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Chapter 7 Test Part 3
Test Description: Part 3
Instructions: Answer all questions to get your test result.
1) A business is ___________ when it is out of money and unable to meet its finicial obligations.
A
bankrupt
B
consumer
C
profit
D
not enough
2) A company makes a _____________ when the amount it makes from selling its products is more than it costs to make them.
A
profit
B
consumer
C
money
D
competiton
3) The economy is the way a country handles its _________ and products
A
competition
B
money
C
not enough
D
too much
4) If there is ____________ money is circulation, prices will become too high
A
bankrupt
B
consumer
C
money
D
too much
5) If there is __________ money in circulation, business will slow down
A
competition
B
money
C
profit
D
not enough
6) 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
bankrupt
C
profit
D
money
7) A product that is changed to meet consumers\' preferences is a ______________-driven product
A
profit
B
competition
C
consumer
D
bankrupt
8) Name a factor that affects supply and demand
A
trade with other countries
B
the money supply
C
jobs
D
all of the above
9) Explain the law of supply and demand
A
prices fall when goods are plentiful
B
manufacturers produce more than enough, but prices rise when good are scarce
C
consumers wnat more that manufacturers produce
D
all of the above
10) What is the Federal Reserve System
A
part of the government in charge of systems
B
who you call to make a reservation at a restaurant
C
the central banking system of the United States which controls amount of money in circulation
D
a system that the Federal Government usese to reserve rights
*select an answer for all questions
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