Business Essentials 2.02
Quiz
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Other
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9th - 12th Grade
•
Medium
Tara McDonald
Used 770+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Marcy is ready to buy a new computer, and she has saved up enough money to buy the model she wants. This is an example of
supply
demand
elasticity
market price
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The quantity of a good or service that producers are able and willing to offer for sale at a specified price in a given period of time is
demand
elasticity
market price
supply
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A team of employees is responsible for researching potential demand for a business’s brand-new product. The factor that is most likely to affect demand for this product is the
product’s utility.
costs of production.
government’s policy.
number of producers.
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which of the following is a factor affecting a product’s utility to the individual customer:
Number of producers
Number of consumers
Price of other goods
Consumer’s age
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which of the following determines whether consumers can purchase goods or services:
Buying power
Labor costs
Competition
Production costs
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The price of complementary products has an effect on
elasticity.
supply.
utility.
demand.
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
For 20 years, Don owned a small grocery store. When several big box stores that sell groceries at discounted prices moved into the area, Don’s sales declined, and he had to close his business. Which of the factors that affect supply affected Don’s business?
Natural disasters
Government regulation
Labor demands
Number of producers
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