1) Productivity is measured to determined the strength of an economy. a) True b) Fase 2) A Break-even point is when sales revenue = the costs and expenses of making and distributing a product a) True b) False 3) How do consumers’ income levels affect their purchasing behavior? a) Higher income levels often lead to increased discretionary spending, while lower income can constrain purchasing, influencing marketing strategies and product positioning. b) Acting like an entrepreneur or having a entrepreneur mindset. c) It is set of laws, institutions, and activities that guide decision making. 4) How is profit important a) It helps when owning and maintaining your own business. b) Businesses can secure financing from investors and help grow and offer more employment opportunities. c) You don't have pay for a promotion  5) The study of of how people choose to allocate scarce resources to fulfill their unlimited wants. a) Economics b) Scarcity c) Demand d) Market Structure 6) In a Free Enterprise System: a) People have an important right to make economic choices b) people buy goods c) people help others d) people don't have the right to make economic choices 7) Profit a) The money left after all expenses of running a business b) spending all money earned from the business with none left. c) Losing money d) The money you have BEFORE paying for all expenses 8) Market structure is the competition between different businesses that produce in the same industry a) True b) False 9) Prices help establish and maintain a firm's image a) True b) False 10) Why are prices important a) Multiple companies start selling similar goods or services. b) Price helps determine profits. 11) How are prices determined? a) Production Cost  b) How much you need c) A person saying they want It. d) Supply and Demand 12) What role does customer feedback play in product development and marketing? a) It provides valuable insights for improving products and marketing messages. b) People will disrespect you. c) It can help businesses align offerings with market demands in changing economic conditions. d) People wont like your prodcuts. 13) Choose two answers that are true about Elastic and Inelastic Demand. a) Elastic demand means change in price = no change in demand b) Elastic demand means change in price = change in demand c) Inelastic demand means change in price = no change in demand d) Inelastic demand means change in price = change in demand 14) Fixed costs are things like rent and other overhead items that will stay pretty stable regardless of your revenue. a) True b) False 15) Give examples of Scarcity or things that are Scarce a) Diamonds b) Air c) Sunlight d) Ideas 16) Demand is the total quantity of a product or service that consumers are willing and able to purchase. a) True b) False 17) What is NOT a factor that determines profit. a) Price b) Fixed Cost c) Quantity d) Need 18) Water is an example of what a) Inelastic Demand b) Elastic Demand c) Service d) Venture 19) A person not buying more then what they can use is an example of what a) Diminishing Marginal Utility b) Equilibrium c) Supply d) Demand 20) Define supply a) The amount of a good or service that producers are willing to provide b) The point at which consumers buy all of a product that is supplied c) The amount of goods or services that consumers are willing and able to buy

Economics

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