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ABEKA ECONOMICS TEST 6 (FINAL EXAM) EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
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ABEKA ECONOMICS TEST 6 (FINAL EXAM) EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
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ABEKA ECONOMICS TEST 6 (FINAL EXAM)EXAM 2024/2025 WITH 100% ACCURATE
SOLUTIONS
When the price of a good falls, the quantity supplied tends to do what -
Precise Answer ✔✔decrease
MULTIPLE CHOICE:
Besides its utility, what else determines the value of a good by a
consumer? - Precise Answer ✔✔scarcity
What is a basic component of capitalism besides limited government,
freedom of enterprise, and competition? - Precise Answer ✔✔property
rights
When supply of a good increases, what tends to decrease? - Precise
Answer ✔✔equilibrium price
Which economic system bases production of goods on customs and
habits? - Precise Answer ✔✔traditional
Which economic system is regulated by the public sector? - Precise
Answer ✔✔command
, Which economic system is guided by the choices made by the private
sector? - Precise Answer ✔✔free enterprise
What was one of the first antitrust laws enacted in the Untied States? -
Precise Answer ✔✔Sherman Act
What is the sum cost of all the factors of production used in making
goods? - Precise Answer ✔✔total cost
Besides division of labor and automatic conveyance, what composes the
"American system" of mass production? - Precise Answer
✔✔standardized parts
A checking account is what type of account? - Precise Answer
✔✔transaction account
What type of account guarantees a certain interest rate and has a
specified maturity date? - Precise Answer ✔✔CD
What function of money allows people to compare the worth of one
good with that of another good? - Precise Answer ✔✔measure of value
What is the value of all finished goods and services produced within a
country during a year's time? - Precise Answer ✔✔GDP
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