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Unit Ii Practice Exam

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Submitted By mictorres3119
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Unit II Exam

Multiple Choice
Identify the letter of the choice that best completes the statement or answers the question.

____ 1. The demand for a good or service is determined by
|a. |those who buy the good or service. |
|b. |the government. |
|c. |the producers who create the good or service. |
|d. |those who supply the raw materials used in the production of the good or service. |

____ 2. Which of the following is not a characteristic of a perfectly competitive market?
|a. |Different sellers sell identical products. |
|b. |There are many sellers. |
|c. |Sellers almost always accept the price the market determines. |
|d. |All of the above are characteristics of a perfectly competitive market. |

____ 3. Which of the following would not be a determinant of the demand for a particular good?
|a. |prices of related goods |
|b. |income |
|c. |tastes |
|d. |the prices of the inputs used to produce the good

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