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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
car stereo
B
tennis shoes
C
concert ticket
D
baseball glove
2) A killing frost destroys 80% of Florida's citrus crop. This will most likely create:
A
a buyer's market.
B
inelastic demand.
C
pure competition.
D
a seller's market.
3) Which is a natural resource that can be renewed through people's efforts?
A
Trees
B
Mineral deposits
C
Crude Oil
D
Water
4) The desire for which item(s) would be considered a noneconomic want?
A
new clothing
B
a walk
C
a car
D
nutritious food
5) A local dry cleaner that also launders and presses shirts is selling:
A
tangible items.
B
consumer services.
C
industrial supplies.
D
specialty goods.
6) Which is an external factor that affects market price?
A
location of items in store
B
consumer buying power
C
number of items in stock
D
available credit terms
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
distribution.
C
efficiency.
D
utility
8) Which group of words best describes wants?
A
limited, unchanging, and competing
B
limited, changing, and compensating
C
unlimited, unchanging, and compensating
D
unlimited, changing, and competing
9) Which is a reason that natural resources are considered limited?
A
The earth has certain boundaries.
B
Some countries are unable to manufacture them.
C
People lack training or skills needed to do a job.
D
Technology has advanced faster than training.
10) Which occurs when the supply of individuals who are able and willing to work diminishes?
A
Human resources become limited.
B
Capital goods become unlimited.
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
utility.
C
consumption.
D
scarcity.
12) When prices increase, producers usually:
A
increase demand.
B
decrease profits.
C
increase supply.
D
decrease supply.
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
buyer’s
B
automotive
C
seller’s
D
discount
14) Which change provides the most time utility for a consumer?
A
arriving at a product trade show early
B
staying open for business on the weekend
C
shopping for a product in the morning
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
research shows what the market will tolerate.
B
businesses total their costs and markup.
C
the amount supplied is equal to the amount demanded.
D
businesses compute the average selling price in the area.
16) One factor that might limit the human resources available for certain jobs is a/an:
A
inadequate pay level.
B
good safety record.
C
appealing company image.
D
organized training program.
17) A business that begins selling winter holiday decorations in late autumn is creating what type of utility?
A
time
B
form
C
possession
D
place
18) Which situations would cause prices to rise?
A
A newspaper article describes poor service provided by a hotel.
B
Insects destroy a large cotton crop.
C
The corn crop is unusually large one summer.
D
Animal rights activists march in front of a fur store.
*select an answer for all questions
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