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WorksheetsPOB - Ch. 1
Total questions: 10
Worksheet time: 8mins
Marcus' Audio has priced its best selling speakers at $499. The majority of his customers are willing to pay $499 for those speakers. This is known as ___________.
trade-off
opportunity cost
market price/equilibrium
surplus
Suppliers/Producers decide what products and services will be available for sale.
True
False
The factor LEAST likely to influence the demand for a product would be __________________.
changes in personal income
changes in technology for SUPPLIERS
changes in trends
change in number of buyers (population)
The money a business uses to pay its employees is called a _____________ resource.
capital
natural
human
economic
When there are many competitors in a market, individual businesses are not able to easily raise their prices.
True
False
The primary reason why businesses invest resources and take risks is to __________________.
create jobs
produce goods/services
make a profit
produce better products
A hair cut at the barber shop would be considered a __________.
good
service
both
neither
Max has 2 hours before having to go to his part-time job. He is deciding between taking a nap or doing his homework. If Max chooses to take a nap, the opportunity cost of his decision is ________________.
the rest that he is getting
the wages from his part-time job
the poor grade his will get for not doing his homework
the risk of oversleeping and being late for work
The United States participates in this type of economic system.
command economy
traditional economy
market economy
mixed economy
