1. Which of the following responses best defines the term demand? (1 point)
the willingness and ability of buyers to purchase a product, good, or service
a want and need felt by the consuming public in a free-market system
an inner desire that must be satisfied
an order given to a supplier of a much-needed product
2. The law of demand maintains that buyers will purchase (demand) more of a product as its price (1 point)
fits a person's personal planning budget.
tends to stay the same.
3. Louie discovered that when he dropped the price of his paintings, more people were interested in buying. Louie is experiencing ________. (1 point)
market price variations
the law of supply
the law of demand
4. When the price at which the quantity of a product willing to be purchased by customers and the quantity of product willing to be made by a producer are equal, this is known as (1 point)
the break-even price.
the market price.
the equilibrium price.
either the market price or the equilibrium price.
5. Which of the following best defines the term business cycle? (1 point)
the total quantity of goods and services produced by an economic system during a given period
the measure of economic growth that compares how much a system produces with the resources needed to produce it
the pattern of short-term ups and downs in an economy
the total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system
6. In a(n) ________ economy, the price of apples will be determined by supply and demand. (1 point)
7. In a market economy, the factors of production are allocated by (1 point)
the federal government.
state commerce departments.
producers and consumers.
available natural resources.
8. ________ includes the physical and intellectual contributions people make while working. (1 point)
9. When identifying the factors of production, the term ________ may also be used to refer to labor. (1 point)
human resources
contract resources
production resources
management resources
10. In a market characterized by ________, all firms must be small and the number of firms in the industry must be large. (1 point)
stable competition
monopolistic competition
perfect competition

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