Since no one answered and I NEED IT ASAP
1. Customers cannot purchase every product. How does this fact affect companies that make products?
A: They increase costs to make up for low sales.
B: They decrease quality to make up for low sales.
C: They provide better value so that customers purchase their products.
D: They provide fewer options so that customers purchase their products.
2. Which of the following is a cost of production? Select all that all apply. (2 pts)
A: Improving processes
B: Buying raw materials
C: Spending time working
D: Paying property taxes
E: Choosing the best products
3. Three basic economic questions: What to produce? How to produce it? What is the third basic economic question?
A: How much to produce?
B: For whom to produce?
C: Where to produce?
D: What natural resources are used to produce?
4. Which of the following economic questions demonstrates a negative incentive?
A: An employee is fired
B: An item is put on sale
C: The costs of production decrease
D: The board of a company invests more
5. Which government action would interfere with free trade?
A: Increasing taxes on domestic producers
B: Charging duty taxes on foreign goods
C: Adding a value-added tax to consumer goods
D: Giving contracts to factories in other countries
6. What is an effect of the division of labor?
A: Consumers are offered better choices
B: Investors pay more to start countries
C: Producers work more quickly
D: Employees learn how to produce an entire product
7. Which is true of how the market sets prices?
A: Prices are set by the expected sales
B: Prices are set by how much consumers will pay
C: Prices are set by the size and location of market outlets
8. Imagine that the amount of milk being purchased in the United States suddenly decreased. Which of the following is the most likely cause?
A: Increased price of milk
B: Increased supply of milk
C: Decreased demand for milk
D: Decreased competition for milk
9. Imagine your town has a local bike store called Brianna's Bikes. After years of good business, a larger competing chain store opens up across the street.This new bike store, David's Bike Depot, offers specials such as a family pack of helmets for a lower price and free bike tune-ups with a minimum purchase. Which positive effects would likely result out of this new competition? Select all that apply. (2 pts)
A: Fewer choices
B: Better Prices
C: Higher quality
D: Higher wages
10. Which is the most important function of banks in an economy?
A: Extending credit
B: Guarding savings
C: Providing mutual fund options
D: Managing employee pay systems
1.A
2.E and I'm not sure
3.C
4.C
5.A
6.D
7.B
8.B
9.A and I'm not sure
10.C
C
B+C
B
A
B
C
B
A
B+C
A
1.C
2.B+C
3.B
4.A
5.B
6.C
7.B
8.A
9B+C
10.A
100% right
This is right was 100% correct
sorry 'bout being late, the answers are:
1. A
2. C
3. B,C
4. B
5. A
6.B
7.C
8.B
9.A
10. B,C
( credit to "qwq whyy meee" )
^^Right
these are not the right order of the test that im doing ðŸ˜
anon is WRONG I GOT A F THX ALOUT ANON HE DIDNT HAVE THEN IN THE CORRECT ORDER.
Also, heads up my dudes, time for the quick check:
1. A, B, E
2. C
3. B
4. B
( credit to "UnaLoca" )