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Final Exam Review A
Test Description: Final Exam Review 2015-A
Instructions: Answer all questions to get your test result.
1) The highest valued alternative to the choice you made is referred to as:
A
opportunity cost
B
scarcity
C
elasticity
D
trade-off
2) The inequality of our wants and resources is referred to as
A
scarcity
B
trade-off
C
opportunity cost
D
elasticity
3) In a ____________ economy, decisions are guided by what has happened in the past.
A
mixed
B
traditional
C
command
D
market
4) In a _________ economy, decisions are made by the government.
A
traditional
B
market
C
mixed
D
command
5) In a _______________ economy, decisions about the allocation of resources are made by producers and consumers.
A
command
B
traditional
C
market
D
mixed
6) Demand is BEST defined as
A
the quantity of goods consumers are willing and able to buy
B
none of these
C
the quantity of goods consumers are willing and able to purchase at any price at a given time
D
the quantity of goods consumers are willing and able to purchase at one price at a given time
7) Which of these best describes the law of demand?
A
As prices rise, quantity demanded will fall
B
As prices rise, production will increase
C
As prices rise, production will decrease
D
As prices rise, quantity demanded will rise
8) 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
9) Demand for a product tends to be price-inelastic when it has:
A
occurred over a long time
B
many substitutes
C
is easily replaced
D
few, if any substitutes
10) The demand curve shows an inverse relationship between
A
quantity demanded and elasticity
B
quantity supplied and quantity demanded
C
quantity supplied and elasticity
D
Quantity demanded and price
11) Supply is BEST defined as:
A
the quantity producers are willing and able to sell at any price at a given time
B
the quantity of goods producers purchase from other producers
C
the quantity producers are willing and able to sell at one price at a given time
D
the quantity producers are willing to sell over time
12) What non-price factor CANNOT affect SUPPLY?
A
A change in tastes and preferences
B
a change in expectations
C
the number of producers in the market
D
a change in the availability of natural resources
13) The price at which quantity demanded and quantity supplied are equal is:
A
insufficient price
B
the shortage price
C
the surplus price
D
market-clearing price
14) The condition where quantity supplied exceeds quantity demanded is called:
A
a surplus
B
an equilibrium
C
a bad market
D
a shortage
15) A decrease in demand will most likely cause equilibrium price to:
A
gradually change
B
decrease
C
stay the same
D
increase
16) An increase in supply will most likely cause equilibrium price to:
A
gradually change
B
stay the same
C
decrease
D
increase
17) Holders of common stock:
A
vote for the board of directors at an annual meeting
B
all of these
C
receive a share of the company's profits
D
own a portion of the company
18) A business would use a long-term loan for all of the following, EXCEPT:
A
financing research and development
B
buying a new fleet of delivery trucks
C
meeting payroll
D
building a new facility
19) When total revenue is greater than total cost, the business has made a _________.
A
marginal benefit
B
loss
C
profit
D
break-even point
20) Investing a college education is a way fora company to improve its:
A
financial capital
B
political capital
C
physical capital
D
human capital
*select an answer for all questions
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