Making Economic Choices: Question Preview (ID: 24610)


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Items used in making goods and services are called -
a) choices b) resources c) profits d) costs
Natural, human, capitol, and entrepreneurship are all types of -
a) businesses b) incentives c) resources d) production
The BASIC economic problem facing everyone is -
a) gas prices are increasing b) that there isn't enough c) unfair laws d) surplus
The inability to satisfy all the wants at the same time is called -
a) scarcity b) resources c) supply d) demand
Since there is not enough resources to satisfy all the wants at the same time, we have to -
a) make choices b) steal what we want c) petition the government to give it to us d) change the economic system
Carmen had to choose between a DVD player and a new video game. She decided to buy the video game. What was the DVD player?
a) Her choice b) Her opportunity cost c) Her need d) Her scarcity
Free financing, tax credits, and buy one, get on free are examples of -
a) opportunity cost b) incentives c) scarcity d) monopolies
Price is determined by the interaction of -
a) supply and demand b) needs and wants c) goods and services d) money and consumers
What determines who will acquire goods and services?
a) Price b) Demand c) Scarcity d) Supply
Where do I look on a supply and demand graph to find the price?
a) The highest point for each line b) The lowest point for each line c) The point where the lines intersect or meet d)
The price of a product will increase if -
a) the demand is high and the supply is low b) the demand is high and the supply is high c) the demand is low and the supply is low d) the demand is low and the supply is high
What determines what is PRODUCED or MADE?
a) Supply and demand b) Consumer preference and price c) Consumer preference and resources available d) Incentives and opportunity cost
What is one factor that determines if a person will purchase and consume a product?
a) Price b) Resources c) Scarcity d) Taxes
True/False: There is no such things as a free lunch means that everything has a cost.
a) True b) False c) d)
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