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WorksheetsPOB OBJ 5.01 MC #2
Total questions: 10
Worksheet time: 5mins
When prices increase, producers usually:
increase supply.
decrease profits.
decrease supply.
increase demand.
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
automotive
seller’s
discount
Which situations would cause prices to rise?
Insects destroy a large cotton crop.
A newspaper article describes poor service provided by a hotel.
The corn crop is unusually large one summer.
Animal rights activists march in front of a fur store.
Equilibrium price of a good or service is determined by trial and error and exists when:
businesses compute the average selling price in the area.
research shows what the market will tolerate.
the amount supplied is equal to the amount demanded.
businesses total their costs and markup.
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.
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
A business that begins selling winter holiday decorations in late autumn is creating what type of utility?
time
place
form
possession
Which group of words best describes wants?
unlimited, changing, and competing
limited, changing, and compensating
limited, unchanging, and competing
unlimited, unchanging, and compensating
The usefulness of a product to consumers is referred to as product:
scarcity.
utility.
allocation.
consumption.
