WorksheetsPoB Unit 5 Review
Total questions: 30
Worksheet time: 18mins
Which occurs when the supply of individuals who are able and willing to work diminishes?
Capital goods become unlimited.
Capital goods become limited.
Human resources become limited.
Human resources become unlimited.
Which is an example of an economic service?
car stereo
tennis shoes
baseball glove
concert ticket
Adrian and Bailey own a salon. Adrian is a nail technician and Bailey is a cosmetologist. Adrian gives Bailey a pedicure. Bailey gives Adrian a haircut. They do not pay money for the services provided. What does this demonstrate?
exchange
rationing
scarcity
trade-off
A local dry cleaner that also launders and presses shirts is selling:
industrial supplies.
specialty goods.
tangible items.
consumer services.
Equilibrium price of a good or service is determined by trial and error and exists when:
research shows what the market will tolerate.
the amount supplied is equal to the amount demanded.
businesses total their costs and markup.
businesses compute the average selling price in the area.
The usefulness of a product to consumers is referred to as product:
scarcity
utility
allocation
consumption
Which situations would cause prices to rise?
The corn crop is unusually large one summer.
Insects destroy a large cotton crop.
Animal rights activists march in front of a fur store.
A newspaper article describes poor service provided by a hotel.
The desire for which item(s) would be considered a noneconomic want?
a car
nutritious food
a walk
new clothing
Which is a natural resource that can be renewed through people's efforts?
Water
Crude oil
Trees
Mineral deposits
Which change provides the most time utility for a consumer?
staying open for business on the weekend
arriving at a product trade show early
shopping for a product in the morning
asking for early delivery of a product
A frost destroys 80% of Florida's citrus crop. This will most likely create:
pure competition.
a buyer's market.
a seller's market.
inelastic demand.
When prices increase, producers usually:
increase demand.
decrease supply.
increase supply.
decrease profits.
Which is a reason that natural resources are considered limited?
People lack training or skills needed to do a job.
Technology has advanced faster than training.
Some countries are unable to manufacture them.
The earth has certain boundaries.
One factor that might limit the human resources available for certain jobs is a/an:
organized training program
appealing company image
good safety record
inadequate pay level
Countries whose governments provide citizens with free medical care, education, and other benefits often are referred to as ________________ states
welfare
military
capitalist
consumer
The basic role of the United States government is to:
protect U.S. citizens.
limit business startups.
maintain control of prices.
increase production.
In a private enterprise economic system, the interaction of supply and demand primarily determines:
product prices.
the extent of pollution.
government regulation.
economic choices.
Who decides how goods and services will be marketed in a private enterprise economic system?
Business people
Legislators
Competitors
Consumers
What do economists call the intersection of a Demand curve and a Supply curve?
Equilibrium price
Surplus
Shortage
Rationing
The three economic questions each organization must answer are; What should be produced? How should it be produced? and:
For whom should it be produced?
When should it be produced?
Why should it be produced?
Where should it be produced?
A major characteristic of a market economy is ____________ ownership of property.
private
monopolistic
limited
government
John specializes in leasing commercial buildings to manufacturing companies. In which type of resource does he specialize?
Capital
Human
Natural
Service
Which is an example of consumers setting the demand?
The department store changing its staff.
Consumers bought less of the old version of a video game once the new one was released.
The wait for employees returning equipment decreased.
The footwear company moving in its new building.
Brandon's Towing Company added flat tire repair services. Which economic question does this address?
For whom to produce?
How to produce?
What to produce?
When to produce?
Which is an example of consumers establishing demand?
The department store changing its staff
The footwear company moving in its new building
The purchase of iPhone applications increasing daily
The wait to return recalled equipment decreasing daily
