Unit 5 quiz

Examine the graphic below. What term would you use to label the middle point where the supply line and the demand line cross, representing the point that provides the best price and quantity to be sold?

• Profit

• Equilibrium

• Surplus

• Equality

Caleb overhears his dad on a business call mentioning “the market” several times. When his dad hangs up, Caleb asks him if he is going to the store. Caleb’s dad laughs and explains that he was not talking about that kind of market, he was talking about the economic market. He goes on to explain that the market is:

• the value of all services sold within a year

• the exchange process between buyers and sellers

• the voluntary donation of blood to blood banks

• the percentage of the labor force that is unemployed and actively seeking work

Lance lives in a country where the centralized government controls all (or most) of the resources in addition to making the production decisions. Based on this, what term best describes the type of economy where Lance lives?

• Free

• Command

• Labor

• Market

As a business owner who sells products to customers and a consumer who purchases products from other sellers, Dinesh has a deep understanding about the perceived value received when purchasing a good or service. He decides to teach his son, who will eventually take over the business, about this concept. What does Dinesh tell his son that he will be teaching him about?

• Economic utility

• Voluntary exchange

• Factors of production

• Opportunity costs

Based on this, what resource category is Raymond currently focused on?

• Utilities

• Currencies

• Labor

• Information

As a business owner, Laura recognizes she needs to be knowledgeable about both her particular business as well as the market and economic data surrounding her business. Because of this, Laura has worked hard to develop a specialized knowledge and expertise about her business over the years, utilizing the factor of production known as: entrepreneurship, information resources, natural resources, labor.

• entrepreneurship

• information resources

• natural resources

• labor

What will Ben be dealing with based on the lack of availability of this resource?

• Scarcity

• Abundance

• Sufficiency

• Plenty

The term 'Allocation' refers to:

• Distribution of resources or duties for a specific purpose

• A type of financial investment

• A method of data encryption

• A style of leadership

The term 'Restriction' refers to:

• A limitation or control on something

• A type of freedom

• An encouragement to act

• A form of entertainment

The term 'Abundance' refers to:

• Scarcity

• Plenty

• Moderation

• Deficiency