Mr. A's Business Essentials Test Prep 21-30

New Gear studied trends in the marketplace to price their jerseys. There was an abundance of jerseys remaining after meeting the demand creating which market condition?

• equilibrium

• rationing

• shortage

• surplus

The economic resource where people work to produce goods or services are:

• capital goods.

• human resources.

• natural resources.

• noneconomic goods.

Economic resources that help people be more productive are:

• human resources.

• natural resources.

• capital goods resources.

• nonrenewable resources.

In 1890, Congress passed a law that prevents monopolies from forming and hinders price fixing. What law is this?

• Clayton Act

• Robinson-Patman Act

• Sherman Antitrust Act

• Celler-Kefauver Antimerger Act

A characteristic of an economic service is that it is:

• useful.

• 
  tangible.

• 
  nontransferable.

• 
  free to everyone.

Gasoline prices increased 30 cents per gallon. Raylee continued to purchase gasoline because her demand and need to commute to work had not changed. This is an example of what type of demand?

• complementary

• discretionary

• elastic

• inelastic

Elastic demand is more likely when the good is:

• a luxury.

• imported.

• lower price.

• inexpensive.

Deciding to stay home and study, instead of going to a basketball game, is an example of a/an:

• trade-off.

• 
  capital good.

• 
  economic want.

• 
  economic service.

ABC Corporation bought a new conveyor belt. What type of good is the conveyor belt?

• 
  capital good

• natural good

• public good

• 
  consumer good

The Brooks Company produces sneakers and studies trends in the marketplace to price their sneakers. The Brooks Company supplied as many sneakers as consumers demanded to create which market condition?

• equilibrium

• rationing

• shortage

• surplus