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10 pt

Scarce. Service. Consumer. Product. Economy. 5 pt. 5 pt. 5 pt. 5 pt. 5 pt. 10 pt. 10 pt. 10 pt. 10 pt. 10 pt. 15 pt. 15 pt. 15 pt. 15 pt. 15 pt. 20 pt. 20 pt. 20 pt. 20 pt. 20 pt. 25 pt. 25 pt. 25 pt. 25 pt. 25 pt.

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10 pt

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  1. Scarce Service Consumer Product Economy 5 pt 5 pt 5 pt 5 pt 5 pt 10 pt 10 pt 10 pt 10 pt 10 pt 15 pt 15 pt 15 pt 15 pt 15 pt 20 pt 20 pt 20 pt 20 pt 20 pt 25 pt 25 pt 25 pt 25 pt 25 pt

  2. Which of the following is the MOST scarce?A. Candy BarsB. DiamondsC. ShoesD. Compact Discs

  3. B. Diamonds

  4. Which of the following is a service?A. A new photocopierB. Toner (ink) for a photocopierC. Photocopier paperD. Photocopier installation

  5. D. Photocopier installation

  6. When there is a scarcity, there is:A. More than is neededB. Less than is neededC. Just the right amount is neededD. Nothing that is needed

  7. B. Less than is needed

  8. In order to be considered a consumer, you must:A. Manufacture somethingB. Sell somethingC. Purchase somethingD. Grow something

  9. C. Purchase something

  10. Which of the following is a luxury?A. MedicineB. PantsC. WaterD. Ice Cream

  11. D. Ice Cream

  12. You have $15 either to go to a movie with a friend or to buy a new CD by your favorite musician. You decide to purchase the CD. Which of the following is your opportunity cost?A. Buying the CDB. Giving up the movieC. $15D. There is no opportunity cost

  13. B. Giving up the movie

  14. A Store’s warehouse contains 500 televisions, 1,000 radios, 500 DVD players, and 20 theater systems. There is the greatest scarcity of which item?A. TelevisionsB. RadiosC. DVD playersD. Theater Systems

  15. D. Theater Systems

  16. Scarcity requires people to make:A. PurchasesB. ChoicesC. GoodsD. Services

  17. B. Choices

  18. Which of the following is a product?A. Marketing consultationB. Personal computerC. Legal representationD. Medical care

  19. B. Personal computer

  20. Which economy is largest?A. IndividualB. CityC. StateD. National

  21. D. National

  22. A budget is a type of:A. EconomyB. PlanC. CurrencyD. Product

  23. B. Plan

  24. Which of following can you NOT do at a bank?A. Deposit MoneyB. Withdraw MoneyC. Buy SomethingD. Apply for credit

  25. C. Buy Something

  26. You are a manufacturer of tires. It costs you $30 to make a particular model of tire, which you then sell $50. What is your profit?A. $20B. $30C. $50D. You take a loss, not a profit

  27. A. $20

  28. The most common way businesses compete with each other is through:A. Government regulationB. Offering completely different productsC. PricingD. Eliminating

  29. C. Pricing

  30. You are a plumber. Your expenses for fixing a sink total $35. You charge the customer $55 for the repair. What is your revenue?A. $20B. $35C. $55D. You do not have a revenue in this transaction

  31. C. $55

  32. Which of the following could you do at bank?A. Buy productsB. Print currencyC. Apply for a loanD. Make a profit

  33. C. Apply for a loan

  34. Which of the following would have the smallest economy?A. NationB. HouseholdC. CountyD. State

  35. B. Household

  36. Free enterprise means that businesses:A. Rely on the government to set pricesB. Try to take a lossC. Compete with one anotherD. Try to avoid revenues

  37. C. Compete with one another

  38. A market exists wherever there are:A. SellersB. BuyersC. Buyers and sellersD. Neither buyers nor sellers

  39. C. Buyers and sellers

  40. For which item is there likely to be the greatest demand?A. A broken fanB. chocolate barC. replacement radio tube #3AZD. expensive stereo system

  41. B. chocolate bar

  42. Barter is a form of:A. MoneyB. GoodsC. ServicesD. Trade

  43. D. Trade

  44. Supply and demand affects: A. Size of MarketsB. Types of ServicesC. StockD. Prices

  45. D. Prices

  46. Susan’s company produce toys. This year, they introduced a new toy called the Pretty Polly doll. The doll has become incredibly popular, and Susan is concerned because the company does not have enough dolls to sell to everyone that wants them. This is considered a:A. SurplusB. ShortageC. DemandD. Market

  47. B. Shortage

  48. At lunch today, Mary traded her pickle for Louise’s cupcake. This is an example of :A. SupplyB. DemandC. BarterD. Sale

  49. C. Barter

  50. Prices go down when:A. Supply is high and demand is lowB. Supply is high and demand is highC. Supply is low and demand is highD. Supply is low and demand is low

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