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- 1. Multiple ChoiceAn economic good or service that is scarce is one that isis in limited supplynot made in America.not test-marketedreadily available
- 2. Multiple Choice“Economic votes” are cast by consumers each time theyvisit a businessmake a purchase.respond to a survey.participate in market research.
- 3. Multiple ChoiceWhat determines whether an economic product is an industrial product or a consumer product?The price of the productThe origin of the productWho buys and uses the productWho produces the product
- 4. Multiple ChoiceA car manufacturer receives a shipment of bolts that are going to be used in the production of automobiles. What type of industrial product would the bolts be?PartsSuppliesEquipmentMaterials
- 5. Multiple ChoiceWhich of the following statements regarding economic resources is true:As businesses grow and become more complex, they typically require fewer resources.Industrialized nations typically require fewer capital goods than developing countries.Similarly sized businesses within the same industry usually use identical resources.Natural resources, human resources, and capital goods are often referred to as factors of production.
- 6. Multiple ChoiceAutomation involves replacing human resources withnatural resources.capital goodsraw materials.consumer goods.
- 7. Multiple ChoiceOffering higher wages, employee-assistance programs, and benefits are responses to limitedhuman resources.noneconomic resources.capital goods.natural resources.
- 8. Multiple ChoiceWhich of the following situations involves finding another source (another place to get the same resource) of a limited natural resource:Replacing oil with natural gasConserving the oil that we useSearching for oil on the ocean floorPaying a higher price for oil
- 9. Multiple ChoiceMichelle is trying to decide which goods and services to purchase so that she can get maximum satisfaction. Michelle iscreating scarcity.a producer.increasing distribution.economizing.
- 10. Multiple ChoiceJohn only had $40 to spend and couldn’t decide whether to buy a new pair of jeans or to go to an amusement park. He finally decided to spend his money on the amusement park. What was the opportunity cost of his decision?New pair of jeansNo opportunity cost was involved.$40Trip to amusement park
- 11. Multiple ChoiceWhat are the three basic economic questions?Where will products be produced, when will products be produced, and what products will be producedWhen will products be produced, what products will be produced, and how will products be allocatedWhen will products be produced, how will products be produced, and how will products be allocatedWhat products will be produced, how will products be produced, and how will products be allocated
- 12. Multiple ChoiceThe ultimate goal of all economic activity isconsumption.production.exchange.distribution.
- 13. Multiple ChoiceWhat do consumers, producers, and the owners of resources do with money payments to create a flow of resources, goods, services, and money payments?ProduceConsumeDistributeExchange
- 14. Multiple ChoiceTo provide utility, a product mustbe economical.provide satisfaction.be innovative.look appealing.
- 15. Multiple ChoiceA product that provides utility for one business may provide none for another business because utility is completelyirrelevant.unchanging.relative.constant.
- 16. Multiple ChoiceChanging a good’s form involves which of the following:Getting the good to the retailerMaking sure the good is available earlyAdding a new feature to the goodProviding an easy way to buy the good
- 17. Multiple ChoiceIn possession utility, a consumer finds a product helpful after doing what?Buying the productUpgrading the productSelling the productUsing the product
- 18. Multiple ChoiceMarketers are in charge ofmaking sure that the finished product gets where it needs to be.studying and analyzing customer satisfaction.maintaining adequate stock levels throughout the year.manufacturing new products.
- 19. Multiple ChoiceWhen the price of DVD players increases, the quantity of DVD players offered for sale will increase. This is an example of the law ofsupply.demand.standardization.cost of production.
- 20. Multiple ChoiceA local neighborhood has many houses for sale at a low price, but demand for the houses is low. What kind of market most likely exists in the neighborhood?Seller’sBuyer’sInelasticDiscretionary
- 21. Multiple ChoiceOrlando changes the price of one of his products, and this price change leads to a major change in the number of people who purchase the product. This means that demand for Orlando’s product iselastic.inelasticconstant.competitive.
- 22. Multiple ChoiceWhat is the amount of money for which an item sells in the competitive marketplace?MarketValuePriceUtility
- 23. Multiple ChoiceWhich of the following is a business comparing when it analyzes the cost of buying wood desks versus the cost of buying metal desks:IncentivesInflated priceRelative priceExcess demand
- 24. Multiple ChoiceWhat are the incentives in our economy that encourage producers to change and reallocate their resources?StocksExpansionsConsumersProfits
- 25. Multiple ChoiceWho gets the goods and services produced in our economy?Whoever has the least costsWhoever is most efficientWhoever is willing and able to pay the priceWhoever obtains the most information and incentives
- 26. Multiple ChoiceWhat exists when producers produce more than buyers are willing and able to buy?Excess supplyExcess demandNormal priceEquilibrium price
- 27. Multiple ChoiceAfter a mild, dry winter, the supply of sleds should be __________ than demanded. Therefore, the price would be __________greater; decreasedless; decreasedless; increasedgreater; increased
- 28. Multiple ChoiceWhich of the following is an example of the substitution effect:The demand price of a ticket at the local amusement park is exactly equal to its supply price.The price of laptops went up recently, so Francis decided to buy a tablet instead.A candy bar costs $0.50, and the price of a pack of gum is $1.00. The relative price ratio is 1 to 2.The mayor recently instituted a price ceiling on the monthly rent that apartment landlords can charge their tenants.
- 29. Multiple ChoiceSome energy companies offer free electricity at night and on weekends because during those timessupply and demand are equal.the substitution effect occurs.demand is greater than supply.supply is greater than demand.
- 30. Multiple ChoicePrices set higher than the equilibrium price will result inexcess supply.excess demand.increased profits.decreased supply.
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