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- 1. Multiple ChoiceIf the supply of a good is higher than the demand, what happens to the price?It stays the samePrice goes downPrice goes upIt's FREE!!
- 2. Multiple ChoiceAn increase in competition would have what effect on price?Price goes upPrice stays the samePrice goes downIt explodes
- 3. Multiple ChoiceIf there is no competition in your market, how would that impact your business?You could charge more for your productYou would make moreYou would hire more employeesYou would charge less for your product
- 4. Multiple ChoiceHow will scarcity of a capital good impact price?Price would go upPrice would go downPrice would stay the sameYou wouldn't sell any
- 5. Multiple ChoiceWhich of these jobs is involved in production?SecretaryFactory workerTruck driverZoo keeper
- 6. Multiple ChoiceWhat is consumption?How a good is movedHow a good is createdHow a good is usedHow a good is destroyed
- 7. Multiple ChoiceNew technology that increases the speed of production would have what impact on the prices of goods?Prices would lowerPrices would increasePrices would stay the sameBusiness would close
- 8. Multiple ChoiceInterdependence meansOne country depends on anotherTwo countries depend on another countryTwo countries economies rely on each otherTaxes are higher
- 9. Multiple Choice
Things needed to manufacture a product or produce a good.
Distribution
Equilibrium
Capital Good
Incentive
- 10. Multiple Choice
Which of these is an example of a capital good?
A banker
A mixer at a bakery
A flag at a school
A tree
- 11. Multiple Choice
When more than two businesses attempt to attract the same consumers. (This leads to lower prices)
Economics
Demand
Scarcity
Competition
- 12. Multiple Choice
How much of a good consumers want to purchase
capital goods
demand
equilibrium
scarcity
- 13. Multiple Choice
The process of moving goods and services from the producer to the consumer...
Production
Consumption
Interdependence
Distribution
- 14. Multiple Choice
The study of how goods are produced, distributed and consumed and of how people/governments make choices about money and resources.
Equilibrium
Opportunity Cost
Economics
Interdependence
- 15. Multiple Choice
Someone who owns a business is also known as...
Human Resources
The Executive
Entrepreneur
The financial officer
- 16. Multiple Choice
The point at which the supply of goods and the demand of goods are balanced - the perfect price for a good
Capital goods
Equilibrium
Distribution
Economics
- 17. Multiple Choice
The things needed to produce: Land, Labor, Capital, Entrepreneurship
Factors of Production
Human Resources
Capital Goods
Factors of Economics
- 18. Multiple Choice
Which of these is NOT one of the Factors of Production?
Land
Labor
Taxes
Entrepreneur
- 19. Multiple Choice
People who work at a company are known as...
Human Resources
Capital Goods
Entrepreneurs
Competition
- 20. Multiple Choice
Which of these is an example of an incentive?
The president of a company
A saw at a lumbermill
The balance of supply and demand
A coupon or rewards program
- 21. Multiple Choice
What you give up to get something else...
Supply
Technology
Opportunity Cost
Capital Good
- 22. Multiple Choice
The money left over after expenses are paid
Capital
Incentive
Scarcity
Profit
- 23. Multiple Choice
The lack of needed resources...
Scarcity
Profit
Capital Goods
Demand
- 24. Multiple Choice
How much of a good you have
Demand
Capital Goods
Equilibrium
Supply
- 25. Multiple Choice
Things created by people to help them in some way (Bow and arrow, computer, spoon)
Technology
Production
Scarcity
Incentive
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