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Economic Concepts Test Review

Authored by Stacie Segars

Computers

12th Grade

Used 11+ times

Economic Concepts Test Review
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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Economic resources

Economic utility

Supply

Human needs

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Possession utility

Information utility

Place utility

Time utility

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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