Economics

Question 1

1A function of the wholesaler is to

Easy

A. print money B. collect income tax C. break bulk D. set government prices

Question 2

2A common channel of distribution for consumer goods is

Easy

A. retailer → manufacturer → wholesaler B. consumer → retailer → manufacturer C. manufacturer → wholesaler → retailer → consumer D. wholesaler → consumer → manufacturer

Question 3

3A rent control is an example of a

Easy

A. maximum price B. minimum price C. subsidy D. tax

Question 4

4A retailer

Easy

A. buys in bulk from producers only B. manufactures goods C. sells goods in small quantities to final consumers D. exports goods

Question 5

5Eliminating the middleman means

Easy

A. producers sell directly to retailers or consumers B. closing shops C. raising prices D. banning trade

Question 6

6A price floor set above equilibrium in an agricultural market leads to

Hard

A. surplus produce B. black markets for buyers C. shortage D. lower prices

Question 7

7A minimum wage is an example of a

Easy

A. tariff B. price ceiling C. tax D. price floor

Question 8

8A legal minimum wage set above the market wage is an example of

Medium

A. a price floor B. a subsidy C. a price ceiling D. a tariff

Question 9

9A wholesaler buys goods in

Easy

A. small quantities from consumers B. large quantities from producers C. government only D. single units from retailers