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Corrections Test 1
Question | Answer |
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Briers ice cream company plans to increase the quantity of ice cream sold per quarter. This is an example of which self-regulating principle of a market economy? | Producers establish supply. |
Tina needs to find employment to earn an income. She applied for positions as a teacher, contractor, and coordinator. Which part of the economic decision-making process has she performed? | Identifying choices. |
Which is an examples of consumers establishing demand? | The purchase of iPhone applications increasing daily. |
Tony is trying to decide on which cars to sell at his dealership. He completed a spreadsheet to compare the options of cars. Which part of economic decision-making process has he performed? | Evaluating the advantages and disadvantages of each choice. |
Which is and example of consumers setting the demand? | Consumers bought less of the old version of a video game once the new one was released. |
Due to decreasing enrollment in a local school system, fewer teachers as employees are needed. As a result, over 100 teachers were released from their commitments. This information would be useful for which measurement of economic activities? | Labor activities. |
Department stores report monthly to the state commerce office it's total sales and goods and services. This information would be useful for which measurement of economic activities? | Consumer spending. |
In a hypothetical economy, only 40 people were included and 15 pizzas were produced last year at $7 dollars each. This information would be useful for which measurement of economic activities? | GDP per capita. |
When a government agency reports annually the total amount spent to pay employees, this information is useful for which measurement of economic activities? | GDP. |