Which of the following makes someone and entrepreneur
a. earning a lot of money as a computer programmer
b. becoming a highly paid dancer
c. running a service that hires people to install sprinkler systems in lawns
d. inventing and selling the rights to manufacture a computer game
which of the following is a private organization that attempts to influence public officials to act or vote in ways that will benefit the groups members?
a. market research group
b. free enterprise group
s. public policy group
d. interest group
which of the following is a critical rule for determining where something is a public good/
a. the benefit to each individual who uses the facility is greater than the cost
b. the benefits of the facility are greater for the society than for the individuals using it
c. the total benefits to society are greater than the total cost
d. the total cost is small for each individual tax payer
How do consumers make their desires known to businesses most effectively? (I think its C or D, just trying to be sure)
a. through buying products
b. by protesting and boycotting products
c. through mail and phone surveys
d. by hiring lobbyists and joining consumer groups
What is one benefit provided by Social Security?
a. medical care for the indigent
b. cash transfers to workers injured on the job
c. compensation for all who lose jobs
d. retirement income for the elderly
what kind of system is the united states economy based on?
a. cause and effect
b. centralized
c. market
d. production
A shift in the demand curve means which of the following?
a. a change in demand at every price
b. a rise in prices
c. a decrease in both price and quantity demanded
d. a change in consumer income
When prices rise, which of the following happens to income?
a. it goes down
b. it buys less
c. it rises to meet prices
d. it is used to buy different things
Which or the following is the best example of the law of supply
a. a sandwich shop increases the number of sandwiches they supply everyday when the price is increased
b. a food producer increases the number of acres of wheat he grows to supply a milling company
c. a catering company buys a new dishwasher to make their work easier
d. a milling company builds a new factory to process flour export
Which of the following is a fixed cost for a store?
a. short term workers
b. rent
c. advertising
d. inventory
What is one kind of monopoly that the U.S goverment generally permits?
a. the telephone company
b. professional sport leagues
c. low-price gasoline
d. certain kinds of medications
When the government deregulates a product or service, what happens to it?
a. the product or service is available to more people
b the product or service becomes cheaper
c. some government regulations over the industry are eliminated
d. government control over the industry is stopped
How does a natural monopoly function
a. a few firms are in perfect condition
b. imperfect competition makes it difficult for firms to do in business
c. a single firm supplies all the output
d. the government supplies all buyers with the product
Which of the following is an advantage of a sole proprietorship?
a. no one is responsible if it fails
b. it is the least regulated form of business organization
c. it is an easy way to make a lot of money
d. it is easy to get financing to start one
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