1) Products you can buy are called ....... a) goods b) services c) consumption d) production   e) sales 2) actions you can buy are called..... a) goods b) services c) consumption d) production e) sales 3) What do producers do? a) make only goods b) only provide services c) make goods and provide services d) deliver goods e) people who buy goods or services 4) What do consumers do? a) make only goods b) only provide services c) make goods and provide services d) buy only goods e) use only services f) buy goods or services 5) According to the laws of supply and demand...... a) the more you have of a product to sell, the higher the price  b) if you have less of a product to sell, the price will be lower c) if you have less of a product to sell, the price will be higher d) the more you have of a product to sell, the lower the price 6) The satisfaction you get from consuming a given amount of goods or services is called: a) Satiety  b) Pride c) Status d) utility 7) When your satisfaction for pizza drops with each slice you eat a) hunger  b) marginal utility  c) Satiety d) allergies 8) Which one of these is not part of the cost of making a product? a) cost of equipment b) cost of payroll c) cost of materials d) utilities e) the price charged for the product 9) profit is: a) the amount left over after expenses to make product b) the amount left over after expenses to make and sell product c) the amount the product sells for minus the cost of advertising d) the amount the product sell for minus the cost of materials 10) Which of these is not an example of a preference when buying a pair of sneakers? a) the cost b) the color c) the size d) whether Michael Jordan wears them e) If they will last a long time 11) Which of these statements about advertising is false? a) businesses use advertising to help create or increase business b) encourage people to buy more by saying their product is better than another c) all ads are obvious d) all ads are meant to influence our spending habits 12) A substitute good is..... a) A product you buy to use with something else   b) a service you buy to show you how to use a product  c) a product you buy instead of the first product you wanted d) A replacement for something you already own  13) A complimentary good is...... a) A replacement for something you already own b) a service you buy to show you how to use a product c) A product you buy to use with something else d) A person who says nice things about you. 14) What you give up when you choose to do or buy something else....... a) marginal utility b) utility c) Substitute good d) complementary good e) opportunity cost 15) Scarcity means ...... a) there is a large supply of a good b) there is a shortage in supply of a good or service  c) both are readily available  16) Which of these is not a true statement about luxury goods... a) Demand can go up when price goes up b) A luxury good is a need c) demand for them increases as income increases d) one reason to buy a luxury good is to show off how much you spent e) A brand name can make a luxury good more desirable f) A brand name can demand a higher price 17) Which of these statements is not true about monopolies? a) A monopoly exists when there is only one producer of a good or service b) A monopoly can increase supply and keep price high c) laws work to keep monopolies from forming d) The postal service is not a monopoly

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