Econ review

What is a question the economist might ask about the United States?

• When did it start?

• What is produced?

• How many states are there?

What kind of economic system do we use in the united states?

• command

• circle flow

• market

• free

You got a fine from not returning a library book. this is an example of..

• positive incentive

• negative incentive

• trade

• kindness

Walmart sets the price of cheese at 2.00 a pound. Meijer then lowers the price of the same cheese at their store..this is called

• demand

• scarcity

• competition

Game stop offers you a free game with a coupon. Gamestop is hoping you

• shop at their store

• not shop at all

• shop at Walmart

The xbox is built on an assembly line. Each person does one specific job. This is called...

• division of labor

• supply and demand

• economics

What was the major industry in Michigan in the 1840's?

• Tourism

• education

• mining

• automobiles

Who can provide goods and services for a country?

• government

• mines

• cars

A market economy has?

• freedom

• money

• time

• people

Labor is cheaper when you outsource

• true

• false