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Unit #9: Economic Decisions (Part 1)
Test Description: CE.11
Instructions: Answer all questions to get your test result.
1) The items that are used in making goods and services are called -
A
resources
B
price
C
articles
D
incentives
2) Natural, human, capital, and entrepreneurship are types of -
A
economic systems
B
incentives
C
resources
D
businesses
3) The BASIC economic problem facing everyone is -
A
gas prices are increasing
B
unfair laws
C
that there isn't enough
D
surplus
4) Since there are not enough resources to satisfy all the wants at the same time, we have to -
A
steal what we want
B
change the economic system
C
petition the government
D
make choices
5) The inability to satisfy all the wants at the same time is known as -
A
choice
B
incentives
C
scarcity
D
price
6) Carlos could have bought a computer games or go see to movies. Since he didn't have enough money to do both, he decided to go to the movies. What is his opportunity cost?
A
Price of the movie tickets
B
Time of buying the computer game
C
Enjoymnet of seeing the movies
D
Value of the computer game
7) Buy One, Get 50% Off is an example of an -
A
incentive
B
capital
C
consumption
D
resource
8) The amount of money exchanged for a good or service is called -
A
opportunity cost
B
price
C
supply
D
demand
9) What determines who will acquire a good or service?
A
Choice
B
Price
C
Scarcity
D
Resources
10) True/False: To determine the price on a supply and demand graph, all you have to do is see where the supply and demand lines meet.
A
True
B
False
11) If you want to get rid of a product and prevent a total loss, you should -
A
pull the product off the shelves
B
decrease the price
C
increase the price
D
keep the price the same
12) The price of a product will increase if -
A
the demand is high and the supply is low
B
the demand is low and the supply is low
C
the demand is low and the supply is high
D
the demand is high and the supply is high
13) What determines what should be PRODUCED or MADE?
A
Resources available and consumer preference
B
Price
C
Consumer preference
D
Resources
14) What is one factor that determines if a person will purchase and consume a product?
A
Price
B
Scarcity
C
Resouces
D
Taxes
*select an answer for all questions
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