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BML Test 1 Set 2
Test Description: Test 1 Set 2
Instructions: Answer all questions to get your test result.
1) Which of these provides the least amount/ lowest quality of goods and services to its citizens?
A
mixed economic system
B
command economic system
C
capitalistic economic system
D
traditional economic system
2) Which of these is generally focused on agriculture and other survival industries?
A
mixed economic system
B
capitalistic economic system
C
command economic system
D
traditional economic system
3) Which of these is an example of a natural resource?
A
a pickle
B
an agricultural worker
C
a tractor
D
a cucumber
4) A person who buys goods and services is called a
A
entrepreneur.
B
consumer.
C
producer.
D
sucker.
5) The amount of a good or service that consumers are willing and able to buy is
A
supply.
B
unpredictable.
C
request.
D
demand.
6) The amount of a good or service that producers are willing and able to provide is
A
supply.
B
unpredictable.
C
request.
D
demand.
7) The point where the supply and demand curves cross is known as the
A
consumer price.
B
point of no return.
C
point of diminishing returns.
D
market price.
8) Ceteris paribus, as supply increases, price
A
increases.
B
stays the same.
C
decreases.
D
is unable to be predicted.
9) Ceteris paribus, as demand decreases, price
A
is unable to be predicted.
B
stays the same.
C
decreases.
D
increases.
10) Ceteris paribus, competition makes prices go
A
crazy.
B
up.
C
down.
D
away.
*select an answer for all questions
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