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POBF 5.01 Review Flashcards | StudBud
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POBF 5.01 Review
POBF 5.01 Review
29 terms
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Study Guide
Flashcards
29 cards
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Practice quiz
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Questions
29
Answers
1
Which of the following is an example of an economic want:
Fresh air
Clothing
Conversation
Understanding
2
Sugar and flour that are purchased to make baked goods are classified as
supplies
parts
installation
materials
3
An economic service differs from an economic good because an economic service is
not
a physical object
useful
priced according to demand
available everywhere.
4
Which of the following items would be considered a non-economic want
a car
new clothing
nutritious food
a walk
5
As prices rise for a particular good or service, demand goes
to another resource
down
up
to higher wages
6
What determines whether an economic product is an industrial product or a consumer product?
The price of the product
The origin of the product
Who buys and uses the product
Who produces the product
7
A major characteristic of a market economy is ____________ ownership of property
private
limited
government
monopolistic
8
Which of the following is a problem associated with communist command economies?
There is no competition
Individuals run the risk of losing their business
Supply and demand control what will be produced
There are high taxes
9
“Economic votes” are cast by consumers each time they
make a purchase.
respond to a survey.
visit a business.
participate in market research.
10
A business that begins selling winter holiday decorations in late autumn is creating __ utility
form
possession
time
place
11
The measurement of the consumer response to price change is referred to as___.
price effect
elasticity
inelasticity
plasticity
12
Who decides how goods and services will be marketed in a private enterprise economic system?
Legislators
Business people
Competitors
Consumers
13
What do economists call the intersection of a Demand curve and a Supply curve?
Rationing
Surplus
Equilibrium price
Shortage
14
Which of the following is an industrial good:
Matt’s cell phone
Holiday flowers
Tires for a tow truck
Emily’s home computer
15
One of the three economic questions each organization must answer are?
When should it be produced?
For whom should it be produced?
Where should it be produced?
Why should it be produced?
16
Which is an example of an economic service?
concert ticket
car stereo
baseball glove
tennis shoes
17
How would a business’s computers be classified?
As installation
As parts
As supplies
As equipment
18
___ is the satisfaction effect of usefulness of purchasing a unit or item of a good or service
demand
time utility
elasticity
marginal utility
19
An economic good or service that is scarce is one that is
not made in America.
in limited supply
readily available.
not test-marketed
20
In a private enterprise economic system, interaction of supply & demand primarily determines
product prices
government regulation
the extent of pollution
economic choices
21
A characteristic of human wants is that they are
limited
unchanging
unlimited
consistent
22
An example of a noneconomic want would be the desire for
police protection
a friend
a college education
concert tickets
23
Which is a natural resource that can be renewed through people's efforts?
trees
mineral deposits
crude oil
water
24
Which of the following is an example of an economic want:
understanding
clothing
conversation
fresh air
25
Which is an external factor that affects market price?
available credit terms
consumer buying power
location of items in store
number of items in stock
26
The basic role of the United States government is to
limit business startups
maintain control of prices
protect U.S. citizens
increase production
27
Mrs. Richardson advertises her bakery/deli grand opening on social media. This is
Form/Task utility
Possession utility
Place utility
Time utility
28
If a good or service is scarce, consumers will usually be
able to get as much of it as they want
willing to pay money to get it.
uninterested in owning it.
unwilling to buy it.
29
Which one of the following is a characteristic of economic services:
usefulness
tangible
non-transferable
freely available to everyone
