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Econ Midterm Part 1
Test Description: Econ review
Instructions: Answer all questions to get your test result.
1) What condition is being created if there are more consumers who want to buy a product than the number of that product available. (Example: 1000 people want to buy an Iphone but only 100 Iphones are available for purchase)
A
Shortage
B
Surplus
C
Communism
D
Anarchy
2) What condition is created when there are more of a product available to purchase than consumers who want to buy the product. (Example: 2,000 tickets are available for a concert, but only 1,000 people want to attend that concert)
A
Shortage
B
Scarcity
C
Surplus
D
Command Economy
3) The total amount of a particular good or service available to consumers
A
Demand
B
Supply
C
Want
D
Need
4) Economic System where decisions are made by individuals and private companies
A
Anarchy
B
Command
C
Traditional
D
Market
5) A person who organizes, manages, and assumes the risks of a business or enterprise
A
Service
B
Capital
C
Entrepreneur
D
Scarcity
6) Which of the following is NOT a type of capital?
A
Financial
B
Animal
C
Human
D
Social
7) Economic System that has a reliance on Farming
A
Command
B
Anarchy
C
Traditional
D
Market
8) Goods or services that are not necessary but that bring enjoyment
A
Scarcity
B
Shortage
C
Need
D
Want
9) Something necessary for survival, such as food, water, and shelter
A
Supply
B
Shortage
C
Need
D
Want
10) What type of business structure is owned and operated by 1 person?
A
Competitive Market
B
Imperfect Competition
C
Sole Proprietorship
D
Partnership
11) Which of the following is NOT a condition for perfect competition
A
Many buyers and sellers are available for products
B
Firms can enter and leave markets without many barriers
C
Many firms produce identical products
D
There are few sellers for a product
12) Which industry is most associated with a perfect competition market structure?
A
Retail
B
Agriculture
C
Education
D
Tech
13) Someone who lost their job because they work for a company that makes products for a technology that is outdated and no longer in demand would be suffering from what type of unemploymnet?
A
Cyclical
B
Out of the work force
C
Frictional
D
Structural
14) A recent college graduate looking for a job would be considered part of what type of unemployment?
A
Frictional
B
Structural
C
Out of the work force
D
Cyclical
15) When no competition exists and a firm has complete market power what is created?
A
Imperfect Competition
B
Partnership
C
Competitive Market
D
Monopoly
16) If you were let go from a business who was downsizing their labor force because of a downturn in the economy, what type of unemployment would you be a part of?
A
Cyclical
B
Out of the work force
C
Frictional
D
Structural
*select an answer for all questions
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