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Economics Review 11a Thru 11c Part 1
Test Description: This test review economic vocabulary, types of economies and aspects of the United State Economy.
Instructions: Answer all questions to get your test result.
1) The inability to satisfy all wants at the same time is known as?
A
Scarcity
B
Resources
C
Choice
D
Opportunity cost
2) These are factors of production that are used in the production of goods and services. Types of ________ are natural, human, capital, and entrepreneurship.
A
Choice
B
Resources
C
Opportunity cost
D
Scarcity
3) This is selection of an item or action from a set of possible alternatives.
A
Opportunity cost
B
Resources
C
Choice
D
Scarcity
4) This is what is given up when a choice is made—i.e., the highest valued alternative is forgone
A
Resources
B
Opportunity cost
C
Choice
D
Scarcity
5) This is the amount of money exchanged for a good or service.
A
Supply
B
Incentives
C
Demand
D
Price
6) These are things that incite or motivate. ________ are used to change economic behavior.
A
Supply
B
Incentives
C
Demand
D
Price
7) This is the amount of a good or service that consumers are willing and able to buy at a certain price.
A
Incentives
B
Price
C
Supply
D
Demand
8) This is the amount of a good or service that producers are willing and able to sell at a certain price.
A
Incentives
B
Price
C
Supply
D
Demand
9) Interaction of supply and demand determines __________?
A
Price
B
Supply
C
Incentives
D
Demand
10) The combining of human, natural, capital, and entrepreneurship resources to make goods or provide services is known as__________.
A
Production
B
Demand
C
Consumption
D
Supply
*select an answer for all questions
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