What is a series of price cuts between competitors called?
A. Price War B. Black Market competition C. An Oligopoly
A. Price War
In the Declaration of Independence, colonists argued they did not have:
A. Access to goods and services B. property rights C. free trade
C. Free trade
Which is considered a "market failure"?
A. Price fixing B. Public goods C. Collusion
B. Public goods
Which of the following is illegal?
A. A price floor B. Oligopolies C. Black markets
C. Black markets
Who won the "French and Indian" War?
The British
Why do businesses provide goods and services in the first place?
A. It's law B. The free market C. The profit incentive D. Because I said so
C. The profit incentive
Increasing returns, diminishing returns, and negative returns make up what?
The 3 Stages of Production
What does the law of variable proportions state?
A. Profits change weekly B. Inputs affect outputs C. Price fixing alters profits
B. Inputs affect outputs
What is it called when only a few companies dominate a specific market?
An oligopoly
(Will take "Trust" as an answer)...
What company has the most fast food restaurants around the world? (2015)
Subway
A subsidy is a type of...
A. Price support B. tax C. price ceiling D. luxury
A. Price support
What is the lowest an employer can pay called?
Minimum wage
What is a company promise to fix something that has broken called? (Within a certain timeframe that is)...
A Warranty
This gives sole ownership of an invention to the inventor:
A. Natural rights B. Monopoly C. Subsidy D. Patent
D. Patent
Adam Smith stated that all economics is driven by this unseen force. What is it?
The Invisible Hand
Another name for a want, gives pleasure, but not needed for survival...
A luxury
The usefulness a consumer gets from a product is called its __________
(Gas, electric and water companies could be called this too)...
Utility
A willingness and ability to buy something refers to __________
Demand
If most of us value milk at $3.00 a gallon, we agree on the product's _______________.
A. Relative worth B. free trade C. price floor D. utility
A. Relative worth
When there are many subsitutes available, Demand is:
A. Stable B. Elastic C. Greatest D. Inelastic
B. Elastic
Pretend name of a superhero...when demand changes greatly as price changes...
"Elastic" Man!
The Judge's order that allows police (and superheroes) to look through your stuff is called....
A search warrant
Name (at least) 3 superheroes that are "green".
The Hulk; Green Lantern; Green Arrow; Green Hornet; Martian Manhunter; Aqua-Man (I guess).
When people (and superheroes) buy and use products they are known as:
A. entrepreneurs B. providers C. sellers D. consumers
D. consumers
The "S" on Superman's chest is an example of his personal __________. It helps us recognize his brand name.
(economics term, starts with L)
Logo