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- 1. Multiple Choice
Which of the following could cause the price for automobiles to decrease?
The local factory gives a big raise to its employees.
People get an extra tax refund of $5,000
A brand new automobile dealership opens in town.
The price of gasoline falls.
- 2. Multiple Choice
If a consumer knows that a product will be going on sale next week, how will his/her CURRENT demand be affected?
it will go up
it will go down
it will stay the same
It will double
- 3. Multiple ChoiceIn a market economy, who decides on the prices of goods and services?governmentbuyers and sellersfirmslocal leaders
- 4. Multiple ChoiceGenerally speaking, the lower the price, the greater the quantity demand.TrueFalse
- 5. Multiple ChoiceFor the law of demand, as price rises, what happens to quantity demanded?it goes upit goes downit stays the sameit is not effected
- 6. Multiple ChoiceFor the law of supply, as price rises, what happens to quantity supplied?it goes upit goes downit stays the sameit is not effected
- 7. Multiple ChoiceDoes this person provide a good or a service?goodsservice
- 8. Multiple Choice
Does this picture show needs or wants?
need
want
- 9. Multiple Choice
What is a service?
A want
Something you buy from the store
A need
A job a person performs for someone else
- 10. Multiple ChoiceWhat is a need?NothingSomething you have to have to liveSomething you would like to haveIce cream
- 11. Multiple ChoiceWhat is a want?A personSomething you would like to have but don't need to livePurpleSomething you need to live
- 12. Multiple ChoiceWhich of the following is a service?a restaurant meala guitar lessondry-cleaning fluida concert t-shirt
- 13. Multiple ChoiceWhich of the following can be categorized as a want?FoodWaterShelterCar
- 14. Multiple Choice
Is this type of shelter a need or want?
Need
Want
- 15. Multiple Choice
Which is a need?
iPhone
Medication
Backpack
Sunglasses
- 16. Multiple ChoiceA resource that is not easily replaced...RenewableNonrenewable
- 17. Multiple ChoiceAny useful material that is found in nature:Natural ResourceHuman ResourcePlants
- 18. Multiple ChoiceFossil fuels are nonrenewable because...they are used to produce heatthey take a long time to formthey can be found underground
- 19. Multiple ChoiceWhich group includes ALL renewable resources?Coal, trees, water, oilWater, wind, sun, plantsMinerals, sun, natural gas, water
- 20. Multiple ChoiceThe study of resources such as money, materials, and laboreconomicsservicesproducersgoods
- 21. Multiple ChoiceThe definition of Scarcity is...An unlimited amount of resources to meet limited wants and needsA limited amount of resources to meet unlimited wants and needs.When people use time and energy to create eventsa city where individuals commit themselves to unlimited wants and needs
- 22. Multiple ChoiceWhich of these is NOT a way we deal with Scarcity?Creating more resourcesDoing without somethingMaking better use of our resourcesExpanding time
- 23. Multiple Choice
When we have to give up one thing, in order to choose another thing
opportunity cost
diversity
capital
income
- 24. Multiple Choice
When we have unlimited needs and wants, but a limited supply of a particular resource
deforestation
extinction
scarcity
choice
- 25. Multiple Choice
This is what we call the thing that is sacrificed when we choose one thing over another...
biodiversity
land
opportunity cost
capital
- 26. Multiple Choice
When a product or service becomes scarce, the price of it often goes
down
up
neither
- 27. Multiple Choice
When the quantity (amount) of a product or service is high, but the demand is low, the price will often
go down
go up
stay the same
neither
- 28. Multiple Choice
The first step in the decision making process is to?
evalutate the decision
solve the problem
state the problem
state the solution
- 29. Multiple Choice
What step is "Identify your values" (P.A.C.E.D)?
Step 1
Step 3
Step 2
Step 4
- 30. Multiple Choice
Jake has a history test on Friday. On Thursday night Jake's friend asks him to go to the movies. Jake lists the positives and negative outcomes of each choice. Which step in the decision-making process is this?
Evaluate the alternatives
Describe the situation
Consider the consequences
Explore the options
- Answer choicesTagsAnswer choicesTags