Case Study: Starting a Business — Unit test

Question 1

What are the factors of production in business?

Revolt · Accepted Answer

land, labor, and capital

Question 2

combinationpricesvalue

Revolt · Accepted Answer

combination

Question 3

Successful entrepreneurs contribute to the economy by

Revolt · Accepted Answer

expanding markets.

Question 4

Which of the following is influenced by personal economic choices? Choose four answers.the cost of your rent and utilitiesthe resources you have availablethe amount of money you spend on a bus passthe money you decide to spend on leisure productsthe amount of money you put into your savings accountthe manner in which you balance your time between work and leisure

Revolt · Accepted Answer

the resources you have available; the money you decide to spend on leisure products; the amount of money you put into your savings account; the manner in which you balance your time between work and leisure

Question 5

When supply is higher than demand, prices will

Revolt · Accepted Answer

fall until the demand rises.

Question 6

A pure market economy is sometimes called pure

Revolt · Accepted Answer

capitalism.

Case Study: Starting a Business — Unit test Answers

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