Antitrust Act ------ outlawed restraints and monopolies that hinered trade
Under perfet competition,  ------ no seller sells a product about the prevailing market price
Mergers and acquisitions might result in  ------ inadequate competition
The Clayton Antitrust Act  ------ outlawed price discrimination
Indirectly, the government has improved the quality of information available to consumers through  ------ its support for the internet
the Fair Labor Standards Act ------ established a federal minimum wage
Workers who have the skills to operate machines and who require a minimum amount of training are  ------ semiskilled labor
The theory that wages are based on the supply and demand for the worker's skills is the  ------ traditional theory of wages
All of the following can be used to establish more equal pay between man and women EXCEPT the: Civil Rights Act of 1964; Fair Labor Standards Act, set-aside contracts, Equal Pay Act of 1963 ------ Fair Labor Standards Act
The National Labor Relations Act ------ established the right of unions to collective bargaining
When Labor and management ask a third party to collect information about a dispute and present a non-binding recommendations, they are using ------ fact-finding
Workers with knowledge-based education and managerial skills are ------ professional labor
Which of the following statements about the minimum wage is NOT accurate?  ------ when expressed as a percentage of the average manufacturing wage, the minimum wage reached its peak in 1988
The invisible barrier that hinders women and minorities from advancement up the corporate ladder ------ is known as the glass ceiling

Side A ------ Side B
The situation in which some necessities have little value while some non-necessities have a much higher value is known as ------ paradox of value
Manufactured goods needed to produce other goods and services are called ------ capital goods
To arrive at an economic decision, a decision-making grid may be used to evaluate ------ alternative choices of action
Division of labor is a charcteristic of  ------ assembly line production
The study of economics is important because it enables us to  ------ become better decision makers
The dollar value of all final goods and services and the most comprehensive measure of a country's total production output is ------ Gross Domestic Product (GDP)
The Money used to buy the tools and equipment needed for production is known as ------ financial capital
An example of a market economy is  ------ the United States
Which of the following is NOT considered an economic and social goal? economic effeciancy, economic growth, price stability, entrepreneurship ------ entreprenuership
Which group of people ultimately determines the products that a free enterprise economy produces? ------ consumers
The United States can best be described as having a  ------ modified private enterprise system
All of the following are characteristic of a command economy EXCEPT: it can change directions drastically in a brief period of time; there is much uncertainty; it is not designed to meet the wants of consumers; it provides workers with few incentives to work hard ------ there is much uncertainty
A market economy ------ does not provide for everyone's basic needs
The minimum wage is an example of a federal law that supports  ------ economic equity
The concept of voluntary exchange means ------ people freely and willingly engage in market transactions
The government's role in a mixed economy is that it is the  ------ regulator charged with preserving competition
This regulates the sale of stock in a corporation ------ Securities and Exchange Commission
A merger of corporations involved in different steps of manufacturing or marketing is known as a  ------ vertical merger
Non-profit organizations may  ------ provide goods and services to members
The local chamber of commerce works to  ------ promote the welfare of its members and the community
In a general partnership ------ partners usually draw up legal papers called articles of partnership
An advantage of a corporation is that  ------ owners have limited liability in debt
All of the following are examples of the government playing a direct role in the economy EXCEPT: public utility regulation, police and fire protection, court systems, libraries ------ public utility regulation
Which of the following is NOT a nonprofit organization? multinational, producer cooperative, chamber of commerce, labor union ------ multinational
In its direct role as an economic organization, American government  ------ owns and manages public utilities
An increase in the price of milk causes a decrease in the demand for cereal. The two products are ------ complements
Advertising, fashion trends, and new product introductions serve to ------ create consumer demand
Because a modest price increase has little or no effect, the demand for the product is  ------ inelastic
A business doubled the price of a poduct in order to increase profits. Which of the following senarios might have occured? ------ A dramatic decline in revenues demonstrated the elasticity of the product.
A demand schedule shows ------ a listing of the various quantities demanded of a particular product at all prices that might prevail in the market
Consumers' willingness to replace a costly item with a less costly item is an example of  ------ the substitution effect
When a manufacturer of pain medication reduced the price of medication by 30%, profits declined by almost exactly 30%. Deman for the product is ------ unit elastic
All of the following can change the market supply curve EXCEPT: the cost of labor; the expectation that prices are about to increase; a change in the demand for the product; the numbers of sellers offering the product ------ a change in the demand for the product
The supply of a product normally decreases if  ------ taxes on the product increse
When employees are getting in each other's way, the firm is operating  ------ in Stage II of production
The level of Profit-maximizing output is reached when marginal cost is  ------ equal to marginal revenue
When producers offer fewer products for sale at each and every price,  ------ the supply curve has shifted to the left
Many businesses are engaging in e-commerce because ------ fixed costs are minimal
Profits will be maximized when marginal revenue ------ equals marginal cost
Which of the following is NOT a reason why prices effectively perform the allocation function? ------ Prices remain suprisingly stable despite unexpected events
In a market economy, a high price is a signal for  ------ producers to supply more and consumers to buy less
At a given price, a surplus occurs when  ------ the quantity supplied is greater than the quantity demanded
The federal minimum wage law demonstrates ------ a societal choice for economic equity over effeciency
When economic or political conditions are unstable ------ the demand for gold increases
Prices enable a market to adjust to unexpected events by  ------ adjusting consumption and production
All of the following are charcteristics of allocation by rationing EXCEPT: lack of fairness, high administrative cost, effeciency, diminished incentive for workers ------ effeciency
If a competitve market is at equilibrium, and there is a sudden increase in demand, than a temporary ------ shortage will occur and the price will increase
The theory of competitve pricing  ------ is a set of ideal conditions and outcomes
Deficiency payments are part of a federal program to assist ------ farmers
A monopoly that is based on the ownership or control of a manufacturing method, process, or other scientific advance is a  ------ technological monopoly
A decrease in competition within an industry can result in  ------ a firm wielding economic and political power
The Sherman Antitrust Act ------ outlawed restraints and monopolies that hinered trade
Under perfet competition,  ------ no seller sells a product about the prevailing market price
Mergers and acquisitions might result in  ------ inadequate competition
The Clayton Antitrust Act  ------ outlawed price discrimination
Indirectly, the government has improved the quality of information available to consumers through  ------ its support for the internet
the Fair Labor Standards Act ------ established a federal minimum wage
Workers who have the skills to operate machines and who require a minimum amount of training are  ------ semiskilled labor
The theory that wages are based on the supply and demand for the worker's skills is the  ------ traditional theory of wages
All of the following can be used to establish more equal pay between man and women EXCEPT the: Civil Rights Act of 1964; Fair Labor Standards Act, set-aside contracts, Equal Pay Act of 1963 ------ Fair Labor Standards Act
The National Labor Relations Act ------ established the right of unions to collective bargaining
When Labor and management ask a third party to collect information about a dispute and present a non-binding recommendations, they are using ------ fact-finding
Workers with knowledge-based education and managerial skills are ------ professional labor
Which of the following statements about the minimum wage is NOT accurate?  ------ when expressed as a percentage of the average manufacturing wage, the minimum wage reached its peak in 1988
The invisible barrier that hinders women and minorities from advancement up the corporate ladder ------ is known as the glass ceiling