Examining Economic Factors - Quizizz

Which statement is true about capital goods?

• They increase production costs

• They increase the production of goods

• They decrease the productivity of labor

• They decrease the productivity of management

Which of the following add to the quality of life?

• Economic Needs

• Study of Economics

• Economic Wants

• Ratio analysis

Why does utility differ for each consumer?

• We all have different preferences

• It doesn't, utility is the same for everyone

• Due to communism

• Because of natural resources

Privatization occurs when:

• a company issues stock

• the government takes over a business

• a government transfers to a business its authority to provide a good or service

• a business goes bankrupt

A product's market price (or equilibrium) is the price at which

• the producer can no longer meet costs

• the producer sells at a manageable loss

• consumer demand begins to drop

• supply and demand are equal

If it costs me $6 to make a burger and I want to earn a profit of $3 per burger, what price should I sell it for?

• $6

• $3

• $9

• $12

A political-economy system where resources are allocated by individuals based on competition is:

• Capitalism

• Socialism

• Communism

• Marxism

What are costs that exist regardless of if you are producing a product (like rent or interest on debt)

• variable costs

• fixed costs

• equilibrium

• surplus

What typically occurs during a period of high inflation?

• Total supply exceeds demand

• Prices rise rapidly

• The purchasing power of money rises

• Prices slowly decline

The number of products that will be bought at a given time at a given price

• demand

• supply

• price

• equilibrium