-18. Th e desire to work hard, to be creative, and to satisfy customers in order to arn a profit is called supply and demand a. competition b. e capitalism d the profit motive 19 Which of the following would properly be classified as a need a big screen TV a place to live a. b. d. none of the above 20. Tools, equipment, supplies, and buildings that are used to supply goods and services are called a. natural resources c. capital resources d. human resources b material resources The most important step in the economic decision-making process is to act on your choice -21. a. b. identify the choices define the problem review your decision d. 22. Which of the following is NOT one of the major categories of GDP the imports of a country minus its exports a. b. consumer spending for food, clothing, and housing c. business spending for buildings, equipment, and supplies d government spending to pay employees and to buy supplies and other goods and services The high point of the business cycle is 23. a. recovery b. depression recession d. prosperity 24. In this role in the economy, you are part of the process that supplies goods and services a. consumer role b. purchaser role e, citizen role d. worker role 25. The way you live as measured by the kind and quantity of goods and services you can afford is called your consumer price index business cyele a. quality of life c. d. bstandard of living In U.S. dollars, the GDP of the country of Erewhon is S1.4 trillion. The GDP of the country of Laernu is S percent larger. What is Laemu's GDP in U.S. dollars? The workforce of a company produced 5,000 widgets in a total of 80 worker hours. Find productivity per worker Boris's productivity is 35. He worked 20 hours. How many units did he produce? Last year, a certain computer monitor cost $250. Because of inflation, the same monitor costs 7 percent mor this year. How much does the monitor cost now? The Pet Boulder originally cost $15. When demand for the Pet Boulder fell, so did its price. Now you can b a Pet Boulder for $9. What percentage decrease is that