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- 1. Multiple Choice
The system of producing, distribution, and consumption of goods and services
Marketing
Economics
Command
Producer
- 2. Multiple Choice
Which type of economic system is based on individuals making their own decisions about money?
Mercantilism
Market System
Command System
Traditional System
- 3. Multiple Choice
Which type of economic system is based on the government making decisions about money?
Mercantilism
Market System
Command System
Traditional System
- 4. Multiple Choice
Which type of economic system is decisions about money passed down from generation to generation?
Mercantilism
Market System
Command System
Traditional System
- 5. Multiple Choice
Which economic system is also known as Free Enterprise or Capitalism?
Market System
Mercantilism
Command System
Traditional System
- 6. Multiple Choice
Physical products you get when you buy something such as a car, computer, phone, or clothes?
Opportunity Cost
Service
Demand
Good
- 7. Multiple Choice
When you pay somebody to do something for you like a mechanic, babysitter, or barber
Opportunity Cost
Service
Demand
Good
- 8. Multiple Choice
Identify the (2) TRUE statements about competition.
Price will DECREASE
Companies will tend to continually make better products
Price will INCREASE
Companies will be rewarded for producing less
- 9. Multiple Choice
Plants and animals are examples of...
Human Resources
Capital Resources
Renewable Resources
Non-Renewable Resources
- 10. Multiple Choice
Natural Resources such as oil, coal, and natural gas are examples of...
Human Resources
Capital Resources
Renewable Resources
Non-Renewable Resources
- 11. Multiple Choice
Which of the following are Renewable Resources?
Corn
Oil
Timber
Salt
Seafood
- 12. Multiple Choice
What occurs If DEMAND is higher than supply?
Surplus
Competition
Opportunity Cost
Scarcity
- 13. Multiple Choice
What occurs If SUPPLY is higher than demand?
Surplus
Competition
Opportunity Cost
Scarcity
- 14. Multiple Choice
If the weather for farming crawfish is better than expected and the farmers have a Surplus of crawfish, what can be expected?
Farmers will sell less
The crawfish taste bad
Farmers will need to lower the price of crawfish
Farmers will need to raise the price of crawfish
- 15. Multiple Choice
Which of the following are true about INFLATION?
The price of goods and services will decrease
The price of goods and services will increase
purchasing power of the dollar decreases
purchasing power of the dollar increase
- 16. Multiple Choice
When the price of goods and services increases each year this is called...
Opportunity Cost
Demand
Inflation
Supply
- 17. Multiple Choice
A tax on an imported good
Unemployment
Sales Tax
International Trade
Tariff
- 18. Multiple Choice
Tariffs will cause the Demand for the United States product to increase.
TRUE
FALSE
- 19. Multiple Choice
Which of the following industries is Louisiana known for?
Steel Producing
Fishing
Tourism
Automobile Manufacturer
Oil Drilling
- 20. Multiple Choice
Which industry does Louisiana benefit from because of their nearness to the Mississippi River?
Seafood
Film Industry
Shipping/Trade
Oil Drilling
- 21. Multiple Choice
What is TOURISM?
When people eat too much candy
Selling a house for more than you bought it for
When people go on vacation and spend money
A famous seafood dish in New Orleans
- 22. Multiple Choice
The amount of people who are Jobless but are searching for a job
CPI
Debt
Tariffs
Unemployment
- 23. Multiple Choice
A tax that you pay based on the amount of money you make
Sales Tax
Property Tax
Tariffs
Income Tax
- 24. Multiple Choice
Which type of card is extremely risky to your finances? You should avoid getting or using one of these.
Debit Card
Credit Card
- 25. Multiple Choice
What geographical feature in Louisiana has made it possible for economic growth?
Hills
Swamps
Mississippi River
Levees
- 26. Multiple Choice
The Port of New Orleans is a major advantage to the economics of Louisiana because it increases international trade.
TRUE
FALSE
- 27. Multiple Choice
Louisiana participates in economic interdependence. What is economic interdependence?
When people have a surplus of seafood
When states and countries rely on each other for products that can't produce on their own
When states and countries can produce everything they need on their own
A tax on imported goods
- 28. Multiple Choice
Something that you lose or give up every time you make a decision.
Taxes
Opportunity Cost
Mississippi River
Unemployment
- 29. Multiple Choice
In what way do workers specialize at the Avondale shipyards?
Every worker does every part of the job
Most workers leave the shipyard a few hours early
Each worker does one job or makes one part of the ship
Most workers do not have special skills
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