When ownership is transferred from the seller to the buyer, what utility is created?
A. Possession
B. Place
C. Network
D. Form
A. Possession Utility!
100
When the price of a product has an affect on the demand of the product, what type of demand is that?
A. Elastic
B. Inelastic
A. Elastic Demand!
100
If a new and improved Cadillac Escalade comes out and consumers are willing to pay full price, the Escalade market is a _______________?
A. Seller's market
B. Buyer's market
Seller's Market!
100
Another term for the 4 factors of production is...
A. Materials
B. Economic resources
C. Capital
B. Economic Resources!
100
What are the 3 economic questions?
A. Who, what , where?
B. Why? Why not? Who cares?
C. What, how, for whom?
C. What to produce
How to produce
For whom to produce!
200
When a restaurant accepts cash, debit, credit or check which utility is that?
A. Network
B. Information
C. Time
D. Possession
D. Possession Utility!
200
If McDonald's got rid of their dollar menu, many students would likely eat at a different fast food restaurant with a dollar menu because they no longer want to buy the products at higher prices. Their demand is ____________?
A. Elastic
B. Inelastic
A. Elastic!
200
When consumers desire LESS goods and services than are available, there is a market ________?
A. Shortage
B. Scarcity
C. Surplus
D. Equilibrium
C. Surplus!
200
People who are willing to take the risk of starting their own business are which factor of production?
A. Land
B. Labor
C. Capital
D. Entrepreneurship
D. Entrepreneurship!
200
In a pure market economy, who answers the 3 economic questions?
A. The government
B. The market
C. The producers
B. The Market!
300
Value added by turning raw materials into a more useful product is which utility?
A. Information
B. Possession
C. Form
D. Place
C. Form Utility!
300
When an increase in the price of a good or service does not have a major impact on the customer's budget, the demand is __________?
A. Elastic
B. Inelastic
B. Inelastic!
300
If a farmer is selling 100 goats and a goat cheese manufacturer purchases all 100 goats from him, both parties are happy and the market is at ____________?
A. Shortage
B. Scarcity
C. Surplus
D. Equilibrium
D. Equilibrium!
300
Coal is an example of a ____________ resource?
A. Land
B. Labor
C. Capital
D. Entrepreneurship
A. Land!
300
What type of economy is found in the U.S. and Japan?
A. Communism
B. Socialism
C. Capitalism
C. Capitalism!
400
Sending fliers out with the time, date and location of the school play to all students is which utility?
A. Network
B. Information
C. Form
D. Place
B. Information Utility!
400
If a purchase must be made immediately, demand tends to be __________?
A. Elastic
B. Inelastic
B. Inelastic!
400
Consumer's _____________ and ______________ to buy products at a given time and given price is demand.
A. Willingness and interest
B. Willingness and ability
C. Ability and demand
Willingness and Ability!
400
Products used in the production of other goods are known as what?
A. Land
B. Labor
C. Capital
D. Entrepreneurship
C. Capital!
400
Most economies in the world are __________ economies, like capitalism, socialism and communism.
A. Command
B. Mixed
C. Market
B. Mixed Economies!
500
Value added by having a product WHERE customers can buy it is ____________?
A. Place
B. Time
C. Form
D. Information
A. Place Utility!
500
If a cheap substitute is easily available demand tends to be __________?
A. Elastic
B. Inelastic
A. Elastic!
500
When the price is too high, what can occur?
A. Shortage
B. Scarcity
C. Surplus
D. Equilibrium
C. Surplus!
500
Oil, minerals and gas are what economic resource?
A. Land
B. Labor
C. Capital
D. Entrepreneurship
A. Land!
500
In a traditional economy, the 3 economic questions are answered by what?
A. The government
B. Tradition
C. The market
B. Tradition
The way things have always been done!