Question 1

Which is a reason that natural resources are considered limited?

Accepted Answer

The Earth has certain boundaries

Answer

Technology has advanced faster than training

Answer

Some countries are able to manufacture them

Answer

People lack training or skills needed to do the job

Question 2

Killing frost destroys 80% of Florida's citrus crop. This will most likely create:

Accepted Answer

a seller's market

Answer

a buyer's market

Answer

pure competition

Answer

inelastic demand

Question 3

The usefulness of a product to consumers is referred to as product:

Accepted Answer

utility

Answer

scarcity

Answer

allocation

Answer

consumption

Question 4

One factor that might limit the human resources available for jobs is a/an:

Accepted Answer

inadequate pay level

Answer

appealing company image

Answer

organized training program

Answer

good safety record

Question 5

Which is an external factor that affects market price?

Accepted Answer

consumer buying power

Answer

available credit terms

Answer

number of items in stock

Answer

locations of items in store

Question 6

Which change provides the most time utility for a consumer

Accepted Answer

staying open for business on the weekend

Answer

shopping for a product in the morning

Answer

arriving at a product trade show early

Answer

asking for early delivery of a product

Question 7

The desire for which item(s) would be considered for a non-economic want?

Accepted Answer

a walk

Answer

nutritious food

Answer

new clothing

Answer

a car

Question 8

Which is a natural resource that can be renewed through people's efforts?

Accepted Answer

trees

Answer

crude oil

Answer

water

Answer

mineral deposits

Question 9

Which group of words best describes wants?

Accepted Answer

unlimited, changing, competing

Answer

limited, unchanging, competing

Answer

limited, changing, compensated

Answer

unlimited, unchanging, compensating

Question 10

When prices increase, producers usually:

Accepted Answer

increase supply

Answer

decrease supply

Answer

increase demand

Answer

decrease profits

Question 11

What situation would cause prices to rise?

Accepted Answer

insects destroy a large cotton crop

Answer

animal rights activists march in front of a fur store

Answer

a newspaper article describes poor service provided by hotel

Answer

the corn crop is unusually large one summer

Question 12

A local dry cleaner that also launders and presses shirt is selling:

Accepted Answer

consumer services

Answer

tangible items

Answer

specialty goods

Answer

industrial supplies

Question 13

Which is an example of an economic service?

Accepted Answer

concert ticket

Answer

tennis shoes

Answer

baseball gloves

Answer

car stereo

Question 14

In business terms, what is a profit?

Accepted Answer

a monetary reward

Answer

a holiday bonus

Answer

a good investment

Answer

a risky venture

Question 15

A major characteristic of a market economy is which type of ownership of property?

Accepted Answer

private

Answer

government

Answer

monopolistic

Answer

limited

Question 16

Which represents a natural risk for a owner of a delivery service?

Accepted Answer

snowstorm

Answer

government intervention

Answer

rising prices

Answer

accident

Question 17

The basic role of the United States government is to:

Accepted Answer

protect US citizens

Answer

limit business startups

Answer

increase production

Answer

maintain control of prices

Question 18

Which is a problem associated with communist command economies?

Accepted Answer

there is no competition

Answer

supply and demand control what will be produced

Answer

there are high taxes

Answer

individuals run the risk of losing their business

Question 19

A business selects goods or services to sell. What type of risk is this business using?

Accepted Answer

controlling risk

Answer

avoiding risk

Answer

bypassing risk

Answer

transferring risk

Question 20

For a business, income remaining after payment of expenses is:

Accepted Answer

profit

Answer

loss

Answer

capital

Answer

debt

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