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CE.11a
Test Description: Production, consumption, incentives, prices
Instructions: Answer all questions to get your test result.
1) What is the term for the act of combining resources to make goods and services?
A
entrepreneurship
B
profits
C
production
D
consumption
2) What is the term for the act of using goods and services?
A
incentives
B
profits
C
consumption
D
production
3) A goal of businesses is to make production more efficient, which _____ costs.
A
lowers
B
inflates
C
increases
D
raises
4) As a result of consumer choices, what gets purchased for consumption is determined mainly by:
A
style and color
B
none of these choices
C
consumer preferences and prices
D
prices and size
5) ____ are things that change economic behavior and choices.
A
guesses
B
fashions
C
incentives
D
sellers
6) ____ are a positive incentive for businesses to make better products.
A
lay-offs
B
profits
C
poverty
D
demands
7) What is the term for the amount of a good or service that sellers are willing to sell?
A
profit
B
supply
C
demand
D
price
8) What is the term for the amount of a good or service that buyers are willing to buy?
A
price
B
profit
C
demand
D
supply
9) Prices normally move to a level that brings ____ and ____ into balance.
A
supply and demand
B
questions and answers
C
money and riches
D
good and evil
10) What is the term for the amount of money exchanged for a good or service?
A
bribes
B
expensive
C
price
D
dimes and quarters
*select an answer for all questions
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