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intro to business - economics

Total questions: 96

Worksheet time: 2hrs 31mins

Name
Class
Date
1.

The 5 types of economic utilities are Time Utility, Place Utility, Form Utility, Possession Utility, and Information Utility

a)

True

b)

False

2.
Offering auto leases rather than requiring customers to pay the full purchase price provides possession utility. 
a)
True
b)
False
3.
Convenience stores open 24 hours a day usually provide both time and place utility. 
a)
True
b)
False
4.
Packaging milk into smaller containers to meet the demand of people who live alone is an example of
a)
form utility
b)
possession utility
c)
time utility
d)
place utility
5.

A new surf shop opens in the middle of Brooklyn, New York. This shop lacks...

a)

Time Utlity

b)

Place Utility

c)

Information Utility

d)

Possession Utility

6.

A new vending machine in school begins offering Apple Pay along with their standard cash and debit card pay options. This is an example of....

a)

Time Utility

b)

Information Utility

c)

Form Utility

d)

Possession Utility

7.

Coke Zero updates its product label to communicate its sugar free features. This is an example of...

a)

Place Utility

b)

Information Utility

c)

Form Utility

d)

Possession Utility

8.

Apple's latest product uses shock resistant glass to create a shatter proof screen. This is an example of...

a)

Form Utility

b)

Information Utility

c)

Place Utility

d)

Possession Utility

9.

A school begins offering tutoring hours to meet the needs of their working students who are seeking tutoring. This is example of...

a)

Place Utility

b)

Information Utility

c)

Time Utility

d)

Form Utility

10.

Apple Care offers customer support through chat and a phone hotline to all customers. This is an exame of..

a)

Form Utility

b)

Time Utility

c)

Place Utility

d)

Information Utility

11.

The total amount of a specific good or service that is available to consumers

a)

market

b)

demand

c)

microeconomic

d)

supply

12.
Utility is the
a)
benefit or satisfaction that a person gets from the consumption of a good or service
b)
measure of how useful a resource is in the production process
c)
measure of productivity associated with a good or service
d)
economic term for consumption possibilities
13.

A system by which people get a living and satisfy their want is ________________________

a)

Factor of Production

b)

Human wants

c)

Goods

d)

Economy

14.

Credit cards and installment plans increase _____________ by making products easier to get for some customers.

a)

Information utility

b)

possession utility

c)

form utility

d)

place utility

15.

A well-located drive-through window adds value to a bank's services by providing:

a)

Information utility

b)

Possession utility

c)

Form utility

d)

Place utility

16.

This utility is created when a product or service is available when it is needed or wanted by consumers:

a)

Time utility

b)

Form utility

c)

Place utility

d)

Possession Utility

17.

The combination of unlimited needs and wants with limited resources results in:

a)

Marketing

b)

Competition

c)

Scarcity

d)

Economics

18.

The quantity of a product consumers are willing and able to buy at a given price.

a)

Supply

b)

Competition

c)

Demand

d)

Scarcity

19.

When the price of a product is increased, less will be demanded and when the price is decreased, more will be demanded. This statement illustrates the ….

a)

Law of Demand

b)

Law of Economics

c)

Law of Supply

d)

Law of Pricing

20.

The Market Price is found at the point where supply and demand curves meet. What is another name for the point where supply and demand curves meet?

a)

Price point

b)

Market point

c)

Equilibrium point

d)

Selling point

21.

Scarcity is defined as a limited supply of resources and...

a)

limited wants for those resources

b)

unlimited resources

c)

limited resources

d)

unlimited wants for available resources

22.

What are all societies forced to do because of scarcity?

a)

Make production decisions

b)

Conserve resources

c)

Limit resource use

d)

Charge large amount of money for available resources

23.

What is the condition that exists when the supermarket runs out of 2% milk?

a)

Scarcity

b)

Shortage

24.
Economics is the study of how people seek to satisfy their needs and wants by making choices.
a)
True
b)
False
25.
If you choose an apple instead of a banana, the banana is the opportunity cost.
a)
True
b)
False
26.
What will probably happen if something people want to buy is scarce?
a)
The price will go up.
b)
The price will go down.
c)
You will be able to get it for free.
27.
When you give up something to buy another thing, the thing you give up is your __________.
a)
the benefit
b)
the opportunity cost
c)
scarcity
28.

What is the fundamental problem in Economics - it is what forces all of us into making choices?

a)

Too many resources for the demand

b)

Limited wants

c)

Unlimited resources

d)

Scarcity

29.

In Economics terms, what is the "opportunity cost" of choosing when you are faced with a decision?

a)

All the possible alternatives other than what you chose.

b)

It is the cost of choosing - what you had to "give up" in order to get the thing you chose

c)

The price of the item.

d)

What you earn when you take a chance.

30.

In Economics, Trade-off and Opportunity Cost mean the same thing.

a)

True!

b)

False!

31.

What should be the most important factor considered when you make a decision?

a)

the Trade-offs

b)

the Opportunity Cost

c)

the lost opportunities

d)

the opinions of others

32.

A Trade-off is

a)

a purchase in a marketplace.

b)

an alternative that we sacrifice when we make a decision.

c)

any good or service a consumer needs.

d)

a factor of production.

33.

What name is given to the value of the next best alternative that you give up when you make a decision?

a)

Trade-offs

b)

Opportunity cost

c)

Lost opportunities

d)

Options

34.

Our wants are always greater than our resources.

a)

True

b)

False

35.
Which of the following best describes the relationship between trade offs and opportunity cost?
a)
opportunity costs happen because of trade offs
b)
opportunity costs are the opposite of trade offs
c)
trade offs lower the opportunity cost of an economic decision
d)
trade offs occur when there are no opportunity costs
36.
a choice between two things that cannot be had at the same time
a)
opportunity cost
b)
opportunity costs are the opposite of trade offs
c)
trade offs
37.

What you give up in a trade-off is called ______________ .

a)

an opportunity cost

b)

a trade-off

c)

scarcity

d)

supply

e)

demand

38.

The law of DEMAND says that ________

a)

The lower the price, the greater the demand.

b)

The higher the price, the lower the demand.

c)

The higher the price, the higher the demand.

d)

The lower the price, the lower the demand.

39.

What happens when DEMAND INCREASES (people want more), but SUPPLY DECREASES (the maker puts out less of the product)?

a)

Prices go up.

b)

Prices go down.

c)

Prices stay the same.

40.

Point at which supply and demand curve intersect each other

a)

price ceiling

b)

excess demand

c)

equilibrium

d)

disequilibrium

41.
Equilibrium price is the price at which the quantity of a product demanded by consumers and the quantity supplied by producers
a)
are different.
b)
are equal.
c)
is higher for the product demanded.
d)
is higher for the product supplied.
42.

When the quantity demanded is greater than the quantity supplied it is known as

a)

equilibrium

b)

a shortage

c)

a surplus

d)

an opportunity cost

43.

When demand increases, the equilibrium price and quantity supplied will both

a)

increase

b)

decrease

c)

stay the same

44.

Suppose that the market for coats is described as follows: What is the equilibrium price of coats?

a)

120

b)

100

c)

80

d)

60

45.

Suppose the government sets a price ceiling of $80. How large will the shortage be?

a)

5 million coats

b)

4 million coats

c)

3 million coats

d)

2 million coats

46.

Mr Coyote goes to the ticket booth to buy tickets for a Spurs game. Mr. Coyote is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available?

a)

The arena forgot to print enough tickets.

b)

The supply of tickets was greater than the demand.

c)

The arena charged too much money for each ticket.

d)

The demand for tickets was greater than the supply.

47.
Which situation is most likely to lead to the lowest prices?
a)
There is only one producer making the good.
b)
Businesses secretly agree to share their profits.
c)
Competition between businesses is prohibited.
d)
Several producers compete to sell goods to the public.
48.
When companies compete in a market economy, what is usually the result?
a)
Consumers are able to buy goods for the best available price.
b)
People pay much higher prices for goods.
c)
There are frequent shortages of goods on the market.
d)
Producers refuse to sell some of their products.
49.

Refer to Graph 4-1. The movement from point A to point B on the graph shows

a)

a decrease in demand.

b)

an increase in demand.

c)

an increase in quantity demanded.

d)

a decrease in quantity demanded.

50.

Refer to Graph 4-5. According to the graph, what are the equilibrium price and quantity?

a)

$7, 20.

b)

$7, 60.

c)

$5, 40.

d)

$3, 60.

51.
What is a characteristics of a market economy?
a)
lack of choice
b)
individual choice
c)
competition
d)
central ownership of property
52.
Which type of economy is run by the businesses & business owners?
a)
Command
b)
Mixed
c)
Communist
d)
Market
53.
Which type of economy is based on traditions and beliefs?
a)
Command
b)
Market
c)
Traditional
d)
Mixed
54.
Which type of economy has the government making all decisions?
a)
Market
b)
Mixed
c)
Traditional
d)
Command
55.
If I produce meat but, the government has to check to make sure I can put this product on the market, what economic system is this?
a)
Mixed
b)
Traditional
c)
Market 
d)
Command
56.

What type of economy does the United States have?

a)

Traditional

b)

Command

c)

Market

d)

Mixed

57.
When inflation is high the _______________of the dollar decreases
a)
cost value
b)
purchasing power
c)
importance
d)
validity
58.

What is Inflation?

a)

Money being able to buy more products

b)

is rising general level of products and it reduces the “production power” of money.

c)

is rising general level of prices and it reduces the “purchasing power” of money.

d)

is lowering general level of prices and it raises the “purchasing power” of money.

59.

What are the three causes of Inflation?

a)

Supply Chain

b)

Overspending

c)

Federal Reserve

d)

Gas Prices

60.

What do we call it when people want to buy a certain thing?

a)

Demand

b)

interest

c)

curiosity

d)

economics

61.

If there is more demand than there is supply, what will happen?

a)

The product/goods becomes more expensive.

b)

Things for free!

c)

The prices come down!

d)

Buy-one-get-one-free!

62.

If there is more supply than there is demand--what can happen?

a)

The price doubles.

b)

The products/goods become more expensive!

c)

The product becomes harder to find in stores.

d)

The product can become cheaper/less expensive

63.

What happens when there is too much money and too few goods/products?

a)

Prices go lower?

b)

Recession

c)

economics

d)

inflation

64.

Think about this: What can cause prices to go up?

a)

People are getting paid more money.

b)

The product is harder to get.

c)

Wars

d)

Famines

65.

Which of the following best describes an oligopoly?

a)

many monopolistically competitive firms

b)

a few firms sharing monopoly power

c)

a former monopoly that has been broken up by the government

d)

a government-granted franchise or monopoly

66.

An oligopoly is a market structure in which many firms sell products that are similar but not identical

a)

TRUE

b)

FALSE

67.
   Scarcity can best be defined as 
a)
A Shortage of a product
b)
Where demand is greater than supply
c)
Unlimited wants vs Limited resources 
d)
Limited wants vs unlimited resources 
68.
The law of demand states that
a)
consumers demand a larger quantity of a good when price is low.
b)
consumer demand increases when price is low.
c)
sellers supply a larger quantity of a good when price is high.
d)
sellers increase supply when price is high.
69.
As the price of a good rises in a market, it acts as a signal:
a)
consumers that they should buy a greater quantity of the good.
b)
to producers that they should supply a greater quantity of the good.
c)
to consumer that they should increase their demand for the good.
d)
to producers that they should increase their supply of the good.
70.
In which market structure does a firm have greatest control over its product’s price?
a)
perfect competition
b)
monopoly
c)
oligopoly
d)
monopolistic competition
71.

Large number of firms all produce same product

a)

Oligopoly

b)

Monopoly

c)

Perfect Competition

d)

Imperfect Competition

72.

Few large companies dominate the market (airlines, car manufacturers etc)

a)

Oligopoly

b)

Monopoly

c)

Termopoly

d)

Hetermopoly

73.

Single company supplies the output where the market runs efficiently (Atmos natural gas)

a)

Natural Monopoly

b)

Proprietorship

c)

Government Cooperative

d)

Monopolistic Competition

74.

Many companies selling similar (not identical) products

a)

Natural Monopoly

b)

Proprietorship

c)

Government Cooperative

d)

Monopolistic Competition

75.

Which of the following is NOT considered non-price competition?

a)

Location

b)

Black Friday Sale

c)

Physical Characteristics

d)

Advertising

76.

This market structure has the least competition

a)

Oligopoly

b)

Monopoly

c)

Termopoly

d)

Hetermopoly

77.

There thousands of farms that sell corn to thousands of buyers

a)

oligopoly

b)

monopoly

c)

monopolistic competition

d)

perfect competition

78.

There are many fast food franchises that sell hamburgers. Each one has its own flagship hamburger product that distinguishes itself amongst the competition.

a)

monopoly

b)

monopolistic competition

c)

oligolpoly

d)

perfect competition

79.

A small island in the pacific has one business that sells diving equpiment.

a)

monopoly

b)

monopolistic competition

c)

oligopoly

d)

perfect competition

80.

Which of these is a disadvantage of monopoly from a consumers perspective

a)

More innovative products

b)

Less choice

c)

More choice

d)

Sticky prices

81.

The market for automobiles is an oligopoly

a)

True

b)

False

82.

The market for search engines is an oligopoly

a)

True

b)

False

83.
Choose the example that goes best with an oligopoly.
a)
apples
b)
cell phone providers
c)
utilities
d)
clothing
84.

Which of the following industries is an example of a monopoly?

a)

utilities/water

b)

department stores

c)

auto industry

d)

commercial airlines

85.
The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)
a)
monopoly
b)
oligopoly
c)
perfect competition
d)
monopolistic competition
86.

A market that has a few sellers of basically the same goods.

a)

Perfect Competition

b)

Pure Monopoly

c)

Monopolistic Competition

d)

Oligopoly

87.

Public utilities are an example.

a)

Perfect Competition

b)

Natural Monopoly

c)

Monopolistic Competition

d)

Oligopoly

88.

Which of the following industries is an example of a monopoly?

a)

utilities/water

b)

departments stores

c)

auto industry

d)

commercial airlines

89.
What type of business did the Sherman Antitrust Act try to break up?
a)
Monopolies
b)
Small Business
c)
Meat Packaging
d)
Joint-Stock Companies
90.
What does Inflation do to the value of money?
a)
Makes it go up.
b)
Makes it go down.
c)
Makes it stay the same.
91.
Does increasing the money supply cause inflation or deflation?
a)
Inflation
b)
Deflation
92.

Too much money in our economy leads to

a)

Inflation

b)

Recession

93.
"The Fed" refers to the....
a)
Federal Bureau of Investigation
b)
Federal Government
c)
Federal Reserve System
d)
Federal Income Tax
94.

Interest rate is

a)

The price of goods and services

b)

Price of money - tells you how high the cost of borrowing is, or high the rewards are for saving.

c)

The price you have to pay when you want to buy sth cash

d)

Not very important number you will see when borrowing money

95.
define - interest rates are defined as the
a)
price of loans 
b)
price of money 
c)
rate charged on investment costs 
d)
the opportunity cost of not saving 
96.

The Law of Supply says that when prices go up, supply does what?

a)

goes up

b)

stays the same

c)

goes down

d)

goes away

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