FINAL EXAM

Who is the maker of goods?

• Producer

• Consumer

• Scarcity

• Supply Chain

What is Economics?

• The study of how people manage scarce resources

• The study of money

• The study of how money works

• The study of the stock market

Who is the purchaser of goods?

• Consumer

• Producer

• Economist

• Supply Chain

Which is NOT a factor of production?

• Land

• Labor

• Economic benefit

• Capital

What is a simple definition of supply?

• Price increases - supply increase

• Stocking of shelves

• The thought of choice between items

• When supply goes up demand goes up.

What is a simple definition of demand?

• Price increases means demand will decrease

• The power of a product for sales

• When there is not enough stock

• Simply put a shortage.

What is a monopoly?

• A business that does not allow competition.

• A business that encourages competition.

• When supply exceeds demand.

• A risky investment.

What is an owner of a share of company called?

• Bondholder

• Fundholder

• Stockholder

• Board of Director

What is the poverty level?

• The level of being rich or poor.

• The minimum level you must make to meet the standard of living.

• The level you need.

• Your amount of money you have in your account.

What is a simple definition of the unemployment rate?

• Rate of people not working and do not care to work.

• Rate of people who are working.

• Percentage of the labor force who are out of work, but are looking for a job.

• Percentage of the labor force who have a job.