Definition of economics, In the market economy that relies

Definition of economics

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Reference no: EM1354397

A mixed economy (e.g. the United States, Canada and Mexico):
Functions without government interference
is completely controlled by the government
has government control only over the financial market
None of the above

In the market economy that relies on the law of supply and demand, which of the following does not fit with the other:
Perfect Competition
Central Government's complete economic control
Adam Smith's "Invisible Hand"
Buyers and sellers in the marketplace

The market price system is based on:
Central Government regulation
The decisions of households only
The decisions of investors only
supply and demand

The 'Law of Increasing Costs' is generated by
Scarcity
Improper use of resources
Wasteful production techniques
Diminishing Marginal Output

Which of the following is not an example of the definition of economics?
Shortage of resources cause people to substitute.
Goods and services wanted by people exceed the availability of resources to produce them.
There are many goods and services that no one really wants.
Goods and Services are scarce relative to the demand for them.

A market economy answers the fundamental questions of economizing by
Excessive greed and corruption
Government's full economic control
Corporate decision making only
Supply and Demand

Which of the following is not an example of entrepreneurship? coordinating the production and sale of goods and services inventing a new kitchen gadget and selling it on an infomercial starting a dog-walking business for working professionals all of the above are examples of entrepreneurship

Reference no: EM1354397

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