| A | B |
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| A winter freeze destroys 25 percent of a country’s annual orange harvest. Which statement regarding the country’s orange juice market is most accurate? | The price of orange juice will increase as the supply decreases. |
| How would the demand curve likely change if the price of a complementary good were to increase? | The demand curve would shift to the left. |
| If a car dealership offers a 0% financing offer when someone purchases a new car, the special finance rate is known a | An incentive |
| Imagine you want to buy a newly released pair of Nike shoes and you go online to purchase them. Because the product you want is the same for every website, the only thing that will affect where you decide to purchase your shoes is the price. What type of economic situation exists in this example? | Pure competition |
| In Country A, the type of job a person does is based on custom. Which economic system does this represent? | traditional |
| What is the want, willingness, and resources to buy a good or service. | demand |
| What leads to better quality and lower prices? | Competition |
| The duty of a corporation’s board of directors is to do which of the following? | represent stockholders in making decisions for the corporation. |
| The four factors of production include | Land, Labor, Capital, Entrepreneurship |
| The price of gasoline has dropped. Gasoline is a complement to cars. A complement is an item that can be used with another item. How does the lower price of gasoline impact the demand for cars? | The demand for cars increases. |
| The weekend is almost here and you are deciding how to spend your time. If you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something else later this month. You are making a ___________________ decision. | Opportunity cost |
| What type of business structure can consist of thousands of shareholders that select a board of directors to oversee company performance? | Corporation |
| What type of economy does the United States have? | Mixed |
| When a shoe manufacturer makes 1,000,000 units of its top-selling shoe, the company is mainly answering which question? | How much to produce? |
| When representatives of both union and management meet to discuss goals, offer solutions and compromises, and work toward a contract settlement, the two sides are engaging in which of the following? | Collective bargaining |
| Which of the following is an example of private property rights? | Sarah buys a new home with a large backyard. |
