Utility
Satisfying wants involves four types of utility: time, place, possession, and
a
economy
b
capital
c
form
d
labor
form
In which type of economy does a central planning authority determine what, how, and for whom goods and services are produced?
a
capital
b
command
c
market
d
mixed
command
Which statement is most accurate about demand?
a
If demand drops, profits drop.
b
If demand increases, profits drop.
c
If demand drops, profits increase.
d
If demand drops, profits are not affected.
What normally happens during a recession?
a
Both employment and production decrease.
b
Total demand exceeds supply.
c
Total supply exceeds demand.
d
The economic growth rate increases rapidly.
A
What is not a factor of production?
A. LAND
B. UTILITY
C. LABOR
D. CAPITAL
B. UTILITY
Producing omelette pans with nonstick coating addresses which type of utility?
a
form
b
place
c
time
d
possession
Form
The right to own property is not a feature of
a
traditional capitalism
b
mixed economies
c
pure communism
d
Western European socialism
pure communism
When Supply is low but Demand is High - It causes prices to
A-Prices Go Down
B- Prices Stay the Same
C- Prices Go Up
D-No One Knows
C Prices Go Up
Who is the Central Bank of the United States?
A. Bank of the US
B. Federal Reserve
C. Big Bank Central
D. United States Bank
B. Federal Reserve
A person who starts a new business is an
A. BRAVE PERSON
B. ENTREPRENEUR
C. MANAGER
D. SUPERVISOR
B. ENTREPRENEUR
When the production of consumer goods increases, the production of
a
capital goods increases
b
capital goods and services increases
c
capital goods decreases
d
capital goods increases and services decreases
Capital Goods Decreases
North Korea and Cuba have __ type of governments make economic life unbearable.
a. open and free
b. democratic
c. constitutional republic
d. repressive and totalitarian
d. repressive and totalitarian
If Dunkin Donuts, comes out with Heart Shaped Donuts during Valentines Day. The Demand goes
A. Up
B. Down
C. Stays the Same
A. Up
One Cause of the 2008 Economic Recession was ___
A. Currency Crisis
B. Housing Crises
C. High Unemployment
D. Oil Prices
B. Housing Crises
Having a farm is what kind of factor of production?
A. Land
B. Labor
C. Capital
D. Entrepreneurship
A. Land
STARTING AN ONLINE STORE DURING A SPIKE IN COVID CASES
A . FORM UTILITY
B. PLACE UTILITY
C. POSSESSION UTILITY
D. TIME UTILITY
B. PLACE UTILITY
In Communist Countries, economic and human freedom are
A. Very High
B. Very Low
C. Average
B. Very Low
When Demand exceeds supply of a good, that good will be in ____
A. Surplus
B. Shortage
C. Equilibrium
D. Nothing
B. Shortage
Artificially Low Interest Rates and Cheap Credit can cause the economy to _____
A. Go on an unsustainable Boom
B. Stop production
C. Increase Jobs
D. Crash the Currency
A. Go on an unsustainable Boom
Utility is the process trying to maximize ____ in a resource(place/person/money).
A. Land
B. Value
C. Education
D. Time
B. Value
Hiring a new manager in the factory is what kind of factor of production?
A. Land
B. Labor
C. Capital
D. Entrepreneurship
B. Labor
The wealthiest economies on planet Earth are ___
A. Communist
B. Mixed
C. Capitalist
D. Socialists
C. Capitalist
Having a new truck is what kind of factor of production?
A. Land
B. Labor
C. Capital
D. Entrepreneurship
C. Capital
When the Federal Reserves increases the money supply exponentially, people experience ____.
A. Deflation
B. Inflation
C. Free money
D. More Goods and Services
B. Inflation
Countries that have market based economies are
A Capitalist
B Communist
C Mixed
D Repressive
A Capitalist