Utility correct answers Pleasure derived from consuming a service.
Capital correct answers All manufactured aids. It's an economic resource.
Entrepreneurs correct answers People who take risks and pool resources.
Investment correct answers The purchase of capital goods.
Increasing oppor...
Econ Challenge(100% Correct answers)
Utility correct answers Pleasure derived from consuming a service.
Capital correct answers All manufactured aids. It's an economic resource.
Entrepreneurs correct answers People who take risks and pool resources.
Investment correct answers The purchase of capital goods.
Increasing opportunity cost correct answers The law of ___ states that as the production of a particular
good increases, the opportunity cost of producing an additional good rises.
Command system correct answers Government owns most property resources and economic decision
making occurs through a central economic plan
Invisible hand correct answers This guides firms and market suppliers to simultaneously promote public
and social interest in a market system.
Law of demand correct answers States that as price falls, quantity demanded rises.
diminishing marginal utility correct answers As more of a good is consumed, less satisfaction is derived
from it.
Income effect correct answers People can have more purchasing power if price is reduced.
Substitution effect correct answers The product whose price has fallen is "a better deal" relative to other
products.
law of supply correct answers As price rises, quantity supplied rises.
Price ceiling correct answers Sets the maximum legal price a seller may charge for a product or service.
, Price floor correct answers A minimum price fixed by the government.
Services correct answers Most personal consumption expenditures go to ___
3 correct answers About how much percent of household earnings goes to savings?
Sole proprietorship correct answers A business owned and operated by one person.
Partnership correct answers Two or more individuals agree to own a business together.
Corporation correct answers A legal creation that can acquire resources, own assets, produce and sell
products, etc.
Stocks correct answers These represent a share in the ownership of a corporation.
Bonds correct answers A purchaser of these lends money to a corporation.
Externalities correct answers When some of the costs or benefits of a good are passed on to or "spill over"
to someone other than the immediate buyer or seller, these result.
Private goods correct answers Rivalry and excludability are criteria of these goods.
Public goods correct answers Examples of these goods include street lighting; both non-excludable and
non-rivalrous.
Health correct answers 21% of federal expenditures go to ___
Personal income tax correct answers The federal government gets the majority of its earnings from ___
Marginal tax rate correct answers Rate at which tax is paid on each additional unit of taxable income.
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