PBMF Chap 1

Question 1

If a successful advertising campaign increased the demand for a product, the price most likely ____________.

Accepted Answer

Increases

Question 2

Human resources are people using knowledge and skills at work to produce goods and services

Accepted Answer

True

Question 3

Wants are goods and services purchased to add comfort to our life

Accepted Answer

True

Question 4

Value of the next best alternative that is forgone to produce or obtain another product

Accepted Answer

Opportunity cost

Question 5

In which of the following economic systems is the government&#x27;s role the greatest?

Accepted Answer

Command

Question 6

If many consumers want a product or service, prices

Accepted Answer

usually increase

Question 7

Which of the following is most likely a need?

Accepted Answer

gas for a delivery truck

Question 8

Combines elements of the command and market economies

Accepted Answer

Mixed economy

Question 9

Goods and money used in the production of goods and services

Accepted Answer

Capital resources

Question 10

All economic resources have an unlimited supply

Accepted Answer

False

Question 11

Both individuals and businesses can be producers

Accepted Answer

True

Question 12

An example of a natural resource is

Accepted Answer

sunlight

Question 13

Demand is the necessity required for living

Accepted Answer

False

Question 14

In terms of supply, as fewer products are produced, the price most likely _____________________.

Accepted Answer

Increases

Question 15

Factors of production is another term for economic resources

Accepted Answer

True

Question 16

The point where supply and demand meet

Accepted Answer

Market price

Question 17

Means from which goods and services are produced

Accepted Answer

Economic resources

Question 18

Businesses that offer the same goods to the same customers

Accepted Answer

Competitors

Question 19

The point at which supply and demand are equal is called ________.

Accepted Answer

Market price/equilibrium

Question 20

Economic system in which the government owns resources and dictates what is produced

Accepted Answer

Command economy

Question 21

The right of private property means you can own, use or dispose of thigs of value.

Accepted Answer

True

Question 22

Quantity of a good or service that consumers are willing to buy

Accepted Answer

Demand

Question 23

Those who buy goods and services

Accepted Answer

Consumers

Question 24

Those who determine which products and services will be available for sale.

Accepted Answer

Producers

Question 25

The right to purchase, use, and discard of things of value

Accepted Answer

Private property

Question 26

Needs are necessities required for living

Accepted Answer

True

Question 27

In which of the following economies is the government's role greatest?

Accepted Answer

Command economy

Question 28

The basic economic problem is that consumers have too many products to choose from

Accepted Answer

False

Question 29

Trade-off is the process of giving up something for gaining something else

Accepted Answer

True

Question 30

Goods and services are owned by the people

Accepted Answer

Market economy

Question 31

If many consumers want a particular service, its price will probably go up.

Accepted Answer

True

Question 32

Consumers are the individuals that decide which goods/services will be available for sale

Accepted Answer

False

Question 33

Quantity of a good or service that a business is willing to provide

Accepted Answer

Supply

Question 34

Which of the following is a consumer (select only one)?

Accepted Answer

All of the above

Question 35

Economic system where the resources are owned and controlled by the people.

Accepted Answer

Market

Question 36

Economy where goods and services are produced the same way that they have always been produced

Accepted Answer

Traditional

PBMF Chap 1

Questions 36

PBMF Chap 1

Questions 36