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Economics Test Review #2
Test Description: Economics Test Review #2
Instructions: Answer all questions to get your test result.
1) In a proprietorship, the profits are kept by -
A
The government
B
Two people
C
A Group of people
D
One person
2) Which of the following is NOT one of basic types of profit-seeking business structures?
A
Sole Proprietorship
B
Corporation
C
Partnership
D
Entrepreneur
3) What is supply?
A
amount that determines what is purchased
B
amount producers are willing to sell
C
amount consumers are willing to buy
D
amount an item costs
4) Henry has a lemonade stand. He earned $15. His expenses were $9. What is the remaining $6?
A
Dividends
B
Cost
C
Interest
D
Profit
5) Which is an example of sole proprietorship?
A
Ari and Selah own a flower shop and share equally in its profits.
B
Jack and Jakob own a bookstore and are both responsible for its debts.
C
Jason owns stocks in a ladder company and receives a portion of its profits.
D
Spencer owns a restaurant and is responsible for all of its debts.
6) What does the interaction between supply and demand decide?
A
Mixed economies
B
Price of goods and services
C
Free markets
D
Consumer preferences
7) The people with the ideas and courage to start a business are known as which type of resource?
A
Human
B
Entrepreneurship
C
Capital
D
Natural
8) The United States government has required a recall on certain brands of cereal that have contaminated ingredients. The government can recall items to insure safety of -
A
The justice system
B
The private sector
C
The public sector
D
The natural resources
9) Rivalry between producers of a good or service results in better quality goods and services at a lower price. This is called -
A
Free Market
B
Profit
C
Competition
D
Consumer Sovereignty
10) An economy in which communities use simple tools and methods to harvest and hunt for food often results in little economic growth.
A
Traditional
B
Mixed
C
Command
D
Free Market
11) The type of economy a country has is based on the amount of _____________ involvement in economic decisions.
A
Business Profit
B
Consumer Choice
C
Government
D
Industrial Productivity
12) The government of North Korea provides food for its citizens. However, the food is often in short supply, has little variety, and of poor quality. What type of economy is it?
A
Mixed
B
Traditional
C
Command
D
Free Market
13) Which of the following is NOT a characteristic of a command economy?
A
Lack of Consumer Choice
B
Centrally-planned economy
C
Government ownership of property/resources
D
Profit Motive
*select an answer for all questions
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