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EC011 Objective B Quiz Flashcards | StudBud
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EC011 Objective B Quiz
EC011 Objective B Quiz
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Questions
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Answers
1
whch of the following factors would most likely influence demand
technology
future prices
price of other goods
cost to produce
2
What factor affects a product's utility to the individual customer?
Price of other goods
Consumer's age
# of producers
# of consumers
3
whch of the following factors would most likely influence supply
buying power
technology
willingness
utility
4
which of the following might cause supply of a good to decrease
inelastic demand
government regulations
sales skills
advertising
5
which of the following factors may influence supply
standard of living
number of consumers
product utility
natural disasters
6
Researching potential demand for a business's brand new product. Which factor?
product's utility
costs of production
number of producers
government's policy
7
Which of these determines whether consumers can buy goods or services?
production costs
competition
buying power
labor costs
8
one reason why the supply of certain products has been eliminated is because of
technology
government regulations
elasticity
production methods
9
whch of the following factors would most likely influence demand
# of producers
disasters
emergencies
buying power
10
buying goods/services to maintain the quality of life and living conditions
quality standards
personal selling
quality control
standard of living
11
what might businesses do if they expect prices to increase substantially in the future?
increase production now
encourage consumers to buy
ship more products to stores
keep products off the market
12
whch of the following factors would most likely influence supply
# of producers
price of other goods
utility
buying power
13
Most businesses strive to supply goods and services in direct proportion to
cost of production
demand
supply
standard of living
14
The price of complementary products has an effect on ...
supply
utility
demand
elasticity
