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Economics

1.You are working for MPF Logistics and the CEO asks you to help him identify the types of inventories and their purposes in your organisation. Provide a detailed report to the CEO.

2.The Law of Demand states: A. That the quantity of items demanded decreases and increases in the opposite direction from changes in price. B. That the quantity of items demanded does not change regardless of its price. C. That the quality of items demanded increases and decreases in the opposite direction from changes in price. D. That the quantity of items demanded increases and decreases in the opposite direction from changes in price. 2. An increase in which of the following will increase the quantity supplied of volleyballs? A. Taxes on volleyball producers B. The price of a substitute C. The number of volleyball consumers D. The price of volleyballs and the relationship 3. The relationship between quantity supplied and price is between quantity demanded and price is A. direct, inverse B. inverse, direct c. inverse, inverse D. direct, direct 4. Which of the following best describes business competition? A. Your right to enter into a business B. The right of others to enter the same business as you do C. Your reason for entering the business D. The equipment used in operating your business
5. Which of the following changes in the market for corn could cause an increase in equilibrium price and quantity? Price Quantity Demand A. Decrease B. No change C. No change D. Increase Supply Decrease Decrease Increase No change 6. Who would most likely take the best care of a house? A. Private owners, because they want to increase the property's value. B. The government, because it cares about citizens' property. C. Renters, because they usually pay very high rents for the house and want to get their money's worth. D. A nonprofit organization, because it does not have to make a profit on the house. 7. Why do people generally take better care of things they own and value? A. They are selfish and greedy. B. They receive the benefits of ownership. C. The government requires them to take care of things they own. D. Owners are usually rich so they can more easily afford to take care of things they own.
8. Which of the following is not a characteristic of private property rights? A. Use property as you wish B. Permit or exclude use by others C. Sell property if you wish D. Use any means necessary to enforce rights 9. In a free enterprise system, both buyers and sellers decide A. What goods and services should be produced B. Who should receive the goods and services that are produced C. Why goods and services are produced D. How goods and services should be produced 10. A leftward shift of a supply curve for avocados might be caused by: A. An improvement in avocado picking techniques B. A decrease in the wages that must be paid to avocado pickers C. An increase in consumer incomes D. Some avocado farmers leaving the market 11. Suppose that there are too many felt-tipped pens on retailers' shelves. Which o the following is likely to take place? A. Retailers will buy more pens from their suppliers B. Wholesalers will increase orders from manufacturers C. Pen sales will increase D. Factories will produce fewer pens 12. Which of the following is a non-price determinant of demand? A. Straw prices fall, making straw hats cheaper B. A new company produces straw hats C. Wearing straw hats becomes popular D. Straw hats are discounted so sales increase
13. Which of the following accurately shows the changes in the chocolate market the day after Valentine's Day? Price Quantity Demand A. Decrease B. Decrease C. No change D. Increase Supply Decrease Increase Increase No change 14. Benefits of efficient production include: A. Fewer goods at a greater price to the consumer. B. Lower prices to the consumer with a lower quality item. C. More goods at a lower price to the consumer. D. Better wages for factory workers. 15. Assume a drought in the Great Plains reduces the supply of wheat. Wheat is a basic ingredient in the production of bread and potatoes are a consumer substitute for bread, we would expect the price of wheat to: A. Rise, the supply of bread to increase, and the demand for potatoes to increase.

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