Intro to Econ

When firms (Amazon) in unrelated industries merge the result is a

• multinational merger.

• vertical merger.

• horizontal merger.

• conglomeration 

One weakness associated with a Command Economic System is

• a Board of Directors.

• too many shareholders.

• county officials.

• limited freedom for consumers.

  
  

An economy at its production possibility frontier is operating

• with minimum growth.

• at full potential.

• on quota-filling production.

• with high unemployment.

The study of economics is important because it enables us to

• blow off steam

• reach for the stars

• become better decision makers

• memorize past events.

An economic system is successful when it

• creates a large number of wealthy people.

• maintains normal unemployment levels.

• satisfies the needs of its people.

• controls government agencies.

Match the following business or innovation with the correct type of monopoly

• Government

• 
• Technological

• 
• Natural

• 
• Technological

• 
• Geographical

• 

Which of the following facts is NOT associated with Adam Smith?

• 1776

• "Invisible hand"

• "Laissez-faire"

• General Theory of Money and Employment

What tax is NOT a direct result of being employed

• Income

• Social Security

• Sales

• Medicare