A) the study of money only B) the study of only businesses C) the study of how societies use limited resources to meet unlimited needs D) the study of technology
A) expensive things people buy for fun B) the essential goods and services required for survival C) things you want ,but are not essential D) items that government controls
A) expensive ,high quality that not essential for survival B) goods that everyone needs to survive C) cheap goods found in most stores D) items that only businesses produce
A) natural resources like water and land B) man-mad resources used to produce goods and services C) money owned by individuals D) human resources like effort and skills
A) the effort of humans [physical and mental ]used in production B) the things people own C) the land where goods are produced D) the money businesses make
A) the effort used in production B) the study of government policies C) the natural resources used to make goods D) the ability to organize and manage a businesses while taking risk
A) the study of individuals and businesses making decisions B) the analysis of government policies C) the study of the entire national economy D) the study of international trade
A) the study of consumer behavior only B) the study of the economy at a national and global level C) the study of the supply of money D) the study of individual businesses
A) a government run economy B) a system where businesses are not allowed to compete C) a system where private individuals own resources and make decisions with little government interference D) an economy where the government controls all businesses
A) the right to own,control and transfer resources without interference from the government B) the right to live anywhere in the country C) the right to only own land D) the right to sell goods freely
A) the study of how societies allocate limited resources to satisfy unlimited wants and needs B) the study of technology C) the study of government policies D) the study of money supply
A) inputs and output B) consumer preferences C) demand and supply D) profit and loss
A) discount-oriented buyers B) one time buyer C) impulse buyers D) ethical conscious buyers
A) output decrease as fewer workers are added B) as more of one input is added , the additional output will eventually decrease C) the total output will always increase as long as resources are available D) adding more workers always increase output at the same rate
A) social media advertising B) ar/vr experiences C) voice search D) ai chatbots
A) physical and mental used in production B) things people own C) the money businesses make D) the land where goods are produced
A) expensive products that provide comport and prestige B) non essential wants that can be purchased with extra income C) wants that are only important to businesses D) the essential goods and services required for human and well being
A) goods that essential for survival B) goods that are produced by government intervention C) high quality ,expensive products that are desired for comport ,prestige ,or status D) goods that are affordable for most people
A) money B) land C) labor D) capital
A) land B) capital C) labor D) entrepreneurship
A) it is not advertised B) it is hard to find C) the price goes up D) the price goes down
A) short run B) shutdown period C) fixed period D) long run
A) fixed B) variable C) always increasing D) unimportant
A) stays the same B) increase C) decreases D) bouble
A) losses B) satisfaction C) expenses D) effort
A) constant returns to scale B) decreasing returns to scale C) increasing return to scale D) no returns to scale
A) must choose how to spend their money B) can buy limited products C) prefer expensive products D) never think about money when buying
A) cost ,price ,profit ,loss B) income ,output, demand ,supply C) land ,labor ,capital, entrepreneurship D) water ,fire air, earth
A) a good where demand increase as price increase B) a luxury brand item C) a product that always follows the law of demand D) a substitute good
A) social media -influenced buyers B) impulse buyers C) ethical /conscious buyers D) businesses buyers (B2B buyers)
A) consumers respond very little to price changes B) the demand curve is perfectly vertical C) consumer responds significantly to price changes D) the quantity demanded does not change with price changes
A) total revenue is maximized when PED is equal to 1 B) price increase leads to higher total revenue C) price increase leads to lower total revenue D) price changes does not effect total revenue
A) the satisfaction derived from all purchase B) the total satisfaction from consuming a specific good C) the total satisfaction from consuming a product D) the additional satisfaction from consuming one more unit of a product
A) land B) economic resources C) goods and services D) capital
A) inelastic demand B) unitary elastic demand C) perfectly elastic demand D) elastic demand
A) the way supply responds to changes in income B) the relationship between price and quantity demanded C) how income effects the supply of labor D) the responsiveness of demand for a goods
A) they are essentially the same ,just different terms B) microeconomics focuses on individuals and businesses ,while macroeconomics looks at the overall economy C) microeconomic focuses on government policies ,while macroeconomics focuses on structures D) microeconomics focuses on individuals and businesses while macro economics looks at the overall economy
A) land B) capital C) labor D) entrepreneurship
A) electronics B) clothing C) luxury cars D) medicine
A) the buying and selling of goods and services over the internet B) transactions related to government services C) businesses to businesses networking D) in person retail transaction
A) money B) labor C) land D) entrepreneurship
A) testing theories using world data B) the use of historical data in theory formation C) the analysis of financial data only D) theoretical assumption made without evidence
A) people make choices solely one benefits B) people make decisions based on logical analysis C) people are indifferent between gains and losses D) people fear losing more than enjoy gaining
A) the natural resources used to make goods B) the effort used in production C) manage businesses while taking risks D) the study of government policies
A) the money businesses make B) the land where goods are produced C) physical and mental used in production D) the things person own
A) salt B) luxury goods like designer bags C) life saving medicine D) gasoline
A) video marketing B) content saturation C) data privacy and security influencer marketing
A) interactive and immersive content B) print marketing C) email campaigns D) social media advertising
A) there are many substitute available for the good B) the good is a necessity with few substitute C) the good has high production costs D) the goods is expensive to income
A) spending on both necessities and luxuries decrease as income rises B) spending on luxuries increase while spending on necessities remains the same C) as income rises ,spending on necessities increase D) as income fails , spending on luxuries increase
A) luxury cars B) salt C) concert tickets D) airline tickets
A) designer watches B) medicine C) water D) bread
A) perfectly elastic demand B) unitary elastic demand C) elastic demand D) inelastic demand
A) consumer select combinations of goods that provide the same utility B) consumers make decisions based one emotions and biases C) consumer aims to maximize their satisfaction within their budget D) consumer react to losses more strongly than gains
A) luxury goods B) salt C) life saving medicine D) airline ticket
A) electricity B) luxury goods C) water D) salt |