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SOL Review #4: Economic Terms
Test Description: Mr. Blankenship's 4th SOL Review game focuses on economic terms. Questions are based on VA SOL Standard CE.9
Instructions: Answer all questions to get your test result.
1) Our basic economic problem based on the inability to satisfy all wants at the same time because of limited resources is called....
A
Opportunity Costs
B
Capital
C
Production
D
Scarcity
2) This word describes selecting an item from a set of alternatives...
A
Production
B
Price
C
Incentive
D
Choice
3) This word describes what is given up when a choice is made...
A
Incentive
B
Production
C
Opportunity Cost
D
Demand
4) Mr. Blankenship has to choose between a new tie or a new belt. He decides to buy a new tie, so his opportunity cost would be...
A
the sum of the price of the belt and tie
B
the belt
C
the average of the prices of the belt and tie
D
the tie
5) Resources are...
A
Things that incite or motivate change in economic behavior.
B
The creation of a product.
C
The factors of production that are used in the production of goods and services.
D
Unlimited wants and limited resources.
6) A friend tells you that there is a shortage of Hot Fries in Virginia Beach. What do you expect to happen to the price of Hot Fries?
A
Price will increase
B
Price will stay the same.
C
Price will decrease.
D
Hot Fries will now be free of charge.
7) You hear on the news there is a surplus of Jordan Brand clothing in the East Coast. What do you expect to happen to the price of these clothes ?
A
Price will decrease.
B
Jordan Brand clothing will throw away the extra clothes.
C
Price will increase.
D
Price will stay the same.
8) Which of the following most determines the price of an item?
A
Public Goods
B
Color
C
Supply and Demand
D
Size of Production Company
9) Foot Locker has a buy one get one free sale on all of their shoes. This is a great example of...
A
Incentives
B
Opportunity Cost
C
Prouction
D
Scarcity
10) I have only $3 to spend for lunch at McDonalds. This is a great example of...
A
Scarcity
B
Supply and Demand
C
Incentives
D
Opportunity Cost
*select an answer for all questions
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