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