Practice Quiz

FSOT: 500 Test Prep Study Questions - Question List

Select how would you like to study

Study Mode Free Daily Question Test Mode
116. A new dog toy is introduced in pet stores in April for $19.99, but by December the toy is being sold for $4.99. According to the law of supply and demand which is most likely to be true about the dog toy?
  1. Supply for the toy was low but demand was high
  2. Supply for the toy was high but the demand was low
  3. Both the supply and the demand for the toy were low
  4. Both the supply and the demand for the toy were high
  5. Answer cannot be determined
See answer
117. If a drought severely reduces the amount of corn available to consumers, what would you expect to happen?
  1. The supply of corn would go up
  2. The demand for corn would go down
  3. The price of corn would stay the same
  4. The price of corn would go down
  5. The price of corn would go up
See answer
118. If 200 jobs are available and only 100 people are unemployed, what will have to happen according to the laws of supply and demand?
  1. Companies needing employees will need to increase pay
  2. Companies needing employees will need to decrease pay
  3. Companies needing employees will need to reduce benefits
  4. Companies needing employees will need to fire workers
  5. The laws of supply and demand do not apply to this situation
See answer
119. Which of the following government regulatory agencies was created in response to wide spread bank failures during the 1930's?
  1. SEC
  2. FDIC
  3. FTC
  4. Federal Reserve Board
See answer
120. Which of the following elements is most important for effective negotiating?
  1. Actively listening to the other side
  2. Expressing your opinion to the other side
  3. Letting all negotiating partners speak
  4. Involving an impartial third party in the negotiation
See answer

Select how would you like to study

Study Mode Free Daily Question Test Mode