ITB Chapter 1 Question Preview (ID: 38351)


BUS230 The Fundamentals Of Economics. TEACHERS: click here for quick copy question ID numbers.

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

The factors of production include ____.
a) land, labor, capital, entrepreneurship
b) land, labor, capital
c) land, nature, labor, capital
d) land, building, capital, entrepreneurship

Which is not a type of economic system?
a) traditional economy
b) command economy
c) market economy
d) pure economy

In a market economy, prices and wages are determined by ____.
a) bartering
b) supply and demand
c) inflation
d) suppliers and taxes

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

Which of the following is NOT a depository institution?
a) commercial banks
b) credit unions
c) investment banks
d) savings and loan associations

The regulatory agency that oversees non-depository institutions is the ____.
a) Federal Reserve Board
b) Securities and Exchange Commission
c) Federal Trade Commission
d) Federal Deposit Insurance Commission

Tax benefits are an incentive sometimes offered by ____.
a) the government
b) businesses
c) consumers
d) citizens

Businesses can offer incentives to ____.
a) producers and consumers
b) consumers and savers
c) workers and consumers
d) workers and producers

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

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