Bus. Econ. Objective Exam 1 Review

Which of the following is an example of paradigm innovation:

Which of the following is a negative economic incentive:

Which of the following is NOT an example of a positive, financial incentive would be:

Which of the following is an example of excess supply:

Which is an example of a change in culture affecting the production of a good or service?

The point at which supply and demand cross is the:

Resources are limited as they cannot fulfill everyone's wants/needs.

Which of the following factors affects consumers' decisions to buy goods or services:

Opportunity cost is:

Which of the following is characteristic of a buyer's market:

When a business analyzes the cost of buying plastic versus the cost of buying glass:

White vinegar is for cooking, but is now being sold to whiten clothes. What type of innovation?

Which of the following might cause supply of a good to decrease:

Market's way of rationing limited goods/services to consumers in a market economy is through

On a decision matrix, which weight should be assigned to the most important criteria?

When changes in a product's price do not cause changes in consumer demand, the product has