FREE AND STUDY GAMES ABOUT FBLA ECONOMICS EXAM

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FREE AND STUDY GAMES ABOUT FBLA ECONOMICS EXAM

QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -79 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: Entrepreneurship

Answer:

The ability and willingness to undertake the organization and management of production As well as making the usual business decisions, entrepreneurship is often associated with the functions of innovating and bearing risks

Question 2: Inferior good

Answer:

A good for which the demand decreases when income increases When a household's income goes up, it will buy a smaller quantity of such a good

Question 3: Capitalism

Answer:

A system of economic organization characterized by the private ownership of the means of production, private property, and largely market

Question 4: Competition

Answer:

In the general sense, a contest among sellers or buyers for control over the use of productive resources.Sometimes used as a shorthand way of referring to perfect competition, a market condition in which no individual buyer or seller has any significant

Question 5: Indirect taxes

Answer:

Taxes levied on a producer which the producer then passes on to the consumer as part of the price of a good Distinguished from direct taxes, such as sales taxes which are visible to the person who pays them

Question 6: Consumption

Answer:

Spending to acquire consumer goods and services, or using up those goods and services to satisfy wants

Question 7: Natural increase

Answer:

Growth of the population due to an excess of births over deaths

Question 8: Per capita income

Answer:

Total income divided by the size of the population

Question 9: Wages

Answer:

The general term applied to the earnings of the factor of production, labour

Question 10: Depreciation

Answer:

The using up or wearing out of capital goods

Question 11: Scarcity

Answer:

The fact that human wants exceed the means of satisfying them

Question 12: Corporation

Answer:

A legal entity formed to conduct business and possessing certain privileges not available to single proprietorships or partnerships, notably limited liability which confines the shareholder's possible losses to the amount paid to purchase shares in the bu

Question 13: Inflation

Answer:

A general rise in the average level of all prices

Question 14: Deflation

Answer:

A fall in the general level of all prices. The opposite of inflation

Question 15: Wants

Answer:

The apparently limitless desires or wishes people have for particular goods or services

Question 16: Graph

Answer:

A visual representation of a relationship between two variables, usually drawn to some specified scale

Question 17: Board of directors

Answer:

Individuals chosen by shareholders in a corporation to administer the affairs of the business

Question 18: Size distribution of income

Answer:

The distribution of income among groups of income recipients defined on the basis of the size of their incomes

Question 19: Dissaving

Answer:

If individuals or households spend more than their current income they are said to be dissaving

Question 20: Net immigration

Answer:

The total number of people leaving the country to take up permanent residence abroad minus the number of people entering the country for the purpose of taking up permanent residence

Question 21: Shareholder

Answer:

Owner of some fraction of the stock issued by a corporation

Question 22: Ceteris paribus

Answer:

The Latin for "other things being equal."

Question 23: Inventories

Answer:

Stocks of goods in the hands of producers These stocks are included in the definition of capital and an increase in inventories is considered to be investment

Question 24: Constant dollars

Answer:

Sometimes called "real dollars," to refer to price data which have been adjusted to remove the effect of changes in the general level of prices

Question 25: Monopoly

Answer:

Strictly defined as a market situation in which there is a single supplier of a good or service, but often used to suggest any situation in which a firm has considerable power over market price

Question 26: Capital goods

Answer:

Unlike goods intended to be consumed, capital goods are used to produce other goods Machinery in a factory would be an example of capital goods