Question
open a new retail store in another city, or inves in a major advertising campaign. The value of the most attractive option that the business owner did NOT choose is its a. resource value b. trade-off cost c. opportunity cost d. decisional value e. factor analysis determination 32·The economic system in which individuals and businesses make the decisions about what products or services to produce, how to produce then, to whom to sell therm and at what prices would BEST be b. planned systern c. free-market system 33. An economic system where individuals own and operate the majority of businesses with limited economic intervention by the govemment is characteristic of a economy a. Cammunist c. planned d. socialist e. mixed-market 34. In the country of Linch, the govemment owns many of the key industrial sectors, such as banking, telecommunications and utilities, but private ownership of businesses in less-vital industries is allowed. What type of economic system does Lindh have? b. Capitalism d. Socialism 35. The U.S. government's use of Blackwater Security Consulting, a military security company, to guard officials and military installations in Iraq is an example of a. Capitalization h. privatization C. COmmunisrTI d· socialization e. national ization 36.--refers to the quantities of products or services that producers are willing to provide at dfferent prices at a specfic time. a. Market price . Competition c. Demand d. Equilibriurm e. Supply 37. A seller may decide to lower prices for its goods or services in order to stimulate . a. Inventory b. Yield c. Supply e. demand 38. is the willingness and ability of oustomers to buy a product or service at a given price. a. Equilibriurn b. Infation c. Competition d. Market price 8. Demand 39. If consumer demand for a product decreases, the demand curve would move: a. to the left b. upward. C. to the right. d. downward e. There would be no change in the demand curve 40. Consumer income and the prices of substitute and complementary products are factors that can affect the a inflation rate h. deflation rate
Explanation / Answer
32. free market economy
free market economy an economic system where the government does not interfere in business activity in any way
33. free market economy
free market economy an economic system where the government does not interfere in business activity in any way
34. free market economy
free market economy an economic system where the government does not interfere in business activity in any way
35. Nationalization
Nationalization is the transfer of a major branch of industry or commerce from private to state ownership or control
36. Supply
Suply refers to the quantities of products or services that producers are willing to provide at different prices at a specific time.
37. Demand
Lowering prices of goods will stimulate demand.
38. Demand
The willingness and ability of customers to buy a product or services at a given price is called demand of the product.
39. To the left
Decreases in consumer demand for a product will shift the demand curve to the left.
40. demand curve
Consumer income and the prices of substitute and complementary products are factors that can affect the demand curve of the product.
