Economic Terms Matching Quiz
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Questions and Answers

What is the best definition of productivity?

  • Decisions made by individuals
  • Many buyers and many sellers
  • The average level of output per worker per hour (correct)
  • It is unlikely because over half of all new small businesses fail.
  • Which of the following would be considered capital or capital goods?

  • Marion should sell his stock.
  • money market places
  • business (correct)
  • capitalistic
  • What term describes the attempt by a seller to set its product apart from the competition to obtain limited control over the price of the product?

  • Perfect competition
  • Product differentiation (correct)
  • Monopoly
  • Oligopoly
  • In which market structure do Ford, Chevrolet, and Dodge operate due to the large investment requirements and few large sellers?

    <p>Oligopoly</p> Signup and view all the answers

    What term is used for the efforts of individuals to produce and sell products and services that satisfy societal needs through the Internet?

    <p>E-business</p> Signup and view all the answers

    What is the term for the total dollar value of all goods and services produced by all people within the boundaries of a country during a specified time period?

    <p>Gross Domestic Product (GDP)</p> Signup and view all the answers

    During what economic period is the economy at its highest point, unemployment low, total income high, and consumers willing to buy products and services?

    <p>Peak</p> Signup and view all the answers

    Which term describes businesses that operate in an environment where there are few large sellers, such as Ford, Chevrolet, and Dodge?

    <p>Oligopoly</p> Signup and view all the answers

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