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Economics and Entrepreneurship Test II

For questions 1 8, choose one word from the box below that best fits the sentence. You will
not use all the words, so dont worr! if !ou ha"e words left o"er.
1. producti"it! #. scarcit! $. benefits %. ris&
'. mar&et (. mar&et sur"e! ). capital resource
8. profit *. tax re"enue 1+. corporation
1. , -------------------- is an!where people bu! and sell .oods and ser"ices. 5.4.2
#. , .arba.e truc& is an example of a -----------------------. 2.4.1
$. The output of production di"ided b! the inputs used in production is called
---------------------- 5.4.4, 5.4.5
%. /hen a person ma&es an economic decision as a producer or consumer, he or she
should compare both the costs and the ----------------------. 3.4.8
'. ,n entrepreneur is someone who is willin. to ta&e a --------------------- to start or
expand a business. 4.4.7
(. The amount left o"er after a business subtracts all costs from total sales re"enues is
called ---------------------. 4.4.8
). 0usinesses can .et information about what customers want and are willin. to pa! b!
usin. a ----------------------.
8. , ------------------------ is a t!pe of business or.ani1ation.
Questions 9-24 are multiple choice questions. Choose the best answer.

*. /hich of the followin. is not a producti"e resource2 2.4.1
1. water
#. mone!
$. teacher
%. hammer
1+. ,n entrepreneur must pa! to .et producti"e resources because the! are3 2.4.5, 3.4.1
1. scarce
#. expensi"e
$. in .reat suppl!
%. li&el! to be taxed
11. To be successful, a business must3 3.4.2, 4.4.1, 4.4.8
1. produce .oods instead of ser"ices.
#. produce .oods or ser"ices with a hi.h price.
$. produce .oods or ser"ices that consumers want.
%. produce .oods or ser"ices usin. mostl! capital resources.
1#. ,lberto bou.ht a soccer ball for 4#+ from a local soccer store. ,s a result of this
purchase, 2.4.7, 3.4.3, 4.4.3
1. ,lberto .ained, but the store lost.
#. both ,lberto and the store lost.
$. both ,lberto and the store .ained.
%. the store .ained, but ,lberto lost.
1$. ,licia was .i"en a 41' .ift certificate to use at her fa"orite store. 5he wants to choose
lot of thin.s that cost 41', but she cant ha"e all of them6 ,licia is facin. a problem of3
1. sa"in. 1.4.5, 2.4.5, 3.4.1
#. suppl!
$. scarcit!
%. demand
1%. In 7uestion 1$ abo"e, suppose ,licia finall! decided to use her 41' .ift certificate on
either a tedd! bear or a t8shirt. If she chooses the tedd! bear, what is her opportunit!
cost2 2.4.5, 3.4.1
1. 41'
#. 4$+
$. the t8shirt
%. the tedd! bear and the t8shirt
1'. 9obert and Erica want to produce candles, birdhouses, and refri.erator ma.nets. The!
onl! ha"e enou.h time to produce one of them. :roducin. candles is their first choice,
birdhouses their second choice, and ma.nets their third choice. The! choose to produce
candles. /hat is their opportunit! cost2 2.4.5, 3.4.1
1. producin. the candles
#. producin. the ma.nets
$. producin. the birdhouses
%. producin. the birdhouses and the ma.nets.
1(. /hat tells us how scarce a .ood or ser"ice is compared to other .oods and ser"ices2
1. price 2.4.3
#. profit
$. suppl!
%. opportunit! cost
1). In mar&ets, the price of a .ood or ser"ice is determined b!3 4.4.4, 5.4.7
1. the suppl! of the .ood or ser"ice.
#. the demand for the .ood or ser"ice.
$. the suppl! and demand for the .ood or ser"ice.
%. the cost of capital to produce the .ood or ser"ice.
18. If the suppl! of wheat increases a lot and nothin. else chan.es, we can expect the price
of wheat to3 4.4.4, 5.4.7
1. fall
#. rise
$. rise, then fall
%. sta! the same
1*. 5am, Ton!, and /illie run a coo&ie business. In the business, 5am mixes the dou.h,
Ton! cuts the coo&ies, and /illie ba&es them. The different ;obs the bo!s ha"e is an
example of3 2.4.2, 2.4.6
1. mar&etin.
#. speciali1ation
$. mar.inal cost
%. economic exchan.e
#+. In the coo&ie business in question 1* abo"e, 5am, Ton!, and /illie ha"e different ;obs
because the! want to3 5.4.5
1. learn different ;obs.
2. ma&e more coo&ies.
$. increase the price of their coo&ies.
%. increase the demand for their coo&ies.
#1. <aTisha .ets a 4'++ loan from the ban& to start a business. 5he must pa! bac& the
4'++ ban& loan and also pa! the ban& ---------------------- 6.4.10; 7.4.5
1. interest.
#. di"idends.
$. excess profits.
%. production costs.
##. =oe and >arlos pass out fl!ers to ad"ertise their lawn mowin. business. 0! ad"ertisin.,
the! are hopin. to increase the ------------------- for their mowin. ser"ices.
1. suppl! 4.4.4, 5.4.7
#. demand
$. capital costs
%. opportunit! costs
#$. ?elli has a coo&ie business. The table below shows the sales re"enues and the explicit
costs of her coo&ie business wa.es, in.redients, and rent. /hat is ?ellis profit2
1. 4(+
#. 41#+
$. 418+
%. 4$++
#%. /hich is not a wa! that entrepreneurs raise mone! to start a business2 6.4.10
1. sa"in.s
#. borrow
$. issue stoc&
%. collect taxes
5ales re"enues 418+
/a.es 4(+
>ost of coo&ie in.redients 4%'
9ent 41'