Which change provides the most time utility for a customer?

staying open for business on the weekend

Which situation would cause prices to rise?

Insects destroy a large cotton crop.

Which is a reason that natural resources are considered limited?

The earth has certain boundaries.

Equilibrium price of a product is determined by trail and error and exists when:

the amount supplied is equal to the amount demanded.

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PoBF 5.01

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Questions 12

Answers

1
The desire for which item(s) would be considered a non-economic want?
new clothing
a car
a walk
nutritious food
2
Which change provides the most time utility for a customer?
staying open for business on the weekend
shopping for a product in the morning
asking for early delivery of a product
arriving at a product trade show early
3
A killing frost destroys 80% of Florida's citrus crop. This will most likely create:
inelastic demand
pure competition
a buyer's market
a seller's market
4
When prices increase, producers usually:
increase demand
decrease supply
decrease profits
increase supply
5
Which situation would cause prices to rise?
Insects destroy a large cotton crop.
Animal rights activists march on from of a fur store.
The corn crop is unusually large on summer.
An article describes poor service provided by a hotel.
6
Which is a natural resource that can be renewed through people's efforts?
Trees
Mineral deposits
Crude oil
Water
7
Which is an external factor that affects market price?
consumer buying power
available credit terms
number of items in stock
location of items in a store
8
The usefulness of a product to consumers is referred to as product:
scarcity
consumption
allocation
utility
9
To raise more turkeys a farmer has to reduce the land for his sweet potatoes. This is called...
utility
opportunity cost
distribution
efficiency
10
One factor that might limit the human resources available for certain jobs is a/an:
good safety record.
appealing company image.
inadequate pay level.
organized training program.
11
Which is a reason that natural resources are considered limited?
Technology has advanced faster than training.
People lack training or skills needed to do a job.
The earth has certain boundaries.
Some countries are unable to manufacture them.
12
Equilibrium price of a product is determined by trail and error and exists when:
businesses total their costs and markup.
research shows what the market will tolerate.
businesses compute the average selling price in the area.
the amount supplied is equal to the amount demanded.

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