Have an account?
Skip to Content
Build your own quiz
Suggestions for you
30 questions
Show Answers
See Preview
- 1. Multiple ChoiceAll economic resources have a limited supply.TrueFalse
- 2. Multiple ChoiceThings that are required in order to live are known as wants.TrueFalse
- 3. Multiple ChoiceBuildings, equipment and supplies are examples of natural resources.TrueFalse
- 4. Multiple ChoiceA person who buys and uses goods and services is called a consumer.TrueFalse
- 5. Multiple ChoiceCommunism refers to the private ownership of resources by individuals rather than by the government.TrueFalse
- 6. Multiple ChoiceWhat is the final step of the decision-making process?review your decisionact on your choicemake a decisiondefine the problem
- 7. Multiple ChoiceWho owns the economic resources in a market economy?business people and entrepreneurs but not consumersthe tribal eldersthe people of the countrythe government
- 8. Multiple ChoiceEvery nation must decidewhat combination of resources will best suit its circumstanceswhich wants and needs are most crucialwhich goods and services to produceall of the above
- 9. Multiple ChoiceWhich of the following scenarios will probably cause prices to drop?many companies begin producing a product in relatively high demanda new snack food is very popular, and only one company produces ithalf of the world's diamond mines shut down productionA big snowstorm is approaching, and the only hardware store in town has just a few snow shovels left in stock.
- 10. Multiple ChoiceIf everybody had an unlimited supply of economic resources, which of the following would not exist?wantscapitalismscarcityneeds
- 11. Multiple ChoiceGoodsmust be provided to you at the time you want to consume themare things you purchase only after your basic needs are metare things you can see and touchhave no physical characteristics
- 12. Multiple ChoicePeople producing goods and services are calledcapital resourceshuman resourceslimited resourcesnatural resources
- 13. Multiple ChoiceThe rivalry among businesses to sell their goods and services is known ascornering the marketcompetitioncapitalismentrepreneurship
- 14. Multiple ChoiceWhich of the following is NOT an especially important principle of the U.S. economic system?freedom of choiceprivate propertytraditionprofit
- 15. Multiple ChoiceGenerally, as the price of a product increases,the supply curve will slope downwardbusinesses will be willing to supply larger quantities of a productdemand will increaseconsumers will be willing to purchase larger quantities of the product
- 16. Multiple ChoiceJohn had $25 to spend. He decided to buy a new shirt instead of going to the amusement park with his friends. John haspurchased a servicemade an economic trade-offmade a poor economic decisionignored the concept of scarcity
- 17. Multiple ChoiceIn the US, you can own anything you want and decide what you want to do with it, as long as it does not violate the law. This describes the principle ofthe right of private propertycompetitionthe command economyscarcity
- 18. Multiple ChoiceIn every nation on Earth,workers have the ability to produce the same goods and serviceseconomic resources are owned and controlled by the govermentindividuals have the same wants and needspeople must deal with the problem of scarcity
- 19. Multiple ChoiceAnother name for the economic system in the United States isfree enterpriseprivate enterprisecapitalismall of the above
- 20. Multiple ChoiceWhich of the following is an economic need?watera new TVa loaded SUVconcert tickets
- 21. Multiple ChoiceWhich is the first step in the decision-making process?act on your choicedefine the problemevaluate the choicesidentify the choices
- 22. Multiple ChoiceWhich type of economy is usually centered mainly on meeting people's basic needs?market economytraditional economymixed economycommand economy
- 23. Multiple ChoiceA ________ economy combines elements of the command and market economies.mixedtraditionaltransitionalnone of these
- 24. Multiple ChoiceThe ____ curve for a product illustrates the relationship between the price of a product and the quantity businesses will produce.supplydemandprofitopportunity cost
- 25. Multiple Choice____ means not having enough resources to satisfy every need.ScarcityProfitDemandOpportunity cost
- 26. Multiple ChoiceThe ____ price is the point at which supply and demand are equal.marketprofitcommandbusiness
- 27. Multiple ChoiceWhen you make an economic choice, the _______ is the value of the next-best alternative you did not choose.opportunity costmarket costprofitnone of these
- 28. Multiple Choice___ is the quantity of a good or service that consumers are willing and able to buy.DemandSupplyMarket PriceOpportunity Cost
- 29. Multiple ChoiceA nation's plan for answering the three key economic questions is called itseconomic systemopportunity costmarket valuescarcity
- 30. Multiple ChoiceAll of the following are factors of production EXCEPTnatural resourceshuman resourcescapital resourcesmarket resources
- Answer choicesTagsAnswer choicesTags