Practice Quiz

MTEL Business Practice Exam - Question List

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41.
Which of the following would most accurately calculate the maturity value (M) of a deposit of $5,000 earning 4% per year compounded semiannually for 2 years?
  1. M = $5,000 (1 + 0.02)2
  2. M = $5,000 (1 + 0.04)4
  3. M = $5,000 (1 + 0.02)4
  4. M = $5,000 (1 + 0.04)2
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42.
A cell phone distributor has an ending inventory of 400 phones with a total retail value of $11,700. There are two types of phones, the G phones that retail for $65 each, and the Z phones that retail for $15 each. How many G phones does the distributor have?
  1. 57
  2. 114
  3. 187
  4. 234
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43.
Which of the following examples best illustrates the economic concept of diminishing marginal utility?
  1. A person who eats dinner at a particular restaurant three days in a row chooses to eat at a different restaurant on the fourth day.
  2. A new car costs $500 to maintain for the first year after its purchase, $1,000 for the second year, and $2,500 for the third year.
  3. The cost per unit of producing brooms at a factory decreases as the number of brooms produced per month increases.
  4. The price of a particular model of digital camera declines after the camera has been on the market for several years.
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44.
Which of the following best describes one difference between a free-market system and a monopoly?
  1. The supply of goods in a monopoly is likely to more closely reflect demand.
  2. Goods sold in a free-market system are likely to be of higher quality than equivalent goods sold in a monopoly.
  3. Consumers are likely to have more choices of styles available for goods sold in a monopoly.
  4. Goods sold in a free-market economy are likely to be higher in price than equivalent goods sold in a monopoly.
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45.
Prices are most closely determined by the interaction of supply and demand in which of the following types of market structures?
  1. Oligopoly.
  2. Perfect competition.
  3. Monopoly.
  4. Monopolistic competition.
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