Final Exam Review A Question Preview (ID: 25895)
Final Exam Review 2015-A.
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A business would use a long-term loan for all of the following, EXCEPT:
a) financing research and development
b) building a new facility
c) meeting payroll
d) buying a new fleet of delivery trucks
Holders of common stock:
a) own a portion of the company
b) vote for the board of directors at an annual meeting
c) receive a share of the company's profits
d) all of these
An increase in supply will most likely cause equilibrium price to:
a) increase
b) decrease
c) stay the same
d) gradually change
A decrease in demand will most likely cause equilibrium price to:
a) increase
b) decrease
c) stay the same
d) gradually change
The price at which quantity demanded and quantity supplied are equal is:
a) the shortage price
b) market-clearing price
c) the surplus price
d) insufficient price
The condition where quantity supplied exceeds quantity demanded is called:
a) a surplus
b) an equilibrium
c) a bad market
d) a shortage
What non-price factor CANNOT affect SUPPLY?
a) a change in the availability of natural resources
b) A change in tastes and preferences
c) a change in expectations
d) the number of producers in the market
Supply is BEST defined as:
a) the quantity of goods producers purchase from other producers
b) the quantity producers are willing to sell over time
c) the quantity producers are willing and able to sell at any price at a given time
d) the quantity producers are willing and able to sell at one price at a given time
The demand curve shows an inverse relationship between
a) quantity supplied and quantity demanded
b) quantity demanded and elasticity
c) quantity supplied and elasticity
d) Quantity demanded and price
Demand for a product tends to be price-inelastic when it has:
a) many substitutes
b) is easily replaced
c) few, if any substitutes
d) occurred over a long time
Which non-price factor CANNOT shift DEMAND?
a) a change in the availability of resources
b) a change in consumer tastes and preferences
c) a change in expectations
d) a change in seasons
Which of these best describes the law of demand?
a) As prices rise, quantity demanded will rise
b) As prices rise, production will decrease
c) As prices rise, production will increase
d) As prices rise, quantity demanded will fall
Demand is BEST defined as
a) the quantity of goods consumers are willing and able to purchase at any price at a given time
b) the quantity of goods consumers are willing and able to purchase at one price at a given time
c) the quantity of goods consumers are willing and able to buy
d) none of these
In a _______________ economy, decisions about the allocation of resources are made by producers and consumers.
a) traditional
b) mixed
c) command
d) market
In a ____________ economy, decisions are guided by what has happened in the past.
a) market
b) command
c) traditional
d) mixed
In a _________ economy, decisions are made by the government.
a) market
b) command
c) traditional
d) mixed
The inequality of our wants and resources is referred to as
a) elasticity
b) scarcity
c) trade-off
d) opportunity cost
The highest valued alternative to the choice you made is referred to as:
a) scarcity
b) trade-off
c) opportunity cost
d) elasticity
When total revenue is greater than total cost, the business has made a _________.
a) profit
b) loss
c) break-even point
d) marginal benefit
Investing a college education is a way fora company to improve its:
a) physical capital
b) financial capital
c) human capital
d) political capital
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