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BF10 Objectives 5.01-5.02

Quiz by Myra Womble

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20 questions
Show answers
  • Q1
    Which is a reason that natural resources are considered limited?
    Technology has advanced faster than training
    Some countries are able to manufacture them
    The Earth has certain boundaries
    People lack training or skills needed to do the job
    30s
  • Q2
    Killing frost destroys 80% of Florida's citrus crop. This will most likely create:
    a buyer's market
    a seller's market
    pure competition
    inelastic demand
    30s
  • Q3
    The usefulness of a product to consumers is referred to as product:
    scarcity
    allocation
    utility
    consumption
    30s
  • Q4
    One factor that might limit the human resources available for jobs is a/an:
    appealing company image
    organized training program
    inadequate pay level
    good safety record
    30s
  • Q5
    Which is an external factor that affects market price?
    available credit terms
    consumer buying power
    number of items in stock
    locations of items in store
    30s
  • Q6
    Which change provides the most time utility for a consumer
    staying open for business on the weekend
    shopping for a product in the morning
    arriving at a product trade show early
    asking for early delivery of a product
    30s
  • Q7
    The desire for which item(s) would be considered for a non-economic want?
    nutritious food
    new clothing
    a car
    a walk
    30s
  • Q8
    Which is a natural resource that can be renewed through people's efforts?
    crude oil
    trees
    water
    mineral deposits
    30s
  • Q9
    Which group of words best describes wants?
    limited, unchanging, competing
    unlimited, changing, competing
    limited, changing, compensated
    unlimited, unchanging, compensating
    30s
  • Q10
    When prices increase, producers usually:
    decrease supply
    increase demand
    increase supply
    decrease profits
    30s
  • Q11
    What situation would cause prices to rise?
    animal rights activists march in front of a fur store
    a newspaper article describes poor service provided by hotel
    insects destroy a large cotton crop
    the corn crop is unusually large one summer
    30s
  • Q12
    A local dry cleaner that also launders and presses shirt is selling:
    consumer services
    tangible items
    specialty goods
    industrial supplies
    30s
  • Q13
    Which is an example of an economic service?
    concert ticket
    tennis shoes
    baseball gloves
    car stereo
    30s
  • Q14
    In business terms, what is a profit?
    a holiday bonus
    a good investment
    a monetary reward
    a risky venture
    30s
  • Q15
    A major characteristic of a market economy is which type of ownership of property?
    government
    monopolistic
    limited
    private
    30s

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