Economics Unit 1 Exam (Ch1-3)

Front

sellers try to attract consumers with the best products at the lowest prices

Back

profit motive

Front

this is the health insurance that retired people receive

Back

Medicare

Front

what is the purpose of a consumer's "dollar vote"?

Back

to show businesses which products and services are most in demand.

Front

What economic concept is illustrated when Maria sells her cookies for $2 to Alex, who values them more than that price?

Back

voluntary exchange

Front

which of these is FALSE about the government in the US? Options: the governments ensures fair competition in the marketplace, the government provides many public services to people, such as education and police protection, the government owns all the FOP and dictates production, the government protects consumers from unsafe products

Back

the government owns all the FOP and dictates production

Front

what term is synonymous with "the consumer is ruler"?

Back

consumer sovereignty

Front

In which economic system are prices determined by competition in the marketplace?

Back

Market

Front

command economies prioritize... market economies prioritize...

Back

equity efficiency

Front

In which economic system does the government determine WHAT products are produced, regardless of consumer demand?

Back

Command

Front

which economic system offers many free services at extremely high tax rates?

Back

socialistic