Question 1

A creditor is a person or entity that owes money to another party?

Accepted Answer

false A creditor is a person or institution that extends credit to another party

Question 2

A key feature of a nonprofit organization is a board of directors responsible for overseeing its operations?

Accepted Answer

true

Question 3

scarcity is the same as a shortage True False?

Accepted Answer

false limited goods or services, limited time, or limited abilities to achieve the desired ends.

Question 4

Is goods defined as items that satisfy human wants, provide utility or usefulness, and are scarce (have limited availability).

Accepted Answer

true

Question 5

people who buy or use goods and services to satisfy their wants are ?

Accepted Answer

A consumer

Question 6

A Firm is an organizations that produce goods and services?

Accepted Answer

true

Question 7

What is concerned with the creation, consumption, and transfer of wealth.

Accepted Answer

Economics - Economic

Question 8

someone who organizes, manages, and assumes the risks of a business or enterprise is what?

Accepted Answer

Entrepreneur

Question 9

What is investment?

Accepted Answer

the production of goods that will be used to produce other goods.

Question 10

The four factors of production are land, labor, capital, and entrepreneurship

Accepted Answer

true

Question 11

Free Market Economy are the prices of goods and services are determined by supply and demand expressed by sellers and buyers

Accepted Answer

true

Question 12

What are examples of Command Economy

Accepted Answer

All the Above

Question 13

Opportunity Cost is money or benefits lost by not selecting a particular option during the decision-making process

Accepted Answer

true

Question 14

someone who creates and supplies goods or services

Accepted Answer

Producer

Question 15

___ is the willingness and ability of a person to purchase a good or service at a specific price

Accepted Answer

Demand

Question 16

___  is the amount of a product or service that a producer is willing and able to sell at a given price during a specific time period.

Accepted Answer

Supply

Question 17

A franchise enables you, the investor or franchisee, to operate a business.

Accepted Answer

true

Question 18

Total cost remains constant even if variable costs change, as long as fixed costs stay the same.

Accepted Answer

false

Question 19

a way of participating in the ownership of a company

Accepted Answer

Shares

Question 20

A ___ is when you choose one thing which causes you to have to give up, or sacrifice, another

Accepted Answer

Trade off

Question 21

a ___ is a good that is sold for consumption or production in its natural state

Accepted Answer

Commodity

Question 22

Corporation cannot claim rights under the U.S. Constitution

Accepted Answer

false

Question 23

A sole proprietor has unlimited personal liability for business debts

Accepted Answer

true

Question 24

What are some advantages of partnership?

Accepted Answer

All of the above

Question 25

(GDP) measures the total value of all goods and services produced within a country in a given period.

Accepted Answer

true

Question 26

the Frictional unemployment includes both employed and unemployed people who are actively seeking work

Accepted Answer

false Lobar force

Question 27

Seasonal unemployment is when employers lay off workers from their current jobs due to decreased demand for labor at particular times of the year.

Accepted Answer

true

Question 28

Cyclical unemployment is the component of overall unemployment that results directly from cycles of economic upturn and downturn

Accepted Answer

true

Question 29

Money can be used to save value.

Accepted Answer

true

Question 30

Does a structural unemployment ratio generally lead to a decrease in the money supply available for lending by banks?

Accepted Answer

false Reserve

How much do you know about Economics?

2) A key feature of a nonprofit organization is a board of directors responsible for overseeing its operations?

3) scarcity is the same as a shortage True False?

4) Is goods defined as items that satisfy human wants, provide utility or usefulness, and are scarce (have limited availability).

5) people who buy or use goods and services to satisfy their wants are ?

6) A Firm is an organizations that produce goods and services?

7) What is concerned with the creation, consumption, and transfer of wealth.

8) someone who organizes, manages, and assumes the risks of a business or enterprise is what?

9) What is investment?

10) The four factors of production are land, labor, capital, and entrepreneurship

11) Free Market Economy are the prices of goods and services are determined by supply and demand expressed by sellers and buyers

12) What are examples of Command Economy

13) Opportunity Cost is money or benefits lost by not selecting a particular option during the decision-making process

14) someone who creates and supplies goods or services

15) ___ is the willingness and ability of a person to purchase a good or service at a specific price

16) ___ is the amount of a product or service that a producer is willing and able to sell at a given price during a specific time period.

17) A franchise enables you, the investor or franchisee, to operate a business.

18) Total cost remains constant even if variable costs change, as long as fixed costs stay the same.

19) a way of participating in the ownership of a company

20) A ___ is when you choose one thing which causes you to have to give up, or sacrifice, another

21) a ___ is a good that is sold for consumption or production in its natural state

22) Corporation cannot claim rights under the U.S. Constitution

23) A sole proprietor has unlimited personal liability for business debts

24) What are some advantages of partnership?

25) (GDP) measures the total value of all goods and services produced within a country in a given period.

26) the Frictional unemployment includes both employed and unemployed people who are actively seeking work

27) Seasonal unemployment is when employers lay off workers from their current jobs due to decreased demand for labor at particular times of the year.

28) Cyclical unemployment is the component of overall unemployment that results directly from cycles of economic upturn and downturn

29) Money can be used to save value.

30) Does a structural unemployment ratio generally lead to a decrease in the money supply available for lending by banks?