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The Market Economy (Part 1)
Test Description: The Market Economy
Instructions: Answer all questions to get your test result.
1) The fixed costs of a business
A
are based on the price of supplies
B
include advertising costs
C
include monthly rent
D
do not include the cost of insurance
2) The forces of supply and demand determine
A
none of these
B
price in a market economy
C
price in a command economy
D
whether government controls prices
3) An entrepreneur should make a change if the marginal benefit of the change is
A
less than a variable cost
B
less than its marginal cost
C
greater than its marginal cost
D
at the equilibrium quantity
4) When there are many different suppliers producing similar goods,
A
buyers can shop around for the best deal
B
there is a monopoly
C
supply will never equal demand
D
there is not competition
5) In a command economy,
A
the government determines what products and services are produced
B
people are not always able to obtain exactly what they want
C
all of these
D
there is very little choice in what is available
6) An entrepreneur uses the concept of marginal benefit to
A
change a competitive market to a monopoly
B
increase demand for a product or service
C
decide whether a business change is desirable
D
change a fixed cost to a variable cost
7) The demand curve shows that the quantity consumed of a good or service
A
decreases as price decreases
B
is not affected by price
C
increases as price decreases
D
increases as price increases
8) In making business decisions, an entrepreneur should consider all of the following except
A
opportunity benefits
B
opportunity costs
C
marginal costs
D
marginal benefits
9) When figuring out the price to charge for a product or service, an entrepreneur should consider
A
fixed costs
B
the cost of materials
C
the cost of labor
D
all of these
10) In a market economy, individual choice
A
creates the market for a good or service
B
creates scarcity
C
has no effect on the production of goods or services
D
does not influence how items are produced
*select an answer for all questions
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