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Economics Test Review #1
Test Description: Economics Test Review #1
Instructions: Answer all questions to get your test result.
1) What is the main role of the consumer in the United States economy?
A
Determine through their purchases what will be produced
B
Buy all goods at any price
C
Make products for themselves
D
Operate the economy without undue influence
2) If a corporation fails, the owners' liability is their -
A
Savings
B
Property
C
Investment
D
Income
3) In the United States economic system, who makes decisions?
A
Businesses only
B
Individuals, businesses, government
C
Individuals only
D
Government only
4) Which of the following businesses would be the lowest risk for Holly to invest money?
A
Coca-Cola
B
Holly's Bakery
C
Holly and Morgan's Flower Shop
D
Three Sisters' Cafe
5) Business, individuals, and government make economic decisions in which economic system?
A
Traditional
B
Mixed
C
Free Market
D
Command
6) Mike has $10. He can buy his favorite CD or a shirt. He decides to buy the CD. What term best represents the shirt?
A
His supply
B
His demand
C
His opportunity cost
D
His incentive
7) In the United States, markets are allowed to operate without undue interference from the government. This is called —
A
Consumer Sovereignty
B
Free market
C
Supply and Demand
D
Profit
8) Which type of business has the highest risk but also offers the highest reward potential?
A
Proprietorship
B
Partnership
C
Franchise
D
Coorporation
9) If supply is low and demand is high, the price of an item will be -
A
High
B
None of the Above
C
Low
D
Stay the same
10) What is demand?
A
amount of the incentive
B
amount an item costs
C
amount of goods and services people are willing to buy
D
amount producers are willing to sell
*select an answer for all questions
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