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In a restaurant, cash registers, freezers, and grills are A economic goods. B free goods. C consumer goods. D capit PowerPoint Presentation
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In a restaurant, cash registers, freezers, and grills are A economic goods. B free goods. C consumer goods. D capit - PowerPoint PPT Presentation


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In a restaurant, cash registers, freezers, and grills are A economic goods. B free goods. C consumer goods. D capital goods. Scarcity is the result of limited resources and A the failure to produce what consumers want. B the lack of adequate technological progress.

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Presentation Transcript
slide1

In a restaurant, cash registers,

freezers, and grills are

A economic goods.

B free goods.

C consumer goods.

D capital goods.

slide2

Scarcity is the result of limited

resources and

A the failure to produce what

consumers want.

B the lack of adequate technological

progress.

C overpopulation in industrial

countries.

D unlimited wants and needs.

slide3

In order for a product to have value it must have utility. Utility is the capacity to

A produce industrial products.

B provide a service in the market.

C receive goods and services.

D be useful and provide satisfaction.

slide4

The more units of a certain

economic product a person

acquires, the less eager that person

is to buy more of that product.

According to economists, this is

the principle of

A substitution effect.

B income effect.

C variable proportions.

D diminishing marginal utility.

slide5

Dina likes two skirts, one red and

one blue. She has enough money

for one, so she buys the red skirt.

The blue skirt is the

A capital good.

B limited resource.

C opportunity cost.

D commodity.

slide6

To maintain or increase

production in the dairy industry,

the government provides

A productivity.

B regulations.

C subsidies.

D rationing.

slide7

Which of the following would be a

monetary incentive?

A a company car

B a larger office

C an employee lounge

D an assigned parking space

slide8

Which of the following would be a

non-monetary incentive?

A overtime

B an office with a view

C an increased benefits package

D paid vacation

slide9

The economist who identified that

self-interest and competition drive

a market economy was

A Thomas Malthus.

B Milton Friedman.

C Alan Greenspan.

D Adam Smith.

slide10

Private property is an incentive in

a market economy since it

provides the ability to

A avoid paying taxes on annual

earnings.

B enjoy productivity at the worksite.

C keep any earned rewards.

D share the benefits of public

services.

slide11

Fundamental to capitalism is the

ability of individuals and

businesses to own and control

A natural resources.

B private property.

C public utilities.

D transportation facilities.

slide12

Which belief suggests that

government should not interfere in

its country’s business or economic

affairs?

A scarcity

B voluntary exchange

C laissez-faire

D quotas

slide13

Demand for goods will be more elastic if the goods

A are essential.

B have many substitutes.

C have no complements.

D are trendy.

slide14

A local restaurant determines that

hamburgers have a price elasticity

of +2.0. If hamburger prices drop

from $2.00 to $1.50, the restaurant

will supply how many

hamburgers?

A 50 percent more hamburgers

B 25 percent less hamburgers

C 25 percent more hamburgers

D 50 percent less hamburgers

slide15

What happens to the demand for a

luxury good when its price

increases?

A consumer demand will remain the

same

B consumer demand will increase

C consumers will buy more

complementary goods

D consumers will buy more

substitute goods

slide16

Productivity is increased by

specialization because it

A reduces employees needed.

B reduces the work load of

employees.

C increases workers’ skills.

D increases dependency on foreign

countries.

slide17

A hurricane hits the coast of

Florida and subsequent weather

conditions destroy half of the

oranges produced in orange

orchards. What happens to the

price and quantity of oranges on

the market?

A The supply of oranges decreases,

and the price of oranges increases.

B The supply of oranges increases,

and the price of oranges

decreases.

C The supply of oranges decreases,

and the price of oranges

decreases.

D The supply of oranges increases,

and the price of oranges increases.

slide18

Monopolies are

A price takers.

B price setters.

C competitive.

D illegal.

slide19

What results when competitors

undercut the market price in an

attempt to gain an advantage?

A interdependent pricing

B price competition

C price leadership

D price war

slide20

In a competitive economy the

adjustment process helps establish

a relatively stable price where

quantity demanded is the same as

quantity supplied. This point in

the market is called

A correction.

B elasticity.

C equilibrium.

D surplus.

slide21

If Congress limits the number of

foreign automobiles that enter the

United States, prices of foreign

automobiles will

A increase because of technology

costs.

B increase because of decrease in

supply.

C decrease because of new

technology.

D decrease because of increased

domestic supply.

slide22

The role of an entrepreneur in a

market economy includes all the

following except

A to take on the risk of enterprise

with his or her own resources in

search for profit.

B to bring together the factors of

production to create a desired

product or service.

C to lobby government for stronger

business regulations.

D to explore and developed new, or

unrecognized, markets and

products.

slide23

When the sale of a product is no

longer generating a profit, the

company producing the product is

most likely to

A continue making the product as it

is and hope that consumer values

change.

B improve or alter the product to

meet the needs and interests of

consumers.

C petition the government for

regulations that eliminate

competing products.

D decrease advertising costs to save

money on the low-profit product.