Pre/Post Economic Test

Mr Harris hates this Phone Company

• Android

• Black Berry

• Apple

• Pixel

Economics may be best defined as

• Study of efforts to satisfy seemingly unlimited wants with scarce resources

• Branch of Sociology

• Scientific study of supply and demand

• Limited description of economic activities

To arrive at an economic decision, a decision-making grid may be used to evaluate (Cost Benefit Analysis)

• Productivity

• Only Capital Goods

• Alternative choices of action

• Only durable goods

For a consumer, the most important reason for a purchase is

• Color

• Utility

• Duurability

• Entertainment value

Land, labor, capital and entrepreneurship are the

• Basis of employment

• Factors of production

• Results of Supply & Demand

• Results of production

A risk taker in search of profits is called

• Capitalist

• Conspicuous Consumer

• An entrepreneur

• An Economist

The American Economic system can be described as having a

• Quota System

• Market Economy

• Command Economy

• Traditional System

A consumer is less likely to buy more and more units of a product at the same price because of

• Demand Elasticity

• The existence of complementary goods

• Diminishing Marginal Utility

• The Substitution effect

If the price of a product falls, producers will generally (Law of Supply)

• Offer Less for Sale

• Increase Input

• Offer more for sale

• Hold a clearance sale

What is the fundamental problem with economics?

• Capital

• Labor

• Scarcity

• The Factors of Production