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CE 11 Review #4
Test Description: SOL CE 11 Review
Instructions: Answer all questions to get your test result.
1) The amount of a good or service that consumers are willing and able to buy at a certain price is?
A
Supply
B
Scarcity
C
Production
D
Demand
2) Why is the U.S. characterized as a mixed economy?
A
It is a historical precedent for it
B
There is no government involvement
C
There is gold in the Treasury
D
There is some government involvement in the economy
3) Coca Cola and Pepsi are rival companies that sell soda products. What economic term is described by these two companies?
A
Cahoots
B
Competition
C
Business
D
Entrepreneurship
4) What is it called when you can't get everything you want when you want it?
A
Resources
B
Incentives
C
Price
D
Scarcity
5) jill received money for her birthday. She wants to buy a pair of shoes or a sweater. She decided to buy the shoes. What was her opportunity cost?
A
Buying a bracelet
B
The sweater
C
The shoes
D
The shoes and sweater
6) A major difference between a free market and command economy is that in a free market the production of goods and services is determined by?
A
Consumer sovereignty
B
The government
C
Financial institutions
D
A mixed economy
7) If a price of a good or service goes up, which of the following will go down?
A
Production costs and competition
B
Demand for the product
C
Scarcity of resources
D
Amount of the product
8) What must you give up when you chose one thing over another is called?
A
Price
B
An opportunity cost
C
Capital
D
Supply and demand
9) Jimmy wants to buy a car. What do you call the amount of money he will have to pay for the car?
A
Supply
B
Demand
C
Price
D
Incentive
10) The workers in a factory are considered what type of resource?
A
Human
B
Natural
C
Capital
D
Entrepreneurship
*select an answer for all questions
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