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WorksheetsPOBF Objective 5.01
Total questions: 19
Worksheet time: 6mins
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
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
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 killing frost destroys 80% of Florida's citrus crop. This will most likely create a:
pure competition.
a buyer's market.
a seller's market.
inelastic demand.
A business that begins selling winter holiday decorations in late autumn is creating what type of utility?
Time
Place
Form
Possession
Which is an example of an economic service?
Car stereo
Tennis shoes
Baseball glove
Concert ticket
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.
Which is an external factor that affects market price?
Location of items in store
Consumer buying power
Number of items in stock
Available credit terms
A farmer has 1,000 acres. He decides to plant apple trees on 800 acres and raise cows on the remaining 200 acres. If he wanted to raise more cows, he would have to reduce the amount of land allotted to growing apples. This is an example of:
distribution.
Opportunity cost.
efficiency.
utility.
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
Which is a natural resource that can be renewed through people's efforts?
Water
Crude oil
Trees
Mineral deposits
When prices increase, producers usually:
increase demand.
decrease supply.
increase supply.
decrease profits.
A local dealership purchased 100 blue pickup trucks, but has only been able to sell three in the past five months. Because of the low demand for these trucks, the dealer has been forced to lower the sticker prices, creating which type of market for blue pickup trucks?
Buyer's
Discount
Seller's
Automotive
A local dry cleaner that also launders and presses shirts is selling:
industrial supplies.
specialty goods.
tangible items.
consumer services.
Which group of words best describes wants?
Limited, changing, and compensating
Unlimited, changing, and competing
Limited, unchanging, and competing
Unlimited, unchanging, and compensating
The usefulness of a product to consumers is referred to as product:
scarcity.
utility.
allocation.
consumption.
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
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 desire for which item(s) would be considered a non-economic want?
A car
Nutritious food
A walk
New Clothing
