POBF 5.01 - Fundamentals Of Economics (2016-2017) Question Preview (ID: 32980)


Fundamentals Of Economics (2016-2017). TEACHERS: click here for quick copy question ID numbers.

Which is an example of an economic service?
a) car stereo
b) tennis shoes
c) baseball glove
d) concert ticket

A killing frost destroys 80% of Florida's citrus crop. This will most likely create:
a) pure competition.
b) a buyer's market.
c) a seller's market.
d) inelastic demand.

Which is a natural resource that can be renewed through people's efforts?
a) Water
b) Crude Oil
c) Trees
d) Mineral deposits

The desire for which item(s) would be considered a noneconomic want?
a) a car
b) nutritious food
c) a walk
d) new clothing

A local dry cleaner that also launders and presses shirts is selling:
a) industrial supplies.
b) specialty goods.
c) tangible items.
d) consumer services.

Which is an external factor that affects market price?
a) location of items in store
b) consumer buying power
c) number of items in stock
d) available credit terms

A farmer has 1,000 acres. He decides to plant apple trees on 800 acres and raise cows on the remaining 200 acres. If he wanted to raise more cows, he would have to reduce the amount of land allotted to growing apples. This is an example of:
a) distribution.
b) opportunity cost.
c) efficiency.
d) utility

Which group of words best describes wants?
a) limited, changing, and compensating
b) unlimited, changing, and competing
c) limited, unchanging, and competing
d) unlimited, unchanging, and compensating

Which is a reason that natural resources are considered limited?
a) People lack training or skills needed to do a job.
b) Technology has advanced faster than training.
c) Some countries are unable to manufacture them.
d) The earth has certain boundaries.

Which occurs when the supply of individuals who are able and willing to work diminishes?
a) Capital goods become unlimited.
b) Capital goods become limited.
c) Human resources become limited.
d) Human resources become unlimited.

The usefulness of a product to consumers is referred to as product:
a) scarcity.
b) utility.
c) allocation.
d) consumption.

When prices increase, producers usually:
a) increase demand.
b) decrease supply.
c) increase supply.
d) decrease profits.

A local dealership purchased 100 blue pickup trucks, but has only been able to sell three in the past five months. Because of the low demand for these trucks, the dealer has been forced to lower the sticker prices, creating which type of market for b
a) buyer’s
b) discount
c) seller’s
d) automotive

Which change provides the most time utility for a consumer?
a) staying open for business on the weekend
b) arriving at a product trade show early
c) shopping for a product in the morning
d) asking for early delivery of a product

Equilibrium price of a good or service is determined by trial and error and exists when:
a) research shows what the market will tolerate.
b) the amount supplied is equal to the amount demanded.
c) businesses total their costs and markup.
d) businesses compute the average selling price in the area.

One factor that might limit the human resources available for certain jobs is a/an:
a) organized training program.
b) appealing company image.
c) good safety record.
d) inadequate pay level.

A business that begins selling winter holiday decorations in late autumn is creating what type of utility?
a) time
b) place
c) form
d) possession

Which situations would cause prices to rise?
a) The corn crop is unusually large one summer.
b) Insects destroy a large cotton crop.
c) Animal rights activists march in front of a fur store.
d) A newspaper article describes poor service provided by a hotel.

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