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Economics Test Review #2
Test Description: Economics Test Review #2
Instructions: Answer all questions to get your test result.
1) In a proprietorship, the profits are kept by -
A
Two people
B
One person
C
The government
D
A Group of people
2) Which of the following is NOT one of basic types of profit-seeking business structures?
A
Partnership
B
Entrepreneur
C
Corporation
D
Sole Proprietorship
3) What is supply?
A
amount consumers are willing to buy
B
amount producers are willing to sell
C
amount an item costs
D
amount that determines what is purchased
4) Henry has a lemonade stand. He earned $15. His expenses were $9. What is the remaining $6?
A
Dividends
B
Interest
C
Profit
D
Cost
5) Which is an example of sole proprietorship?
A
Jack and Jakob own a bookstore and are both responsible for its debts.
B
Spencer owns a restaurant and is responsible for all of its debts.
C
Ari and Selah own a flower shop and share equally in its profits.
D
Jason owns stocks in a ladder company and receives a portion of its profits.
6) What does the interaction between supply and demand decide?
A
Consumer preferences
B
Price of goods and services
C
Mixed economies
D
Free markets
7) The people with the ideas and courage to start a business are known as which type of resource?
A
Entrepreneurship
B
Capital
C
Human
D
Natural
8) The United States government has required a recall on certain brands of cereal that have contaminated ingredients. The government can recall items to insure safety of -
A
The public sector
B
The natural resources
C
The justice system
D
The private sector
9) Rivalry between producers of a good or service results in better quality goods and services at a lower price. This is called -
A
Profit
B
Consumer Sovereignty
C
Free Market
D
Competition
10) An economy in which communities use simple tools and methods to harvest and hunt for food often results in little economic growth.
A
Mixed
B
Free Market
C
Command
D
Traditional
11) The type of economy a country has is based on the amount of _____________ involvement in economic decisions.
A
Industrial Productivity
B
Government
C
Business Profit
D
Consumer Choice
12) The government of North Korea provides food for its citizens. However, the food is often in short supply, has little variety, and of poor quality. What type of economy is it?
A
Command
B
Free Market
C
Traditional
D
Mixed
13) Which of the following is NOT a characteristic of a command economy?
A
Government ownership of property/resources
B
Centrally-planned economy
C
Profit Motive
D
Lack of Consumer Choice
*select an answer for all questions
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