Economics > EXAM > Economics Final Exam Study Guide| 200 QUESTIONS| GRADED A (All)

Economics Final Exam Study Guide| 200 QUESTIONS| GRADED A

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Which is true about the economic policy known as laissez-faire: Correct Answer: 1: The doctrine which states that government should not intervene in the marketplace 2: Adam Smith created and promot... ed the concept of laissez-faire Which statement about the Unites States' free enterprise system is NOT true? Correct Answer: Entrepreneurs are guaranteed unrestricted freedom and financial success In a free market economy, private property is: Correct Answer: encouraged Which agency is responsible for enacting policies to save lives, prevent injuries, and protect the health of workers? Correct Answer: Occupational Safety and Health Administration (OSHA) Entrepreneurs and companies that offer the same goods and services are in a state of: Correct Answer: Competition Which economist argued in favor of the policy known as laissez-faire? Correct Answer: Adam Smith In a free enterprise system, what occurs when there is a demand for a product or service that does not presently exist in the market? Correct Answer: An innovative entrepreneur or company will eventually produce it Workers recently complained about dangerous conditions inside a factory. The air conditioner was not working properly and temperatures were known to exceed 100 degrees. Which government agency is responsible for investigating this condition? Correct Answer: OSHA If a nation is currently operating at a point inside its production possibilities curve, it: Correct Answer: Has unemployed workers and/or inefficiently employed resources Which of the following refers to the tendency to buy more of a good when its price falls in relation to similar goods? Correct Answer: Substitution effect Part of the reason that NBA superstar Kobe Bryant earns millions of dollars each year while teachers may earn $40,000 is that: Correct Answer: 1: Demand for Kobe Bryant's talents is very high since he can generate so much revenue for a firm 2: The supply of superstar basketball players is very low, while the supply of competent teachers is much larger 3: Consumers enjoy basketball to the point that they are willing to spend lots of money and time attending games and watching commercials [Show More]

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