Exam (elaborations)
I.B.T Final Exam Chapter 1-3 Exam 2024 Questions With Completed & Verified Solutions.
- Course
- Institution
I.B.T Final Exam Chapter 1-3 Exam 2024 Questions With Completed & Verified Solutions.
[Show more]
Content preview
I.B.T Final Exam Chapter 1-3All of the following is a need EXCEPT (a) food and shelter (b) clothing (c) fine jewelry
(d) clean air. - ANS C.) Fine Jewelry
The means through which goods and services are produced are called (a) economic
resources (b) needs (c) spending opportunities (d) economic choices. - ANS A.) Economic
Resources
All of the following is a capital resource EXCEPT (a) a pickup truck (b) a factory (c) lumber
(d) employees. - ANS D.) Employees
The value of the next-best alternative that you did not choose is called (a) trade-off cost
(b) scarcity (c) opportunity cost (d) economic cost. - ANS C.) Opportunity Cost
When a country decides to focus on advanced technology and a skilled labor force, it is
primarily answering which of the basic economic questions? (a) What to produce? (b) How
to produce? (c) Which needs to satisfy? (d) Which wants to satisfy? - ANS B.) How to produce
Personal economic freedom is most limited in a (a) command economy (b) market economy
(c) mixed economy (d) traditional economy. - ANS A.) Command economy
Which of the following is NOT characteristic of capitalism? (a) freedom of choice
(b) government ownership of resources (c) the profit motive (d) competition among
businesses - ANS B.) Government ownership
Which of the following is a consumer? (a) a business (b) an individual (c) the government
(d) all of the above are consumers - ANS D.) all of the above
The quantity of a good or service that consumers are willing and able to buy is called
(a) supply (b) an economic want (c) demand (d) an economic amount. - ANS C.) Demand
In which of the following situations is demand MOST likely to be reduced? (a) customers
see a number of products they believe will satisfy a need (b) customers cannot find a good
substitute for a product they want (c) prices for a popular product are reduced (d) all of the
above tend to reduce demand - ANS A.) Customer
Which of the following would NOT be included in a measure of GDP? (a) Ivanhoe
Publications exports $25 million of books to Ireland. (b) The U.S. government buys office
supplies worth $30 million from The Supply Closet. (c) You give your car a tune-up and
change the oil yourself. (d) You hire Larry's Lawn Care to cut your grass once per week
during the summer for $50/week. - ANS C.) You give your car a tune-up and
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LEWIS12. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75759 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now