Econ Quiz 2 Review

Buying and selling of goods and services in worldwide markets is...

• Command Economy

• Global Economy

• Monopoly

• Specialization

What things provide benefits to many people?

• Scarcity

• Competition

• Currency

• Public Goods and Services

Increased government spending on public goods and services (schools, roads, military, libraries, etc.) results in _____ taxes.

• Higher

• Lower

Decreased government spending on public goods and services (schools, roads, military, libraries, etc.) results in _____ taxes.

• Higher

• Lower

If the government decreases how much money you spend on taxes....

• You will have less money to spend

• You will have more money to spend

• Businesses will create more monopolies

• Businesses will create less monopolies

Banks and Credit Unions offer loans, savings accounts, checking accounts, and credit cards. True or False?

• True

• False

Every resource is being used to its potential while minimizing waste is...

• Efficiency

• Cost of Production

• Competition

• Currency

A method of production where a business or area limits its focus in order to improve efficiency and growth is...

• Regulate

• Efficiency

• Specialization

• Interest Rate

The cost of making goods or providing services, including but not limited to the four types of resources is....

• Mixed economy

• Supply and Demand

• Cost of Production

• Specialization

When one company controls all the buying and selling of a product in the marketplace is...

• A monopoly

• cost of production

• competition

• a traditional economy