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economics multiple choice 1

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The business cycle is

  1. the alternating pattern of expansion and contraction in the economy.
  2. the study of a country’s national economy as a whole.
  3. the process of encouraging entrepreneurs to invest in a business.

What is an example of a factor market, in which a firm buys factors of production from households?

  1. someone buying a new car
  2. someone buying a boat
  3. a business hiring laborers

What is an example of a GOOD?

  1. a pair of shoes
  2. mowing a lawn
  3. changing the oil in a car

An economy in which government answers the three basic economic questions is a free market economy.

  1. true
  2. false

A country’s gross domestic product is the total value of goods and services produced in the country in a given year.

  1. true
  2. false

A company that increases output by hiring another worker is enjoying

  1. diminishing marginal returns.
  2. increasing marginal returns.
  3. negative marginal returns.

The law of demand says that consumers will buy more of a good when its price is lower.

  1. true
  2. false

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