AnswersGA-Introduction to Business and TechnologySummary 2

Study Guide and Quiz Answers

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1
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In a planned economy, prices of commodities are controlled by _________.

A
Supply and demand
B
Producers and consumers
C
The government
D
Private enterprises
2
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What is likely to happen if the price of a product goes up?

A
The supply is likely to increase.
B
The supply is likely to decrease.
C
The demand is likely to cause scarcity.
D
The demand is likely to increase.
3

Which of the following is a sign of a strong economy?

A
An increase in GDP
B
A shrinking economy
C
An increase in unemployment
D
A decrease in spending power
4

Which two factors and their interaction regulate the market economy?

A
Goods and services
B
Producers and consumers
C
Product-based and service-based businesses
D
Public and private sectors
5

What is an increase in competition likely to do to the demand?

A
Increase the demand
B
Decrease the demand
C
Make the demand less elastic
D
Make the demand more elastic
6

Which of the following is an indirect competitor for a company that makes chocolate chip cookies?

A
Another company that makes chocolate chip cookies
B
A company that makes potato chips
C
A company that makes baking pans
D
A company that makes brownies
7

What does scarcity force people to do?

A
They produce commodities.
B
They make choices.
C
They consume products.
D
They increase inflation.
8

What is a commodity?

A
Something that producers are unable to sell to consumers.
B
A resource that is available in unlimited quantities.
C
An exchange between a producer and a consumer.
D
Something of value that can be bought, sold, or traded.
9

In capitalism, what does competition do for consumers?

A
It limits the number of choices consumers have.
B
It prevents consumers from being entrepreneurs.
C
It lets consumers create monopolies.
D
It keeps prices fair for consumers.
10

Which of the following commodities is a good?

A
A swimming lesson
B
A desk
C
House cleaning
D
Dog walking

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