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Exploring Business
Test Description: Mid-Term Review
Instructions: Answer all questions to get your test result.
1) There are limited resources for satisfying unlimited wants and needs
A
needs and wants
B
scarcity
C
capital resources
D
labor resources
2) Raw materials from nature that are used to produce goods
A
labor resources
B
capital resources
C
natural resources
D
entrepreneurial resources
3) Individuals who start and direct businesses to produces goods and services to satisfy needs or wants
A
entrepreneurial resources
B
natural resources
C
capital resources
D
labor resources
4) Is an economic system in which economic decisions are made in the marketplace, individuals are responsible for being informed and making careful decisions and the price for an item is determined through the interactions of supply and demand
A
Depression
B
Standard of Living
C
Command Economy
D
Market Economy
5) Central authority makes key economic decisions
A
Command Economy
B
Mixed Economy
C
Market Economy
6) Is a point at which the quantity demanded and the supplied meet
A
Supply
B
Equilibrium Price
C
Demand
7) The amount of quantity of goods and services the consumer are willing to buy at various prices
A
Supply
B
Demand
C
Economics
8) The economic resources necessary to produce a society's goods and services
A
Ressources
B
Economic Systems
C
Factors of production
9) The level of material comfort as measured by the goods and services that are available.
A
Rate of Inflation
B
Standard of Living
C
GDP
D
Unemployment Rate
10) Increases consumers' buying power
A
Inflation
B
Deflation
11) When government's revenue exceeds its expenditures
A
Taxes
B
Budget Deficit
C
Budget Surplus
12) Main source of government income
A
GDP
B
Unemployment
C
Taxes
13) Many people are out of work, and fewer goods and services are produced
A
Recession
B
Prosperity
C
Recovery
D
Depression
14) Businesses produce less
A
Recovery
B
Depression
C
Recession
*select an answer for all questions
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