Exploring Business

When you compare prices for new tires, how are you using money?

• As a unit of accounting

• As a store of value

• As a medium of exchange

• As an indicator of debt

If you were trying to sell a product, how could you attract more customers?

• Lower the price of the product

• Raise the price of the product

• Make manufacturing more efficient

What is the most widely used economic system in the world?

• Traditional

• Mixed

• Command

• Market

What is the driving force of in the U.S. economy?

• Banks

• Entrepreneurship

• Government

• Freedom choice

How does the following situation SHIFT the demand curve for haddock, a popular white meat fish? The price of cod, another white meat fish, decreases

• Shifts the demand curve left

• Shifts the demand curve right

• Does not shift the demand curve

Why does competition among buyers in a market generally mean higher product prices and more profits for sellers.

• Because sellers will have more competition

• Because sellers will want to make more product

• Because many buyers are trying to get too few products

• Because many buyers have more product choices.

Which of the following would totally be unacceptable as a definition for economics?

• The study of how people satisfy wants and needs

• The study of how people faced with scarcity make choices

• The study of how people satisfy wants and needs of the common good

• The study of how people make rational self-interest choices to satisfy wants and needs

if more sellers enter a market, what generally happens to the price of products?

• Increases

• Decreases

• Stays the same

• Unknown

An increase in a country's productivity generally indicates a(n)------------- in a country's standard of living

• Increase

• Decrease

• no change

Which type of market has a few major sellers, and where a price action by one seller causes the other sellers to follow?

• Pure competition

• Oligopoly

• Monopoly