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