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POBF 5.01 - Fundamentals Of Economics (2016-2017)
Test Description: Fundamentals of Economics (2016-2017)
Instructions: Answer all questions to get your test result.
1) Which is an example of an economic service?
A
baseball glove
B
concert ticket
C
car stereo
D
tennis shoes
2) A killing frost destroys 80% of Florida's citrus crop. This will most likely create:
A
pure competition.
B
inelastic demand.
C
a buyer's market.
D
a seller's market.
3) Which is a natural resource that can be renewed through people's efforts?
A
Water
B
Crude Oil
C
Trees
D
Mineral deposits
4) The desire for which item(s) would be considered a noneconomic want?
A
new clothing
B
nutritious food
C
a car
D
a walk
5) A local dry cleaner that also launders and presses shirts is selling:
A
consumer services.
B
specialty goods.
C
tangible items.
D
industrial supplies.
6) Which is an external factor that affects market price?
A
number of items in stock
B
consumer buying power
C
available credit terms
D
location of items in store
7) A farmer has 1,000 acres. He decides to plant apple trees on 800 acres and raise cows on the remaining 200 acres. If he wanted to raise more cows, he would have to reduce the amount of land allotted to growing apples. This is an example of:
A
opportunity cost.
B
efficiency.
C
utility
D
distribution.
8) Which group of words best describes wants?
A
limited, unchanging, and competing
B
limited, changing, and compensating
C
unlimited, changing, and competing
D
unlimited, unchanging, and compensating
9) Which is a reason that natural resources are considered limited?
A
People lack training or skills needed to do a job.
B
The earth has certain boundaries.
C
Some countries are unable to manufacture them.
D
Technology has advanced faster than training.
10) Which occurs when the supply of individuals who are able and willing to work diminishes?
A
Capital goods become unlimited.
B
Human resources become limited.
C
Capital goods become limited.
D
Human resources become unlimited.
11) The usefulness of a product to consumers is referred to as product:
A
allocation.
B
consumption.
C
scarcity.
D
utility.
12) When prices increase, producers usually:
A
decrease profits.
B
increase supply.
C
decrease supply.
D
increase demand.
13) A local dealership purchased 100 blue pickup trucks, but has only been able to sell three in the past five months. Because of the low demand for these trucks, the dealer has been forced to lower the sticker prices, creating which type of market for b
A
seller’s
B
discount
C
buyer’s
D
automotive
14) Which change provides the most time utility for a consumer?
A
shopping for a product in the morning
B
staying open for business on the weekend
C
arriving at a product trade show early
D
asking for early delivery of a product
15) Equilibrium price of a good or service is determined by trial and error and exists when:
A
businesses compute the average selling price in the area.
B
the amount supplied is equal to the amount demanded.
C
businesses total their costs and markup.
D
research shows what the market will tolerate.
16) One factor that might limit the human resources available for certain jobs is a/an:
A
organized training program.
B
inadequate pay level.
C
good safety record.
D
appealing company image.
17) A business that begins selling winter holiday decorations in late autumn is creating what type of utility?
A
time
B
possession
C
place
D
form
18) Which situations would cause prices to rise?
A
The corn crop is unusually large one summer.
B
A newspaper article describes poor service provided by a hotel.
C
Animal rights activists march in front of a fur store.
D
Insects destroy a large cotton crop.
*select an answer for all questions
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