Economic Concepts Test Review

Which of the following is the theories, principles, and models which deal with production, distribution, and consumption of goods and services?

• Price

• Economics

• Supply

• Demand

Which of the following are materials used in producing goods or providing services?

• Economic resources

• Economic utility

• Supply

• Human needs

Which of the following enhances value by having a product or ervice available to consumers during a certain time of day, month, or year?

• Possession utility

• Information utility

• Place utility

• Time utility

Advertising which informs consumers about a new product is an example of which of the following?

• Possession utility

• Information utility

• Place utility

• Time utility

Which of the following is the rule which states at some point adding more factors to a production process will not improve returns?

• Law of diminishing returns

• Specialization

• Place utility

• Factors of product

Which of the following is an economic system in which businesses are privately owned and product development is proportionate to the accumulation and reinvestment of profits gained in free market?

• Socialism

• Communism

• Capitalism

• Monopoly

Which of the following is the amount charged as a percentage of the intitial loan borrowed from a lender?

• Types of competition

• Interest rate

• Consumer spending

• Supply and demand

The amount of product available to the market is known as which of the following?

• Supply

• Demand

• Resources

• Interest

Economic Succuess can NOT be measured in the following ways?

• Gross domestic product

• GNI

• DGP

• Producer price index

Which of the following shows an economic decline when high and an economic exansion when low?

• Unemployment rate

• Producer price index

• Rate of inflation

• Consumer price index