Unit 10 Test Review

To figure out what his profit is, Elijah must-

• Do nothing else. He has no profit.
• Add his earnings to his expenses.
• Subtract his expenses from his earnings.
• Multiply his earnings times his expenses.

In the United States, consumers have the ability to determine what goods and services will be produced through their purchases. This is called-

• Profit motive
• Free enterprise
• Private property
• Consumer sovereignty

What is the best title for the diagram below?

• Profit
• Scarcity
• Competition
• Free enterprise

In the United States, individuals and businesses have the right to own real and personal property without-

• Competition
• Profit motive
• Consumer sovereignty
• Undue government interference

What is the best title for the diagram below?

• Change in prices
• Change in supply
• Change in market
• Change in demand

What will most likely happen as a result of the scenario below?

• Bread prices will decrease.
• Less bread will be produced.
• More bread will be produced.
• People will stop buying bread.

The dot on the graph below represents-

• Supply price
• Demand price
• Consumer price
• Equilibrium price

Which of the following best describes the law of demand?

• The local golf course decreased the price to play and less players came to play.
• Apple released a new iPhone at a discounted price and it sold out in twenty minutes.
• When steel prices decreased, the profit on selling automobiles increased, and more cars were made to sell at this higher price.
• The cost of sugar increased, causing the price of the baked goods to increase. The local bakery baked less cookies and cakes because of this.

What type of business ownership is described in the scenario below?

• Monopoly
• Partnership
• Corporation
• Proprietorship

What type of business ownership is described in the scenario below?

• Monopoly
• Partnership
• Corporation
• Proprietorship