IFE Economic Knowledge Contest Single-Choice Multiple-Choice Judgment English1 Beth’s friends want to take her to a movie or a play for her birthday Beth chooses to attend the play We know thatBa Beth

ation ratesb. high interest ratesc. productivity growthd. government spending6. The law of demand states that(A)a. as the price of a good or service increases, the quantity demanded will increase.b. as the price of a good or service decreases, the quantity demanded will decrease.c. as the price of a good or service increases, the quantity supplied will increase.d. as the price of a good or service decreases, the quantity supplied will decrease.7. Which of the following is an example of a regressive tax?(B)a. income taxb. sales taxc. property taxd. corporate tax8. Which of the following is NOT a factor of production?(D)a. laborb. landc. capitald. money9. Which of the following is a characteristic of a perfectly competitive market?(B)a. firms have market powerb. there are many buyers and sellersc. firms can easily enter and exit the marketd. firms can set their own prices10. Which of the following is an example of a public good?(D)a. a private beach resortb. a private schoolc. a private hospitald. a lighthous