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Chapter 7 & 8 Quiz Flashcards | StudBud
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Chapter 7 & 8 Quiz
Chapter 7 & 8 Quiz
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Economics chapter 7 & 8 quiz.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What does demand effect?
Assets
Supply
Utilities
2
The most basic type of business orginization is..
Proprietor
Sole proprietorship
Limited partnership
Joint venture
3
What is preferred stock?
Stock whose holders are paid first
Stock with voting rights
4
License to operate a corporation by a state where it is established is...
Franchise
Corporation
Dividend
Corporate charter
5
The term that economists use for satisfaction; the power that a good has to satisfy a need.
Substution effect
Utility
Supply
Demand
6
This is the share of a company that gives voting power.
Preferred stock
Common stock
Stock
Franchise
7
When a market economy operates without restriction it...
Creates Shortages
Eliminates Shortages & Surpluses
Raises Prices
Creates Surpluses
8
What is a demand?
Rule stating that price and quantity move in same direction
Process of freely exchanging goods
Amount of a good or service customers are willing to pay.
Amount a good or service customers are willing to see.
9
Who came up with the idea of supply and demand?
John J. Johnson
Adam Smith
John F. Kennedy
Alfred Marshall
10
The legal maximum a amount that can be charged.
Price floor
Price ceiling
Capital Maximum
Capital Minimum
11
This is the name of someone who starts a business.
Entreperneur
Entrepreneur
Entreprenuer
Enterpreneur
12
Partnership set up for a specific purpose just for a short period of time is a...
Joint venture
Elasticity
Sole proprietorship
Franchise
13
What does an entrepreneur do?
A business man
A person who manages
Organizes and manages the risk of business
Ability of a risk taking individual
14
Share of ownership in a corporation is called...
Common stock
Preferred stock
Stock
15
What is not an element of business operation?
Advertising
Risk
Expenses
Surplus
16
Almost all economic systems today are
Command economies
Traditional economies
Market economies
Mixed economies
17
What is a proprietor?
Owner of a business
2 or more people who own a business
A business enterprise
Portion of a corporation
18
The economic rule that says the quantity demanded and price move in opposite directions is...
Demand
Law of Demand
Supply
Law of Supply
19
What is a surplus?
Person who owns a business
Amount of on hand product
Person who has a percent of the business
Amount of something left over when needs have been met.
20
Name a joint venture.
Giants vs Eagles
VW and Porche
Freddy vs Jason
Hulu
