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Test Help 1 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. You needs and wants never end Products and money used in the production of goods and services are called capital resources The mismatch of unlimited wants and needs and limited economic resources is called the basic economic problem The first step in the economic decision-making process is to define the problem The United States could best be characterized as a capitalistic economy. The right of private property means you can own, use, or dispose of things of value In a market economy, buying decisions are made by consumers If heavy competition for a product keeps its price low, businesses will NOT be very motivated to offer the product for sale If many consumers want a particular service, it’s price will probably go up It’s not always true that the higher the price, the high the producer’s profits because a lot of factors go into profit margins Fine jewelry is not a need but a want The means through which goods and services are produced are called economic resources Employees would not be a capital resource but a human resource The value of the next-best alternative that you did not choose is called opportunity cost When a country decides to focus on advanced technology and skilled labor force, it is primarily answering the basic economic question “How to produce?” Personal economic freedom is most limited in a command economy Government ownership of resources is not a characteristic of a capitalistic economy Businesses, individuals, and governments are all examples of consumers The quantity of a good or service that consumers are willing and able to buy is called demand Customers seeing a number of products they believe will satisfy a need is a situation where demand will likely reduce. Things that add comfort and pleasure to your life are wants People producing goods and services are human resources Things that are required in order to live are needs Things that you can see and touch are goods When you give up something to have something else it’s a tradeoff Those who determine which products and services will be available for sale are producers Raw materials supplied by nature are natural resources Not having enough resources to satisfy every need is scarcity Things that are intangible and have no physical characteristics are services Those who buy and use goods and services are consumers Only final goods is counted when GDP is measured The main cause of unemployment is reduced demand for the goods and services being provided by various workers If wages increase faster than gains in productivity, the cost of producing goods increase and prices rise Even though some nations have such abundant resources, they can sometimes experience economic bad times. The last depression in the United States occurred during the 1930s Inflation can sometimes occur when the demand for goods and services is greater than the supply 37. People with poor credit ratings pay a higher interest rate to borrow money than people with good credit ratings. 38. In the United States, the personal savings rate is rather low. 39. When you buy a corporate bond, you have lent money to the company 40. Even a well-run business needs to borrow money from time to time. 41. Any service or good that is not a finished good would not be included in the GDP 42. An increase in GDP per captia means that an economy is growing 43. In the US, the labor force consists of all people above age 16 who are actively working or seeking work. 44. A period of economic recovery is characterized by a rise in GDP 45. Inflation can sometimes stimulate economic activity if it is kept relatively low. 46. The interest rate financial institutions are charged to borrow funds from Federal Reserve Banks is called the discount rate 47. The money for capital projects usually comes from personal savings, stock investments, and bonds. 48. Corporations sell stock. 49. People who buy bonds are called creditors 50. The total amount owed by the federal government is called the national debt 51. Prosperity is a period in the business cycle when most people who want to work are working, wages are good, and GDP growth increases 52. Productivity is the production output in relation to a unit of input 53. Depression is a period in the business cycle marked by a long period of high unemployment, weak consumer sales, and business failures 54. Inflation is an increase in the general level of prices 55. The portion of people in the labor force who are not working is the unemployment rate 56. Stock represents debt for an organization 57. Personal income are salaries and wages as well as investment income and government payments to individuals 58. A recession is a period in the business cycle when demand begins to decrease, unemployment begins to rise, and GDP growth slows for at least two quarters in a calendar year 59. Bonds represent debt for an organization 60. Deflation is a decrease in the general level of prices