AnswersPersonal Finance - EL3403Case Study: Starting a Business

Case Study: Starting a Business — Unit test Answers

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The vertical axis of a demand curve shows

A
the price of a product.
B
the supply of a product.
C
the interest in a product.
D
the production cost of a product.
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Which nation has a communist command economy?

A
Norway
B
North Korea
C
South Korea
D
the United States
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Profit equals the total amount of money made minus

A
the production cost.
B
the opportunity cost.
C
the revenue earned.
D
the price established.
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The lowest amount a manufacturer can pay factory workers is an example of

A
an incentive.
B
a price floor.
C
a price ceiling.
D
an elastic service.
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How does the economy of Cuba differ from the economy of North Korea?

A
In North Korea, the government’s control of the economy has begun to loosen. In Cuba, the government maintains a tight hold over the economy.
B
In Cuba, the government’s control of the economy has begun to loosen. In North Korea, the government maintains a tight hold over the economy.
C
In North Korea, there is economic uncertainty in exchange for individual choice. In Cuba, there is economic security in exchange for government control.
D
In Cuba, there is economic uncertainty in exchange for individual choice. In North Korea, there is economic security in exchange for government control.

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