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Final Exam Review A
Test Description: Final Exam Review 2015-A
Instructions: Answer all questions to get your test result.
1) The highest valued alternative to the choice you made is referred to as:
A
elasticity
B
scarcity
C
trade-off
D
opportunity cost
2) The inequality of our wants and resources is referred to as
A
trade-off
B
elasticity
C
opportunity cost
D
scarcity
3) In a ____________ economy, decisions are guided by what has happened in the past.
A
traditional
B
mixed
C
command
D
market
4) In a _________ economy, decisions are made by the government.
A
market
B
mixed
C
traditional
D
command
5) In a _______________ economy, decisions about the allocation of resources are made by producers and consumers.
A
market
B
command
C
traditional
D
mixed
6) Demand is BEST defined as
A
none of these
B
the quantity of goods consumers are willing and able to buy
C
the quantity of goods consumers are willing and able to purchase at one price at a given time
D
the quantity of goods consumers are willing and able to purchase at any price at a given time
7) Which of these best describes the law of demand?
A
As prices rise, production will decrease
B
As prices rise, production will increase
C
As prices rise, quantity demanded will rise
D
As prices rise, quantity demanded will fall
8) Which non-price factor CANNOT shift DEMAND?
A
a change in the availability of resources
B
a change in expectations
C
a change in seasons
D
a change in consumer tastes and preferences
9) Demand for a product tends to be price-inelastic when it has:
A
occurred over a long time
B
many substitutes
C
few, if any substitutes
D
is easily replaced
10) The demand curve shows an inverse relationship between
A
quantity demanded and elasticity
B
quantity supplied and quantity demanded
C
Quantity demanded and price
D
quantity supplied and elasticity
11) Supply is BEST defined as:
A
the quantity producers are willing and able to sell at any price at a given time
B
the quantity producers are willing to sell over time
C
the quantity producers are willing and able to sell at one price at a given time
D
the quantity of goods producers purchase from other producers
12) What non-price factor CANNOT affect SUPPLY?
A
A change in tastes and preferences
B
a change in the availability of natural resources
C
a change in expectations
D
the number of producers in the market
13) The price at which quantity demanded and quantity supplied are equal is:
A
the shortage price
B
market-clearing price
C
insufficient price
D
the surplus price
14) The condition where quantity supplied exceeds quantity demanded is called:
A
a bad market
B
a surplus
C
a shortage
D
an equilibrium
15) A decrease in demand will most likely cause equilibrium price to:
A
decrease
B
gradually change
C
stay the same
D
increase
16) An increase in supply will most likely cause equilibrium price to:
A
decrease
B
gradually change
C
stay the same
D
increase
17) Holders of common stock:
A
vote for the board of directors at an annual meeting
B
receive a share of the company's profits
C
own a portion of the company
D
all of these
18) A business would use a long-term loan for all of the following, EXCEPT:
A
buying a new fleet of delivery trucks
B
meeting payroll
C
financing research and development
D
building a new facility
19) When total revenue is greater than total cost, the business has made a _________.
A
loss
B
profit
C
break-even point
D
marginal benefit
20) Investing a college education is a way fora company to improve its:
A
political capital
B
financial capital
C
physical capital
D
human capital
*select an answer for all questions
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