Economics Key Words #11-20 Question Preview (ID: 45976)


Economic Key Word Review. TEACHERS: click here for quick copy question ID numbers.

an economy in which both private and public sectors play an important role
a) market economy
b) mixed economy
c) planned economy
d) blended economy

an economy where consumers determine what is produced, resources are allocated by the price mechanism; land and capital are privately owned
a) market economy
b) planned economy
c) mixed economy
d) free economy

an economy where the government makes the crucial decsions, land and capital are state-owned and resources are allocated by directives
a) market economy
b) mixed economy
c) set economy
d) planned economy

a curve that shows the maximum output of two types of products and combination of those products that can be produced
a) production possibility line
b) extension in demand
c) production possibility curve
d) extension in supply

a product which does not require resources to produce it, and therefore has no opportunity cost
a) free good
b) economic good
c) luxury good
d) normal good

the next best alternative forgone
a) productivity
b) opportunity cost
c) production possibility
d) economic good

a product which requires resources to produce it and therefore has an opportunity cost
a) free good
b) productivity
c) economic good
d) supply

output per worker hour
a) investment
b) depreciation
c) equilibrium
d) productivity

a measure of the decrease in value of an assset over time
a) depreciation
b) investment
c) productivity
d) Geographically immobile

the willingness and ability to buy a product
a) supply
b) productivity
c) depreciation
d) demand

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