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Business Essentials Test Review 1

Authored by Kim Munk

Specialty

12th Grade

Used 6+ times

Business Essentials Test Review 1
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34 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the economic problem?

We have limited wants but unlimited resources.

We have unlimited wants but limited resources.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which is the strongest motivating factor in a free market economy?

 Ability to earn a profit
 Government regulations
A.  Few consumer choices

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In a market economy, who decides on the prices of goods and services?

government
buyers and sellers
firms
local leaders

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When demand exceeds supply you have ________________

Surplus

Scarcity

Normal Balance

Economic Problem

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Raw materials supplied by nature

natural resources
consumers
human resources
goods

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When you give up something to have something else.

wants
services
trade-off
goods

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In a command economy, buying decisions are made by consumers.

True
False

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