Econ Final Fall 2024

Front

What do the command economies of Cuba and North Korea have in common?

Back

Government answers the fundamental economic questions.

Front

In a traditional economy, how is information about the way goods are made passed from one generation to the next?

Back

By the family.

Front

What is the role of the government in a command economy?

Back

It makes the most important economic decisions.

Front

occurs if there is only one provider for a product

Back

Monopoly

Front

Companies that possess market power are referred to as ____________.

Back

price makers

Front

In this market, the producer is the least responsive to buyers' needs and wants.

Back

Pure Monopoly

Front

List the four market structures in order from least competitive to most competitive: Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition.

Back

Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition

Front

The downward slope of a demand curve

Back

represents the law of demand

Front

Which of these best describes the law of demand? Options: if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up, if prices go up, quantity demanded will also go up and if prices go down, quantity demanded will also go down, there is no law of demand, each situation is unique and demand and prices cannot be predicted, prices will go up for certain goods when quantity demanded goes up and vice versa

Back

if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up

Front

The value of all the final goods and services produced within a nation in a given year.

Back

Gross Domestic Product