Economics Chapters 1 - 5

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1. Who was the founder of the Austrian school of economics?
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Economics Chapters 1 - 5 - Quiz

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2. Who used his resources wisely to make gunpowder for President Jefferson?
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3. What are taxes that governments apply only to imported goods?
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4. Who wrote the wealth of nations?
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5. A shift from curve 2 to curve 3 would represent an increase in quantity demanded.
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6. The quantity demanded is higher at point C than it is at point B.
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7. A demand schedule is a graphic representation of the amount of goods purchased at different prices.
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8. What type of economy is directed by customs and habits?
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9. The purchase of normal goods, such as used tires, decreases as the average income rises.
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10. What type of economy is directed by an "invisible hand"? 
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11. A shift from point D to point B indicates a change in price and the quantity demanded.
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12. The value associated with any good is directly related to what TWO things? (two words)
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13. When a country finds ways to produce more goods from existing resources, the prosperity of the national economy increases.
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14. What refers to the direct benefit received by the owner of a good?
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15. What type of economy would a Communist-controlled country have?
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16. Assuming that point E is equilibrium and that supply remains constant, a shift from curve 3 to curve 2 would most likely set the new equilibrium at point B.
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17. What refers to the total amount of satisfaction received from possessing a particular amount of a good?
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18. What type of good is a forklift that is used to transport imported goods within a warehouse?
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19. What refers to the amount of satisfaction that results from a one-unit increase of a good?
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20. The prosperity and efficiency of the free market economy is owed to its foundation of limited government, freedom of enterprise and competition, and natural resources.
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21. What type of good is a computer that is used for personal home use?
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22. The two entities that make the majority of the economic decisions in the free market are private households and private businesses.
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23. Profit motive gives a person the willingness to trade certain goods for other goods that have greater personal value to him.
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24. What type of good is capable of being used in conjunction with another?
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25. What is the relationship between a good's price and the amount that producers are willing to provide for consumers?
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26. What term refers to a person that owns a share of some business that produces goods?
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27. The public sector is the part of an economy controlled by national, state, and local governments.
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28. What do some economists list as a fifth factor of production?
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29. What type of good is expected to last at least three years?
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30. If the demand for a car dealer's new convertibles decreased by he still wanted to sell the same amount of cars, he would have to decrease his prices.
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31. Select 4 of the 5 Factors that can change the demand for a good.
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32. If Miss Johnson quit a job where she annually made $40,000 to start a business whose expense was $20,000 and total revenue was $15,000 during the first year, what would her opportunity cost for the year equal?
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33. What are three of the six factors that can cause a shift in a good's supply?
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34. Adam Smith stressed the importance of separating work into individualized tasks, an idea known as division of labor.
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35. What states that when the price of a certain good rises, people tend to find alternatives that are less expensive?
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36. The difference in value of goods that a country sells abroad compared to those it purchases from other countries is purchasing balance.
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37. What is the relationship between a good's price and the amount that people are willing to buy?
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38. What term refers to incentives given by the government to businesses to try to encourage production?
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39. Who is the person that risks his investment of time and money in the management of an economic enterprise?
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40. According to economists, the factors of production are scarce.
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41. Diligent work directed by ingenious intelligence allowed to develop under conditions of freedom is the true source of what?
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42. All people are said to be producers, or people who use goods.
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43. A mixed economy provides barely enough to keep a society alive.
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44. Economists use the vertical axis of a graph to represent quantity supplied.
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45. State capitalism is a system in which the government controls most of the capital.
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46. A regulated price level set above the equilibrium price is considered a price floor.
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47. The result of a price ceiling would be a surplus.
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48. What factor causes a change in quantity supplied within an existing supply?
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49. The amount of money that a buyer pays the seller for a particular item is the item's price.
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50. The availability of substitutes is a major reason why the demand for most goods is inelastic.
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51. Who were the French group of 18th-century economists who believed the market should be guided by the "rule of nature"?
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52. The income effect says that when the price of a good falls, consumers tend to buy less of that good or of other items because they can do so without giving up anything.
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53. In a free market, who ultimately determines the distribution of goods?
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54. The price paid for a good is higher at point D than it is at point C.
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55. Match the following
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56. Economics is the study of the choices that individuals and societies make concerning what activities involving goods? (3 separate words)
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57. What are the FOUR factors of production? (List all four)
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58. Match the following
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59. What French phrase, often connected with economics, means "let things alone"?
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Who was the founder of the Austrian school of economics?
Who used his resources wisely to make gunpowder for President...
What are taxes that governments apply only to imported goods?
Who wrote the wealth of nations?
A shift from curve 2 to curve 3 would represent an increase in...
The quantity demanded is higher at point C than it is at point B.
A demand schedule is a graphic representation of the amount of goods...
What type of economy is directed by customs and habits?
The purchase of normal goods, such as used tires, decreases as the...
What type of economy is directed by an "invisible...
A shift from point D to point B indicates a change in price and the...
The value associated with any good is directly related to what TWO...
When a country finds ways to produce more goods from existing...
What refers to the direct benefit received by the owner of a good?
What type of economy would a Communist-controlled country have?
Assuming that point E is equilibrium and that supply remains constant,...
What refers to the total amount of satisfaction received from...
What type of good is a forklift that is used to transport imported...
What refers to the amount of satisfaction that results from a one-unit...
The prosperity and efficiency of the free market economy is owed to...
What type of good is a computer that is used for personal home use?
The two entities that make the majority of the economic decisions in...
Profit motive gives a person the willingness to trade certain goods...
What type of good is capable of being used in conjunction with...
What is the relationship between a good's price and the amount...
What term refers to a person that owns a share of some business that...
The public sector is the part of an economy controlled by national,...
What do some economists list as a fifth factor of production?
What type of good is expected to last at least three years?
If the demand for a car dealer's new convertibles decreased by he...
Select 4 of the 5 Factors that can change the demand for a good.
If Miss Johnson quit a job where she annually made $40,000 to start a...
What are three of the six factors that can cause a shift in a...
Adam Smith stressed the importance of separating work into...
What states that when the price of a certain good rises, people tend...
The difference in value of goods that a country sells abroad compared...
What is the relationship between a good's price and the amount...
What term refers to incentives given by the government to businesses...
Who is the person that risks his investment of time and money in the...
According to economists, the factors of production are scarce.
Diligent work directed by ingenious intelligence allowed to develop...
All people are said to be producers, or people who use goods.
A mixed economy provides barely enough to keep a society alive.
Economists use the vertical axis of a graph to represent quantity...
State capitalism is a system in which the government controls most of...
A regulated price level set above the equilibrium price is considered...
The result of a price ceiling would be a surplus.
What factor causes a change in quantity supplied within an existing...
The amount of money that a buyer pays the seller for a particular item...
The availability of substitutes is a major reason why the demand for...
Who were the French group of 18th-century economists who believed the...
The income effect says that when the price of a good falls, consumers...
In a free market, who ultimately determines the distribution of goods?
The price paid for a good is higher at point D than it is at point C.
Match the following
Economics is the study of the choices that individuals and societies...
What are the FOUR factors of production? (List all four)
Match the following
What French phrase, often connected with economics, means "let...
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