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PLATO ECONOMICS END-OF-SEMESTER TEST QUESTIONS WITH VERIFIED ANSWERS
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PLATO ECONOMICS END-OF-SEMESTER TEST QUESTIONSWITH VERIFIED ANSWERS
Absolute advantage is the benefit achieved when a country's per-unit production
cost is lower than that of other countries.
Acceptability is the attribute of an item or service that is generally accepted in an
economy.
Resource allocation is the distribution of available resources based on societal
demands and needs.
Appreciation is an increase in the value of a currency.
Asia-Pacific Economic Cooperation (APEC) - ANSWER an economic forum with
21 members promoting free trade
The assembly line is a manufacturing process in which product pieces flow through
a sequence of machines (or personnel) that assemble them into a final product.
The barrier to entry is a hurdle that inhibits competition from entering the market.
The Board of Governors is a seven-member board that administers the Federal
Reserve System.
A budget deficit is a scenario in which the government's spending exceeds its
receipts.
,A budget surplus is a scenario where the government's revenue exceeds its
expenditures.
Capital refers to the structures, equipment, and people abilities required to produce
commodities and services.
A cartel is an organized association of enterprises that controls production and
pricing.
The central bank - ANSWER the bank that implements government's monetary
policies and controls commercial banks.
The circular flow model explains the flow of products, services, and money in an
economy.
Collective bargaining refers to talks between an employer and employee
representatives.
collusion - A secret agreement to establish production and pricing constraints.
A command economy is one in which the government controls the allocation and
distribution of resources.
commodities money - ANSWER an object with intrinsic worth that can also be
used as money.
communism is an economic and social system in which private ownership is fully
eliminated and society collectively owns the rights to all resources.
, Comparative advantage is the benefit acquired when a country produces goods and
services at a lower opportunity cost than other countries in the market.
Competition is a scenario in which a person wants to perform better and be more
successful than others.
A complimentary good is one that is utilized in conjunction with another product or
service.
Consumer sovereignty refers to the control that consumer preferences have over the
creation of products and services.
contractionary fiscal policy - ANSWER a drop in government expenditures, an
increase in taxes, or both enacted to help the economy.
A corporation is a commercial entity with independent rights and liabilities from its
owners and members.
credit card - ANSWER a card used to buy goods and services on credit based on
the holder's promise to pay for these goods and services plus the interest levied if
the amount is not paid every month.
credit - ANSWER borrowed money with a promise to repay it later with interest.
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