Economic Resources Quiz

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

• capital goods.

• human resources.

• natural resources.

• noneconomic goods.

What is the name for markets with only a few sellers, such as the markets for automobiles, pharmaceuticals, or oil?

• oligopolies.

• monopolies.

• perfect competition

• monopolistic competition

Competition helps create a healthy society by:

• creating new jobs.

• increasing the money supply.

• making new government regulations.

• replacing small businesses with large businesses.

A business decides against opening a store in the next town because its research shows the location will be unprofitable. What form of risk management is this?

• avoidance

• reduction

• retention

• transfer

To prepare for effective decision-making that ensures the efficient delivery of products to the marketplace, one should study:

• marketing

• economics

• job outlooks

• supply chains

Economic resources that help people be more productive are:

• human resources

• natural resources

• capital goods resources

• nonrenewable resources

A large retailer wants to contribute to the well-being of society. It donates 10% of its proceeds to a charity that helps the environment. The retailer is demonstrating:

• e-tailing

• wholesaling

• social responsibility

• voluntary merchandise

A form of demand for products in which changes in price correspond to changes in demand is:

• consumer.

• elastic.

• equilibrium.

• inelastic.

A business that buys goods or services and sells them to the ultimate consumer is a:

• manufacturer.

• producer.

• retailer.

• wholesaler.

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