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Supply And Demand
Test Description: Review for First Semester Final
Instructions: Answer all questions to get your test result.
1) A person who buys and uses goods and services
A
Consumer
B
Producer
C
Trader
D
Buyer
2) An example of a producer is a(n)
A
Plumber
B
Construction worker
C
Farmer
D
Beautician
3) the quantity of a good or service that CONSUMERS are willing and able to buy.
A
Supply
B
increasing
C
Demand
D
Profit
4) the quantity of a good or service that BUSINESSES are willing and able to provide
A
merchandise
B
Christmas items
C
Demand
D
Supply
5) Businesses offering very similar products to the same customers
A
competitors
B
Brand partners
C
Rivals
D
Wannabes
6) Factors influencing demand are
A
All of the above
B
uniqueness of the product
C
quality
D
weather
7) The point where supply and demand are equal
A
goal
B
perfection
C
equilibrium
D
market price
8) As competition increases, prices
A
There is no way to predict what will happen to prices due to competition
B
are not affected so usually will not change
C
will decrease
D
usually increase as well
9) _________________ pay close attention to the needs and activities of consumers.
A
Controllers
B
Extractors
C
producers
D
Suppliers
10) Consumers are made up of.....
A
businesses
B
individuals
C
All of the above
D
government
*select an answer for all questions
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