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Unit 4 Review
Test Description: Economics review game.
Instructions: Answer all questions to get your test result.
1) Which economic term relates to not having enough resources to produce for all wants and needs?
A
Opportunity Costs
B
Demand
C
Choice
D
Scarcity
2) Nadia makes the decision to purchase Barnes Noble’s Nook Tablet for $199 instead of the new Kindle Fire. What is Nadia’s opportunity cost?
A
Kindle Fire
B
$100
C
Barnes and Noble Member
D
$199
3) What are the factors of production (capital, entrepreneur, land and labor) known as?
A
Goods
B
Scarcity
C
Services
D
Resources
4) What is determined by supply and demand?
A
Resources
B
Opportunity Cost
C
Choice
D
Price
5) Things used to motivate someone to change their economic behavior such as sales and buy one get one are which economic term?
A
Incentives
B
Opportunity Cost
C
Price
D
Choices
6) When supply increases and demand decreases, what happens to prices?
A
Remain the same
B
Fluctuate up and down
C
Increase
D
Decrease
7) What determines the type of economy for a country?
A
Demand
B
Supply
C
Choice
D
Government
8) Which economic system has individuals and businesses making decisions for the private sector and government for the public sector?
A
Mixed
B
Free Market
C
Traditional
D
Command
9) Which economic system has competition, profit motive, consumer sovereignty and choice with minimal to no government involvement?
A
Free Market
B
Traditional
C
Command
D
Mixed
10) Who rules the market in a Free Market System?
A
Producers
B
Consumers
C
Entreprenuers
D
Government
11) Which economic system is centrally-owned and planned and lacks choice?
A
Free Market
B
Command
C
Mixed
D
Traditional
12) Which type of business is authorized by law to act as a person regardless of the number of owners?
A
Proprietorship
B
Franchise
C
Corporation
D
Partnership
13) Which of the following is NOT a public good or service?
A
Military
B
Interstate Highway
C
Dairy Queen
D
Post Office
14) Which amendment created a federal income tax?
A
14
B
10
C
1
D
16
15) Where does career planning start?
A
job interview
B
college
C
self assessment
D
high school
*select an answer for all questions
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