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