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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
profits
C
resources
D
choices
2) Natural, human, capitol, and entrepreneurship are all types of -
A
incentives
B
production
C
businesses
D
resources
3) The BASIC economic problem facing everyone is -
A
gas prices are increasing
B
that there isn't enough
C
surplus
D
unfair laws
4) The inability to satisfy all the wants at the same time is called -
A
resources
B
supply
C
demand
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
change the economic system
C
make choices
D
petition the government to give it to us
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 opportunity cost
C
Her need
D
Her choice
7) Free financing, tax credits, and buy one, get on free are examples of -
A
incentives
B
scarcity
C
opportunity cost
D
monopolies
8) Price is determined by the interaction of -
A
supply and demand
B
money and consumers
C
needs and wants
D
goods and services
9) What determines who will acquire goods and services?
A
Price
B
Demand
C
Supply
D
Scarcity
10) Where do I look on a supply and demand graph to find the price?
A
The lowest point for each line
B
The point where the lines intersect or meet
C
The highest point for each line
11) The price of a product will increase if -
A
the demand is low and the supply is low
B
the demand is low and the supply is high
C
the demand is high and the supply is low
D
the demand is high and the supply is high
12) What determines what is PRODUCED or MADE?
A
Incentives and opportunity cost
B
Consumer preference and resources available
C
Consumer preference and price
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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