Chapter 7 Test Part 3: Question Preview (ID: 11440)


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A business is ___________ when it is out of money and unable to meet its finicial obligations.
a) bankrupt b) profit c) not enough d) consumer
A company makes a _____________ when the amount it makes from selling its products is more than it costs to make them.
a) profit b) competiton c) consumer d) money
The economy is the way a country handles its _________ and products
a) money b) too much c) not enough d) competition
If there is ____________ money is circulation, prices will become too high
a) too much b) money c) bankrupt d) consumer
If there is __________ money in circulation, business will slow down
a) not enough b) competition c) profit d) money
When a company tries to get consumers\' business by producing better products or selling them a lower proces than another company there is ___________.
a) competition b) profit c) money d) bankrupt
A product that is changed to meet consumers\' preferences is a ______________-driven product
a) consumer b) competition c) bankrupt d) profit
Name a factor that affects supply and demand
a) all of the above b) jobs c) trade with other countries d) the money supply
Explain the law of supply and demand
a) all of the above b) prices fall when goods are plentiful c) consumers wnat more that manufacturers produce d) manufacturers produce more than enough, but prices rise when good are scarce
What is the Federal Reserve System
a) the central banking system of the United States which controls amount of money in circulation b) who you call to make a reservation at a restaurant c) part of the government in charge of systems d) a system that the Federal Government usese to reserve rights
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