
Economics Unit 2 Review
Quiz by Christopher Trujillo
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27 questions
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- Q1What do land, labor, capital, and entrepreneurs all have in common?They are part of consumersThey are factors of productionThey are durable goodsThey are all part of competition30s
- Q2Which of the following is the maximum legal price that can be charged for a productPrice FloorShortagePrice CeilingEquilibrium30s
- Q3Which of the following is the minimum legal price that can be charged for a productPrice FloorShortagePrice CeilingEquilibrium30s
- Q4on the graph below, which point shows an efficient use of resourcesX and AA and CX and CD and B30s
- Q5Only being able to buy one shirt would create this economic concept.scarcitycapitalutilityfiat money30s
- Q6If I own a business what would be my incentive to create a new product?The desire to increase my profitsTo change my producersThe desire to hire more staffThe betterment of the people30s
- Q7Which of the following would be an example of limiting a consumer's economic freedom?Allowing consumers to buy anything from any store they chooseAllowing consumers to buy and trade with any producerAllowing consumers to buy anything they wanted to use their money onAllowing consumers to buy anything they wanted as long as it is the item the government forces them to buy30s
- Q8What to produce? How to produce? and For whom to produce? are _________Essential questions for all societiesEssential questions for just a socialist economyEssential questions for just a capitalist economyEssential questions for just a traditional economy30s
- Q9The four Ps of marketing arePrice, percentage, place, productPrice, people, process, productProfit, product, prospect, placePrice, place, promotion, product30s
- Q10On the graph below, which point shows underutilization?XBACD30s
- Q11Which is an example of a public good?A rock bandbreadthe armya car30s
- Q12This type of monopoly is based on ownership of a manufacturing method or process.GovernementTechnologicalGeographicNatural30s
- Q13In this type of market structure two large sellers dominate the industry.OligopolyPerfect CompetitionMonopolyDuopoly30s
- Q14The monetary value of a productPriceEfficiencyCompetitionRationing30s
- Q15When two or more rival companies work together to limit competitionPrice-FixingDifferentiationCompetitionCollusion30s