HSB test

A couple constructs a decision matrix to select which charity will receive a $500 donation. Since "helping children" is the most important criteria to the couple, which of the following weights should it be assigned?

.60

What is the ratio of a pound of yellow squash at $0.40 a pound and a pound of butternut squash at $1.20 a pound?

1 to 3

The U.S. government is offering a decrease in taxes to citizens who install solar panels on their homes. Using economic terms, how would you describe this incentive?

Financial and positive

Which of the following might cause supply of a good to decrease?

Government regulations

Which of the following is a negative economic incentive:

High taxes on cigarettes

Which of the following does consumption rely on to provide goods and services?

Producers

Which of the following is an economic activity?

Purchasing a candy bar

Which of the following is a business comparing when it analyzes the cost of buying wood desks versus the cost of buying metal desks?

Relative price

Why are human resources limited?

Some people are unable to work.

Which of the following is an example of a change in culture affecting the production of a good or service:

The "green movement" leads to an increase in demand for recycled products.

Why are resources considered limited?

There are not enough available so that everyone can have as much of them as desired.

A group of entrepreneurs is trying to decide which of five new product ideas to select. Which tool can be used to help make the decision?

decision matrix

In some states, it is against the law to sell alcohol on Sundays. This law was created to honor the Christian religious belief that Sunday is a special day of rest. This is an example of culture impacting the __________ of goods.

distribution

When changes in a product's price cause corresponding changes in consumer demand, the product has

elastic demand

When customers buy the exact amount of goods that producers are selling at a specific price, the __________ price exists.

equilibrium

Sam has been invited to go to the movies with one friend and to Dairy Queen for ice cream with another friend. Because he has only $5.00, Sam can't do both. If he decides to go the movies, the opportunity cost of his choice is

ice cream at Dairy Queen.

Arm and Hammer baking soda, which was originally developed as a cooking ingredient, is now being sold as an effective refrigerator deodorizer. This is an example of ____________ innovation.

positioning

The market's way of rationing limited resources, goods, and services to consumers in a market economy is through

prices.

Which of the following is characteristic of a buyer's market?

Low prices

John only had $40 to spend and couldn't decide whether to buy a new pair of jeans or to go to an amusement park. He finally decided to spend his money on the amusement park. What was the opportunity cost of his decision?

New pair of jeans

Which of the following is an example of excess supply?

Price is $700, demand is 300, supply is 500

Which of the following is an example of paradigm innovation:

Windows computer operating system

Which of the following factors affects consumers' decisions to buy goods or services?

buying power

The amount of a product that is produced is most directly affected by

consumer demand