Business Essentials

Business Essentials

12th Grade

20 Qs

quiz-placeholder

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Business Essentials

Business Essentials

Assessment

Quiz

Business

12th Grade

Hard

Created by

Roy Alame

Used 2+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Marcy is ready to buy a new computer, and she has saved up enough money to buy the model she wants. This is an example of

supply

demand

elasticity

market price

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

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

demand

elasticity

market price

supply

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A team of employees is responsible for researching potential demand for a business’s brand-new product. The factor that is most likely to affect demand for this product is the

product’s utility.

costs of production.

government’s policy.

number of producers.

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following is a factor affecting a product’s utility to the individual customer:

Number of producers

Number of consumers

Price of other goods

Consumer’s age

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following determines whether consumers can purchase goods or services:

Buying power

Labor costs

Competition

Production costs

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The price of complementary products has an effect on

elasticity.

supply.

utility.

demand.

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

For 20 years, Don owned a small grocery store. When several big box stores that sell groceries at discounted prices moved into the area, Don’s sales declined, and he had to close his business. Which of the factors that affect supply affected Don’s business?

Natural disasters

Government regulation

Labor demands

Number of producers

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