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BML Test 1 Set 2
Test Description: Test 1 Set 2
Instructions: Answer all questions to get your test result.
1) Which of these provides the least amount/ lowest quality of goods and services to its citizens?
A
mixed economic system
B
capitalistic economic system
C
command economic system
D
traditional economic system
2) Which of these is generally focused on agriculture and other survival industries?
A
command economic system
B
mixed economic system
C
capitalistic economic system
D
traditional economic system
3) Which of these is an example of a natural resource?
A
a cucumber
B
an agricultural worker
C
a pickle
D
a tractor
4) A person who buys goods and services is called a
A
entrepreneur.
B
producer.
C
sucker.
D
consumer.
5) The amount of a good or service that consumers are willing and able to buy is
A
request.
B
unpredictable.
C
demand.
D
supply.
6) The amount of a good or service that producers are willing and able to provide is
A
unpredictable.
B
request.
C
demand.
D
supply.
7) The point where the supply and demand curves cross is known as the
A
consumer price.
B
market price.
C
point of no return.
D
point of diminishing returns.
8) Ceteris paribus, as supply increases, price
A
increases.
B
is unable to be predicted.
C
decreases.
D
stays the same.
9) Ceteris paribus, as demand decreases, price
A
decreases.
B
increases.
C
is unable to be predicted.
D
stays the same.
10) Ceteris paribus, competition makes prices go
A
down.
B
crazy.
C
away.
D
up.
*select an answer for all questions
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