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ITB Chapter 1
Test Description: BUS230 The Fundamentals of Economics
Instructions: Answer all questions to get your test result.
1) The principle that states people must decide which goods and services to use due to limited resources and unlimited wants is known as ____.
A
economics
B
opportunity cost
C
scarcity
D
shortage
2) The factors of production include ____.
A
land, labor, capital
B
land, building, capital, entrepreneurship
C
land, labor, capital, entrepreneurship
D
land, nature, labor, capital
3) Which is not a type of economic system?
A
market economy
B
command economy
C
traditional economy
D
pure economy
4) In a market economy, prices and wages are determined by ____.
A
bartering
B
suppliers and taxes
C
supply and demand
D
inflation
5) When demand for a product is affected by price, it is said to have ____.
A
a price ceiling
B
a price floor
C
inelastic demand
D
elastic demand
6) Which of the following is NOT a depository institution?
A
credit unions
B
commercial banks
C
savings and loan associations
D
investment banks
7) The regulatory agency that oversees non-depository institutions is the ____.
A
Federal Deposit Insurance Commission
B
Federal Reserve Board
C
Securities and Exchange Commission
D
Federal Trade Commission
8) Tax benefits are an incentive sometimes offered by ____.
A
citizens
B
consumers
C
businesses
D
the government
9) Businesses can offer incentives to ____.
A
consumers and savers
B
producers and consumers
C
workers and consumers
D
workers and producers
10) An example of an incentive a business might offer to consumers is a ____.
A
“children eat free” promotion
B
free recycling bin
C
tax-free shopping day
D
tax-deferred retirement account
*select an answer for all questions
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