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CE 11 Review
Test Description: 3rd 9 Weeks Benchmark Review
Instructions: Answer all questions to get your test result.
1) What is the most common economic system today?
A
Free Market Economy
B
Mixed Economy
C
Command Economy
D
Traditional Economy
2) The rivalry between the different producers and sellers of a good or service is called?
A
Competition
B
Consumer Protections
C
Profit
D
Consumer Sovereignty
3) Chad was a herder, just like his father and grandfather. He wanted to go to college, but had to settle for the old ways. What economic system is Chad a part of?
A
Free Market Economy
B
Mixed Economy
C
Traditional Economy
D
Command Economy
4) Which of the following is NOT a type of resource?
A
Human
B
Natural
C
Canine
D
Capital
5) What is the inability to satisfy all needs and wants at the same time because all resources are limited?
A
people
B
scarcity
C
resources
D
bills
6) What is given up when a choice is made?
A
scarcity
B
resources
C
price
D
An opportunity cost
7) Which economy has only PRIVATE ownership of property and resources?
A
Mixed
B
Command
C
Free market
D
Traditional
8) The interaction of supply and demand determine..?
A
Money
B
Price
C
Resources
D
Competition
9) Consumers determine what goods and services will be produced based on the products they purchase. This is known as?
A
Profit
B
Command Economy
C
Consumer Sovereignty
D
Competition
10) What are the earnings a business has left after all its expenses have been paid?
A
Capital
B
Profit
C
Taxes
D
Wages
*select an answer for all questions
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