Final Exam

Which of the following is an example of a WANT

• Xbox

• Food

• Water

• Shelter

Which of the following is an example of a NEED

• Food

• Water

• Shelter

• All of the above

Which of the following is an example of a SERVICE

• Mowing a lawn

• Car tire

• Computer

• Backpack

Fruits/vegetables is an example of which kind of market structure?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

Tech is an example of which kind of market structure?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

Fast food is an example of which kind of market structure?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

Electricity is an example of which kind of market structure?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

What is the main incentive to start a business?

• Revenue

• Total Costs

• Profit

• Demand

Which of the following is NOT one of the three stages of the economy?

• Expansion

• Peak

• Recession

• Trough

Which of the following is a goal of the United States economy?

• Low unemployment

• Price stability

• Economic growth

• All of the above