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Economics Unit 2 Review

Quiz by Christopher Trujillo

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27 questions
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  • Q1
    What do land, labor, capital, and entrepreneurs all have in common?
    They are part of consumers
    They are factors of production
    They are durable goods
    They are all part of competition
    30s
  • Q2
    Which of the following is the maximum legal price that can be charged for a product
    Price Floor
    Shortage
    Price Ceiling
    Equilibrium
    30s
  • Q3
    Which of the following is the minimum legal price that can be charged for a product
    Price Floor
    Shortage
    Price Ceiling
    Equilibrium
    30s
  • Q4
    on the graph below, which point shows an efficient use of resources
    Question Image
    X and A
    A and C
    X and C
    D and B
    30s
  • Q5
    Only being able to buy one shirt would create this economic concept.
    scarcity
    capital
    utility
    fiat money
    30s
  • Q6
    If I own a business what would be my incentive to create a new product?
    The desire to increase my profits
    To change my producers
    The desire to hire more staff
    The betterment of the people
    30s
  • Q7
    Which of the following would be an example of limiting a consumer's economic freedom?
    Allowing consumers to buy anything from any store they choose
    Allowing consumers to buy and trade with any producer
    Allowing consumers to buy anything they wanted to use their money on
    Allowing consumers to buy anything they wanted as long as it is the item the government forces them to buy
    30s
  • Q8
    What to produce? How to produce? and For whom to produce? are _________
    Essential questions for all societies
    Essential questions for just a socialist economy
    Essential questions for just a capitalist economy
    Essential questions for just a traditional economy
    30s
  • Q9
    The four Ps of marketing are
    Price, percentage, place, product
    Price, people, process, product
    Profit, product, prospect, place
    Price, place, promotion, product
    30s
  • Q10
    On the graph below, which point shows underutilization?
    Question Image
    X
    B
    A
    C
    D
    30s
  • Q11
    Which is an example of a public good?
    A rock band
    bread
    the army
    a car
    30s
  • Q12
    This type of monopoly is based on ownership of a manufacturing method or process.
    Governement
    Technological
    Geographic
    Natural
    30s
  • Q13
    In this type of market structure two large sellers dominate the industry.
    Oligopoly
    Perfect Competition
    Monopoly
    Duopoly
    30s
  • Q14
    The monetary value of a product
    Price
    Efficiency
    Competition
    Rationing
    30s
  • Q15
    When two or more rival companies work together to limit competition
    Price-Fixing
    Differentiation
    Competition
    Collusion
    30s

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