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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
The government
B
One person
C
Two people
D
A Group of people
2) Which of the following is NOT one of basic types of profit-seeking business structures?
A
Corporation
B
Partnership
C
Entrepreneur
D
Sole Proprietorship
3) What is supply?
A
amount an item costs
B
amount producers are willing to sell
C
amount consumers are willing to buy
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
Profit
B
Dividends
C
Interest
D
Cost
5) Which is an example of sole proprietorship?
A
Ari and Selah own a flower shop and share equally in its profits.
B
Spencer owns a restaurant and is responsible for all of its debts.
C
Jack and Jakob own a bookstore and are both responsible for its debts.
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
Price of goods and services
B
Mixed economies
C
Consumer preferences
D
Free markets
7) The people with the ideas and courage to start a business are known as which type of resource?
A
Human
B
Natural
C
Capital
D
Entrepreneurship
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 natural resources
B
The private sector
C
The justice system
D
The public 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
Competition
C
Free Market
D
Consumer Sovereignty
10) An economy in which communities use simple tools and methods to harvest and hunt for food often results in little economic growth.
A
Free Market
B
Traditional
C
Command
D
Mixed
11) The type of economy a country has is based on the amount of _____________ involvement in economic decisions.
A
Consumer Choice
B
Industrial Productivity
C
Government
D
Business Profit
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
Free Market
B
Command
C
Traditional
D
Mixed
13) Which of the following is NOT a characteristic of a command economy?
A
Profit Motive
B
Centrally-planned economy
C
Lack of Consumer Choice
D
Government ownership of property/resources
*select an answer for all questions
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