Economics Exam 2020

This image best represents

• Scarcity

• Competition

• Profit

• Supply and Demand

Scarcity can be defined as

• hard to find, very few or limited

• The low supply in the Gross Domestic Product

• The competition between 2 markets

Which of the following best represents how well a business is doing.

• Supply and Demand

• Competition

• Profits

• Factors of Production

People who shop and buy new things can be defined as

• Consumers

• Producers

• Markets

• Supply and Demand

The Nile River in Egypt runs downstream and upstream. This is good for transporting goods. This is an example of

• Labor

• Capital

• Entrepreneurs

• Natural Resources

Some countries do not have enough resources to meet their needs. Which of the following describes the effect of scarcity?

• Countires must reduce the number of employees.

• Companies must bring resouces they need in from other countries.

• Countries must generate more money.

• Countries must send away resources to other countries.

Hair appointments and auto repair shops are examples of

• Entrepreneur

• Natural Resources

• Capital

• Labor

What might happen if we had a scarcity of entrepreneurs?

• There would be less new businesses growing.

• The profit levels of the country would rise.

• We would have a surplus of resources.

• New ideas and business would be spreading throughout the world.

What would most likely happen if there was a large loss of cows in the world?

• It would not affect American people.

• Price of hamburgers and steaks would increase.

• It would boost productivity of local cattle ranchers.

• People would all have to turn into vegetarians.

Promotes multiple brands of the same product, helps increase profit margins and opens up jobs across different industries are all

• advantages of Competition in the economy

• Supple and demand across markets.

• Factors of production in today's economy

• Advantages of a Command economy.