Standard 5 Marketing Principles Economics Test Review

In which economic system does the government make all the economic decisions? 

The organized way a nation provides for the needs and wants of its people is called? 

Supply of a good/service will increase when the demand is great & fall when the demand is low.

Quantity of a good/service that consumers are ready to buy at a given time at a given price?

Which is NOT on the key economic measurements used to determine economic strength?

How can businesses increase productivity? 

Which of the following is NOT one of the factors of production? 

Things used in producing goods and services are called? 

The measurement of the amount & quality of goods & services that a nations people have is? 

The process of starting and running a business is called? 

Controlling inflation is one of the government's major goals.

When there is a change in the price, but demand for that item stays constant is elastic.

The quantity of a good or service that consumers will buy varies inversely with the price

The quantity of a good or service offered for sales varies directly with price 

The output of goods and services produced by labor and property within a country is known as? 

Changing raw materials or putting parts together to make them more useful is which utility?

Which of the following is NOT one of the five Utilities?

What is scarcity?

The point at which quantity buyers want to buy equals the quantity that sellers want to sell

Which is NOT one of the three question a nation must ask when deciding how to use  resources?

The total dollar amount of goods and services produced by a nation is called? 

Measures change in price over time for over 400 products/services used by households?

In which economic system does the government have no involvement in economic decisions? 

What is the physical development of a country referred to as? 

Which of the following is NOT one of the three goals of a healthy economy?