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Unit 9 Test Review Flashcards | StudBud
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Unit 9 Test Review
Unit 9 Test Review
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Answers
1
The advertisement shown below would be for what basic type of business?
Partnership
Proprietorship
Corporation
Industry
2
In which economy do people often perform the same type of work as their parents, regardless of ability or potential?
Mixed Economy
Traditional Economy
Free Market Economy
Command Economy
3
Free Financing, Tax Credits, and Buy one/Get one Free is an example of...
Monopolies
Scarcity
Opportunity Cost
Incentives
4
Centrally planned economy and lack of consumer choice is a
Free Market Economy
Traditional Economy
Mixed Economy
Command Economy
5
Which type of business is authorized to act as a legal entity, regardless of the number of owners?
Partnership
Proprietorship
Corporation
Entrepreneurship
6
Which one is NOT a World Economic System?
Entrepreneurial
Free Market
Mixed
Traditional
7
Tina & Ed decide to open a lawn care business together. They will share the risks & profits. This is an example of...
Partnership
Sole Proprietorship
Corporation
8
Tim is a baker who owns his own business, pays all the bills, and keeps all of the profits. This is an example of...
Corporation
Sole Proprietorship
Partnership
9
Prices should begin to increase whenever-
demand is high and supply is low
supply and demand are both high
demand and supply are both high
supply is high and demand is low
10
A person who takes a risk to produce goods and services in search of profits is:
An entrepreneur
A business partner
A corporation
A teacher :)
11
All of the following are true about entrepreneurs EXCEPT--
They increase competition
They can only set up a corporation
They take a risk
They foster technological progress
12
What is the inability to satisfy all wants at the same time?
Incentives
Choice
Opportunity Cost
Scarcity
13
What is determined by consumer preference and price?
Innovation
Production
Distribution
Consumption
14
What leads to the production of higher quality goods at a lower price?
Production
Competition
Incentives
Scarcity
15
Property and resources are owned by individuals, and there is minimal government involvement is a...
Free Market Economy
Command Economy
Mixed Economy
Traditional Economy
16
The Coca-Cola company must share its profits with shareholders. This is an example of...
Partnership
Sole Proprietorship
Corporation
17
Decisions are based on custom and historical precedent is a...
Free Market Economy
Traditional Economy
Command Economy
Mixed Economy
18
What will happen if the price of a cupcake decreases from $2 to $1?
Cost of making the cupcakes will rise
Baker's profits will increase
Sell less cupcakes
Not enough cupcakes produced
19
Interaction of supply and demand determines-
Choice
Profit
Price
Competition
20
What type of resource is pictured here?
Capital
Entrepreneurial
Human
Natural
21
Law of Demand is when consumers will buy more of a good or service at lower prices and less at higher prices.
False
True
22
Combining human, capital, natural, and entrepreneurial resources to make goods and services is called--
Production
Consumption
Resources
Distribution
23
Using goods and services is called--
Production
Supply
Demand
Consumption
24
Consumers determine, through their purchases, the goods and services that are produced. This idea is known as--
Production
Consumer Sovereignty
Profit Motive
Entrepreneurship
25
The country represented in the picture below is an example of what type of economic system?
Mixed Economy
Pure Capitalistic Economy
Command Economy
Socialist Economy
