1. In daily economics we all use the help of people's skills providing a place to eat, fix our cars or clean home or yard. This work provided are called

• A.services
• B.goods
• C.production
• D.banking

2. In the economy of products or services available, there are a certain amount that people, the consumers willwant and willingto buy at a certain price. This is best identified by the term

• A.supply
• B.price
• C.demand
• D.quantity

3. The federal government helps people and consumers protect their banking and saving deposits for upto 100,000 USD for any losses such as bank failures. Which best describe this institutional protection?

• A.Consumer Finance Companies
• B.Federal Deposit Insurance Company
• C.Savings and Loan Association
• D.Online Account Management

4. All of the following are examples of lending institutions that people or businesses can go to borrow money so they can buy products,build land- capital resources or create business opportunities. All but this one choice is NOT an example.

• A.commericial banks and credit unions
• B.savings and loans association
• C.consumer finance and finance companies
• D.check cashing and direct deposit

5. This type of business has many investors that provide financial backing, while they can sell shares of stocks in the company which allows shareholders to be a part of making a profit. Which type is this business?

• A.partnership
• B.sole proprietor
• C.franchise
• D.corporation

6. A third party business owner/operator buys the rights to use a company logo, brand name and model of operation from a larger business operation is called this type of business.

• A.sole proprietor
• B.partnership
• C.franchise
• D.corporation

7. In this type of economic system, the government makes all the planning while own most of the property or means of production. The government makes all the economic decison, sets prices andthe wages for workers. There is no motive for profit and it is a direct contrast to a free market economy.

• A.Market economy
• B.Command economy
• C.Traditional economy
• D.Mixed economy

8. An entrepreneur would be most effective, and useful in these types of economies..

• A.Traditional economy only
• B.Traditional and command economy
• C.Command and Mixed economy
• D.Market and Mixed economy

9. In the economics of a business is at a point where the quantity demanded equals the quantity supplied.

• A.gross domestic product
• B.deficit
• C.equilibrium
• D.surplus point

10. Within the supply and demand of goods and services, sometimes businesses can end up with too many products unsold. This may happen because the price is too high. This end result is best explained by the following term.

• A.surplus
• B.shortage
• C.supply shift
• D.equilibrium

11. Within the economics of supply and demand, when producers do not make enough goods and services to meet demands there can be a result called:

• A.surplus
• B.shortage
• C.demand shift
• D.equilibrium

12 Using the following supply and demand chart for pizzas, which of the following is true of the equilibrium price and quantity?

• A.price $2.00 and quantity 800
• B.price $1.50 and quantity 1000
• C.price $1.50 and quantity 600
• D.price $0.50 and quantity 1000

13. Using the following supply and demand market chart for pizzas, at $0.50 price, how many pizzas will people want to buy?

• A.200 pizzas demand
• B.400 pizzas demand
• C.600 pizzas demand
• D.1000 pizzas demand

14. Using the following pizza market supply and demand chart, which of the following is true if the price is $0.50, a shortage or surplus of pizzas?

• A.a surplus of 800 pizzas
• B.a shortage of 600 pizzas
• C.a surplus of 800 pizzas
• D.a shortage of 800 pizzas

15. Using the following pizza market supply and demand chart, which of the following is true if the price rises to $2.00, what is the demand of pizzas and amount surplus or shortage of supplies?

• A.demand is 400 and shortage of 400 pizzas.
• B.demand of 400 and surplus of 400 pizzas.
• C.demand 600 and shortage of 200 pizzas
• D.demand for 800 and surplus of 400 pizzas