Economics Final Short Practice

Front

What determines who gets the awesome trucks at the auto dealer?

Back

Price

Front

If a company buys powerful 3D printers, which factor of production are they investing in?

Back

Capital

Front

Scarcity is the problem faced by

Back

All societies

Front

You decide to open your own restaurant. You get a loan, rent a building, hire employees, and order all the necessary equipment and supplies to serve your customers. Which factor of production do you represent?

Back

Entrepreneurship

Front

The economic theory of scarcity states that because resources are limited, people have to do which of the following? Make choices, Suffer, Make more resources, Borrow money

Back

Make choices

Front

In the circular flow diagram, in which of the markets are human resources exchanged for wages, salary, or income?

Back

Resource market

Front

A drought has killed most of the tomato plants in the United States. What will most likely happen to the price of tomatoes and ketchup?

Back

Prices will increase

Front

What is the equilibrium quantity for this product according to the graph?

Back

200

Front

According to the graph, what is the quantity demanded if the price is $8?

Back

100

Front

What kind of business organization is Bill's Excellent Adventure Travel Agency, which specializes in exotic trips and allows him to not share decision-making, costs, liability, or profit?

Back

Sole proprietorship