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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
B
land, labor, capital, entrepreneurship
C
land, building, capital, entrepreneurship
D
land, nature, labor, capital
3) Which is not a type of economic system?
A
traditional economy
B
pure economy
C
command economy
D
market economy
4) In a market economy, prices and wages are determined by ____.
A
supply and demand
B
suppliers and taxes
C
inflation
D
bartering
5) When demand for a product is affected by price, it is said to have ____.
A
inelastic demand
B
a price ceiling
C
a price floor
D
elastic demand
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
Federal Deposit Insurance Commission
B
Federal Trade Commission
C
Federal Reserve Board
D
Securities and Exchange Commission
8) Tax benefits are an incentive sometimes offered by ____.
A
the government
B
consumers
C
businesses
D
citizens
9) Businesses can offer incentives to ____.
A
consumers and savers
B
workers and consumers
C
producers and consumers
D
workers and producers
10) An example of an incentive a business might offer to consumers is a ____.
A
free recycling bin
B
tax-deferred retirement account
C
“children eat free” promotion
D
tax-free shopping day
*select an answer for all questions
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