Chapter 14 EOU and Competitive Pricing Pretest

Chapter 14 EOU and Competitive Pricing Pretest

12th Grade

•

30 Qs

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Chapter 14 EOU and Competitive Pricing Pretest

Chapter 14 EOU and Competitive Pricing Pretest

Assessment

Quiz

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Other

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12th Grade

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Practice Problem

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Created by

Tonya Brooks

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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Competition between suppliers pushes

prices lower

supply higher

consumers to buy less

prices higher

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is not a benefit of competition?

lower prices

better quality

less consumer choice

innovation

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Entrepreneurs who consistently make a profit over time can

invest in other businesses

offer more products

donate profits to benefit society

all of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The "profit motive" is

profit calculated as a percentage of costs

the money left over when sales are subtracted from costs

the economics of one unit

the reason entrepreneurs take on business risk

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When parents rush to the mall to buy a popular toy for the holidays,

they create competition among consumers

the supply of the toy may fall

suppliers of the toy may charge a higher price for it

all of the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business makes a profit when

competition is high

operating costs are higher than money from sales

money from sales is lower than overhead

money from sales is greater than money spent on expenses

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The strategy of basing your price around what your competitors charge is called

demand pricing

competition-based pricing

cost-plus pricing

value-based pricing

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