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ITB Chapter 1
Test Description: BUS230 The Fundamentals of Economics
Instructions: Answer all questions to get your test result.
1) The principle that states people must decide which goods and services to use due to limited resources and unlimited wants is known as ____.
A
scarcity
B
opportunity cost
C
economics
D
shortage
2) The factors of production include ____.
A
land, labor, capital, entrepreneurship
B
land, labor, capital
C
land, nature, labor, capital
D
land, building, capital, entrepreneurship
3) Which is not a type of economic system?
A
pure economy
B
command economy
C
market economy
D
traditional economy
4) In a market economy, prices and wages are determined by ____.
A
bartering
B
inflation
C
suppliers and taxes
D
supply and demand
5) When demand for a product is affected by price, it is said to have ____.
A
elastic demand
B
inelastic demand
C
a price ceiling
D
a price floor
6) Which of the following is NOT a depository institution?
A
commercial banks
B
savings and loan associations
C
credit unions
D
investment banks
7) The regulatory agency that oversees non-depository institutions is the ____.
A
Securities and Exchange Commission
B
Federal Trade Commission
C
Federal Reserve Board
D
Federal Deposit Insurance Commission
8) Tax benefits are an incentive sometimes offered by ____.
A
consumers
B
citizens
C
the government
D
businesses
9) Businesses can offer incentives to ____.
A
producers and consumers
B
workers and producers
C
consumers and savers
D
workers and consumers
10) An example of an incentive a business might offer to consumers is a ____.
A
tax-deferred retirement account
B
tax-free shopping day
C
“children eat free” promotion
D
free recycling bin
*select an answer for all questions
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