A physical establishment which performs one or more functions in production, fabrication and distribution of goods and services ?

A. Plant
B. Firm
C. Factory
D. None

An economic system in which property resources are privately owned and markets and prices are used to direct and coordinate economic activities________________?

A. Pure capitalism
B. Command economy
C. Closed economy
D. Open economy

An involuntary payment of money to govt. by a household or firm for which the household or firm receives no good or services directly in return ?

A. Tariff
B. Tax
C. Tacit collusion
D. Subsidy

The export of goods (or goods and services) of a nation less its imports of goods (or goods and services)__________________?

A. Trade balance
B. Trade deficit
C. Trade surplus
D. None

A payment of money or goods & services by a govt. to a household or firm for which the payer receives no good or service directly in return______________?

A. Tax
B. Tariff
C. Transfer payment
D. Subsidy

The percentage of labour force unemployment at any time__________________?

A. Unemployment rate
B. Inflation rate
C. Deflation rate
D. None

The value of a product sold by a firm less the value of the products purchased and used by the firm to produce the product____________________?

A. Value added
B. Value of money
C. Vertical range
D. None

An institution or mechanism which brings together buyers and sellers is called____________________?

A. Market
B. Resource market
C. Product market
D. None

A market in which products are sold by firms and bought by households is_________________?

A. Resource market
B. Product market
C. Consumer market
D. None

A minimum price which govt. allows seller to receive for a good or service____________________?

A. Ceiling price
B. Floor price
C. Supprot price
D. All