Unit #9: Economic Decisions (Part 1): Question Preview (ID: 24859)

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What determines what should be PRODUCED or MADE?
a) Price b) Resources c) Consumer preference d) Resources available and consumer preference
What is one factor that determines if a person will purchase and consume a product?
a) Price b) Resouces c) Scarcity d) Taxes
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
If you want to get rid of a product and prevent a total loss, you should -
a) increase the price b) decrease the price c) keep the price the same d) pull the product off the shelves
The amount of money exchanged for a good or service is called -
a) supply b) demand c) opportunity cost d) price
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 c) d)
What determines who will acquire a good or service?
a) Scarcity b) Choice c) Price d) Resources
Buy One, Get 50% Off is an example of an -
a) resource b) capital c) incentive d) consumption
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) Value of the computer game c) Time of buying the computer game d) Enjoymnet of seeing the movies
The BASIC economic problem facing everyone is -
a) gas prices are increasing b) that there isn't enough c) unfair laws d) surplus
Since there are 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 d) change the economic system
The inability to satisfy all the wants at the same time is known as -
a) incentives b) price c) scarcity d) choice
Natural, human, capital, and entrepreneurship are types of -
a) businesses b) economic systems c) resources d) incentives
The items that are used in making goods and services are called -
a) incentives b) price c) articles d) resources
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