POBF - 2020 Final Exam Review

What do economists call the intersection of a Demand curve and a Supply curve?

• Shortage

• Surplus

• Equilibrium Price

A business that begins selling winter holiday decorations in late autumn is creating (a)   utility.

Which of the following items would be considered a non-economic want:

• walk

• car

• new clothes

Demand is the quantity of a good or service that buyers are ready to buy at a given price at a particular time.

• False

• True

The three economic questions each organization must answer are:

1. What should be produced?

2. How should it be produced?

3. ___________________________?

• Where should it be produced?

• For whom should it be produced?

• When should it be produced?

Tangible objects that can be manufactured or produced for resale are called ___________.

• Goods

• Wants

• Needs

A local dry cleaner that also launders and presses shirts is selling ___________________.

• consumer services

• specialty goods

What are unlimited wants with limited resources called?

(a)  

Hurricane Floyd led to increased losses for insurance companies. What is this type of risk?

• Natural

• Economic

The quantity of a good or service that producers are able and willing to offer for sale at a specified price in a given period of time is known as __________________.

• Supply

• Demand