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- Multiple ChoicePlease save your changes before editing any questions.
Competition among buyers generally means:
Higher product prices and fewer profits for sellers
Lower product prices and fewer profits for sellers
Higher product prices and more profits for sellers
Lower product prices and more profits for sellers
- Multiple ChoicePlease save your changes before editing any questions.
What is the best definition of a rational self-interest choice?
A quick choice that helps the person making the choice
A sensible choice that best serves the person making the choice
A choice a person makes that doesn't make any sense
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following is NOT part of a pure competition?
Buyers are familiar with the product
No seller or buyer has control of the market
Barriers to market entry exist
No seller or buyer has control of the market
- Multiple ChoicePlease save your changes before editing any questions.
Bartering is defined as
The value placed on a product
Taking a product with the promise to return it
Trading a product for another product
One or more objects used as payment for a product
- Multiple ChoicePlease save your changes before editing any questions.
Which market structure requires a large number of suppliers?
Oligopoly
Monopoly
Pure Competition
- Multiple ChoicePlease save your changes before editing any questions.
When money is used to compare the value of different products it is used:
As a unit of accounting
As an indicator of debt
As a store of value
As a medium of exchange
- Multiple ChoicePlease save your changes before editing any questions.
Which type of market has a few major sellers, where a price action by one seller can cause the other sellers to follow?
Monopoly
Oligopoly
Pure Competition
- Multiple ChoicePlease save your changes before editing any questions.
What is meant by scarcity?
Limited resources and limited wants and needs
Unlimited resources and limited wants and needs
Unlimited resources and unlimited wants and needs
Limited resources and unlimited wants and needs
- Multiple ChoicePlease save your changes before editing any questions.
As a buyer, which market structure would be worst for you?
Monopoly
Oligopoly
Pure competition
- Multiple ChoicePlease save your changes before editing any questions.
Which concept is NOT basic to definition of economics?
Rational self-interest
Bartering
Scarcity
Choice
- Multiple ChoicePlease save your changes before editing any questions.
Due to heavy lobbying by the Cake Makers of America, the government issues a new regulation that requires people who sell cakes to purchase a license. Given this scenario, it can be said that government is creating:
A safer workplace
A more competitive market
A better product
A barrier to market entry
- Multiple ChoicePlease save your changes before editing any questions.
Which is NOT a function of money?
As a unit of accounting
As an indicator of debt
As a store of value
As a medium of exchange
- Multiple ChoicePlease save your changes before editing any questions.
What is the main purpose of a market?
To provide a method to raise government taxes
To allow for the exchange of products
To provide a place for buyers to spend time
To provide jobs for sellers
- Multiple ChoicePlease save your changes before editing any questions.
Each day you have $5 for lunch. Today, you decided to save $2 and buy the chicken salad tomorrow for $6.50.
How is money being used in this case?
As an indicator of debt
As a unit of accounting
As a store of value
As a medium of exchange
- Multiple ChoicePlease save your changes before editing any questions.
If you were trying to sell a product, how could you attract more customers?
Raise the price of the product
Decrease profits
Lower the price of the product
- Multiple ChoicePlease save your changes before editing any questions.
Competition among sellers generally means:
Higher product prices and fewer profits for sellers
Lower product prices and fewer profits for sellers
Higher product prices and more profits for sellers
Lower product prices and more profits for sellers
- Multiple ChoicePlease save your changes before editing any questions.
Who are the two main players in a market?
Goods and Services
Supply and Demand
Buyers and Sellers
- Multiple ChoicePlease save your changes before editing any questions.
Which one of these is NOT an Oligopoly?
Cell Phone Providers
Airlines
Convenience Stores
- Multiple ChoicePlease save your changes before editing any questions.
When money is used to save for future spending it is used:
As a unit of accounting
As a medium of exchange
As a store of value
- Multiple ChoicePlease save your changes before editing any questions.
When people trade money for a product, this function of money is?
Medium of exchange
Unit of accounting
Store of value
- Multiple ChoicePlease save your changes before editing any questions.
Concepts of scarcity, choice and rational self-interest are part of
Bartering
Markets
Economic theory
- Multiple ChoicePlease save your changes before editing any questions.
When people use money to compare the value of products this function of money is called?
Unit of accounting
Medium of exchange
Store of value
- Multiple ChoicePlease save your changes before editing any questions.
What one is not a function of money?
Unit of accounting
Store of value
Medium of exchange
Supply and Demand
- Multiple ChoicePlease save your changes before editing any questions.
A lower priced product
Increases profits
Attracts fewer customers
Attracts more customers
- Multiple ChoicePlease save your changes before editing any questions.
A higher priced product
Attracts more customers
Reduces profits
Increases profits
- Multiple ChoicePlease save your changes before editing any questions.
In order for money to have meaning, businesses have to set a _____________ on their goods and services.
profit
price
exchange
- Multiple ChoicePlease save your changes before editing any questions.
Markets are places where people _________ products.
create
exchange
save
store
- Multiple ChoicePlease save your changes before editing any questions.
A purely competitive market has all of these BUT
There are many buyers and sellers
The products are very similar
Buyers are familiar with the products
Sellers can easily enter and exit the market
One seller has complete control over the product
- Multiple ChoicePlease save your changes before editing any questions.
The best type of market that is easiest for a new seller to enter is?
Oligopoly
Pure competition
Monopoly