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Making Economic Choices
Test Description: CE.11
Instructions: Answer all questions to get your test result.
1) Items used in making goods and services are called -
A
costs
B
resources
C
choices
D
profits
2) Natural, human, capitol, and entrepreneurship are all types of -
A
resources
B
production
C
businesses
D
incentives
3) The BASIC economic problem facing everyone is -
A
surplus
B
that there isn't enough
C
gas prices are increasing
D
unfair laws
4) The inability to satisfy all the wants at the same time is called -
A
resources
B
demand
C
supply
D
scarcity
5) Since there is not enough resources to satisfy all the wants at the same time, we have to -
A
steal what we want
B
petition the government to give it to us
C
change the economic system
D
make choices
6) 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 scarcity
B
Her need
C
Her choice
D
Her opportunity cost
7) Free financing, tax credits, and buy one, get on free are examples of -
A
opportunity cost
B
scarcity
C
incentives
D
monopolies
8) Price is determined by the interaction of -
A
money and consumers
B
supply and demand
C
needs and wants
D
goods and services
9) What determines who will acquire goods and services?
A
Scarcity
B
Price
C
Demand
D
Supply
10) Where do I look on a supply and demand graph to find the price?
A
The highest point for each line
B
The point where the lines intersect or meet
C
The lowest point for each line
11) The price of a product will increase if -
A
the demand is high and the supply is high
B
the demand is low and the supply is high
C
the demand is low and the supply is low
D
the demand is high and the supply is low
12) What determines what is PRODUCED or MADE?
A
Consumer preference and price
B
Incentives and opportunity cost
C
Consumer preference and resources available
D
Supply and demand
13) What is one factor that determines if a person will purchase and consume a product?
A
Resources
B
Price
C
Taxes
D
Scarcity
14) True/False: There is no such things as a free lunch means that everything has a cost.
A
False
B
True
*select an answer for all questions
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