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microbusiness economics test bank ch3

1. Chapter 3: Supply and DemandChapter 3: Supply and also DemandMultiple Choice QuestionsMARKET PARTICIPANTS1. The purposes of market participants include the maximization of:A) Utility, revenues, and the basic welfare of society.B) Rent, wperiods, profit, and interest.C) Land also, labor, capital, and also entrepreneurship.D) Resource constraints, budacquire constraints, and also legal constraints.Answer: A Type: Basic Understanding Page: 452. The purposes of the industry participants are the maximization of:A) Income for consumers, profits for businesses, and also taxes for government.B) Goods and services for consumers, scarce sources for businesses, and sources not supplied bybusinesses for government.C) Satisfactivity from purchases for consumers, revenues for businesses, and also society's basic welfare forfederal government.D) Available goods and solutions for consumers, scarce sources for businesses, and general welfare forgovernment.Answer: C Type: Basic Understanding Page: 453. The goals of the customer in a industry economic situation is to buy:A) The best variety of items and also services possible.B) The products and solutions that maximize revenues for businesses.C) The combination of goods and also solutions which maximizes their energy offered a limited budobtain.D) Those products and services via the lowest prices.Answer: C Type: Basic Understanding Page: 454. The goal of the supplier of a product or business in a sector economic situation is:A) The usage of scarce resources subject to the constraint of taxes.B) The use of scarce resources topic to the constraint of easily accessible profit.C) Profits subject to the constraint of scarce sources.D) Profits topic to the constraint of revenue.Answer: C Type: Basic Understanding Page: 455. People benefit by participating in the sector because:A) Resources are no much longer restricted.B) Tright here are always participants in the market that are more reliable than you are in manufacturing.C) Market participation permits individuals to specialize and, ultimately, consume even more.D) Participants in the industry carry out not have to make selections.Page 1