BML Test 1 Set 2: Question Preview (ID: 10208)


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Which of these provides the least amount/ lowest quality of goods and services to its citizens?
a) command economic system b) capitalistic economic system c) traditional economic system d) mixed economic system
Which of these is generally focused on agriculture and other survival industries?
a) command economic system b) capitalistic economic system c) traditional economic system d) mixed economic system
Which of these is an example of a natural resource?
a) an agricultural worker b) a pickle c) a cucumber d) a tractor
A person who buys goods and services is called a
a) entrepreneur. b) consumer. c) producer. d) sucker.
The amount of a good or service that consumers are willing and able to buy is
a) supply. b) demand. c) request. d) unpredictable.
The amount of a good or service that producers are willing and able to provide is
a) supply. b) demand. c) request. d) unpredictable.
The point where the supply and demand curves cross is known as the
a) point of diminishing returns. b) point of no return. c) consumer price. d) market price.
Ceteris paribus, as supply increases, price
a) increases. b) decreases. c) stays the same. d) is unable to be predicted.
Ceteris paribus, as demand decreases, price
a) increases. b) decreases. c) stays the same. d) is unable to be predicted.
Ceteris paribus, competition makes prices go
a) up. b) down. c) crazy. d) away.
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