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