Economics 1140 Pace Test Exam Questions
And Answers
_____ are grown, mined, or manufactured commodities; _______
are activities performed for others. -
correct answer ✅Goods....services
_______ value is based on the value and scarcity of a product's
components and the labor required to produce it; ______ value is
based on the consumer's idea of the product's usefulness to him. -
correct answer ✅Intrinsic...subjective
______ is consumer satisfaction received from a good or service;
_______ is the satisfaction derived from the consumption of one
unit or that good or serve; and ______ is the decrease in
satisfaction provided by the consumption of each additional unit. -
correct answer ✅Utility.... marginal utility...diminishing marginal
utility
_____ is an expression of value in terms of money. -
correct answer ✅Price
Limited factors of production in a free-market economy include: -
correct answer ✅natural resources, management, capital, labor
, Economics 1140 Pace Test Exam Questions
And Answers
Prices in a free-market economy are determined by the interaction
of_________ -
correct answer ✅supply and demand
______ is the quantity of a good or service available for sale. -
correct answer ✅Supply
_____ is the desire for a good or service coupled with the ability
and willingness to purchase it. -
correct answer ✅Demand
Demand can be influenced by: -
correct answer ✅urgency of the consumer's need, the supply of
the product or service, consumer income, utility of the product or
service, the price of the product or service
Supply can be influenced by: -
correct answer ✅price, time, cost of product, technology
The law of supply is, "Supply varies _______ with price," or, "The
higher the price, the greater the supply." -
correct answer ✅directly
And Answers
_____ are grown, mined, or manufactured commodities; _______
are activities performed for others. -
correct answer ✅Goods....services
_______ value is based on the value and scarcity of a product's
components and the labor required to produce it; ______ value is
based on the consumer's idea of the product's usefulness to him. -
correct answer ✅Intrinsic...subjective
______ is consumer satisfaction received from a good or service;
_______ is the satisfaction derived from the consumption of one
unit or that good or serve; and ______ is the decrease in
satisfaction provided by the consumption of each additional unit. -
correct answer ✅Utility.... marginal utility...diminishing marginal
utility
_____ is an expression of value in terms of money. -
correct answer ✅Price
Limited factors of production in a free-market economy include: -
correct answer ✅natural resources, management, capital, labor
, Economics 1140 Pace Test Exam Questions
And Answers
Prices in a free-market economy are determined by the interaction
of_________ -
correct answer ✅supply and demand
______ is the quantity of a good or service available for sale. -
correct answer ✅Supply
_____ is the desire for a good or service coupled with the ability
and willingness to purchase it. -
correct answer ✅Demand
Demand can be influenced by: -
correct answer ✅urgency of the consumer's need, the supply of
the product or service, consumer income, utility of the product or
service, the price of the product or service
Supply can be influenced by: -
correct answer ✅price, time, cost of product, technology
The law of supply is, "Supply varies _______ with price," or, "The
higher the price, the greater the supply." -
correct answer ✅directly
