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Unit #9: Economic Decisions (Part 1)
Test Description: CE.11
Instructions: Answer all questions to get your test result.
1) The items that are used in making goods and services are called -
A
price
B
incentives
C
resources
D
articles
2) Natural, human, capital, and entrepreneurship are types of -
A
incentives
B
businesses
C
resources
D
economic systems
3) The BASIC economic problem facing everyone is -
A
unfair laws
B
surplus
C
gas prices are increasing
D
that there isn't enough
4) Since there are not enough resources to satisfy all the wants at the same time, we have to -
A
steal what we want
B
make choices
C
change the economic system
D
petition the government
5) The inability to satisfy all the wants at the same time is known as -
A
incentives
B
scarcity
C
choice
D
price
6) 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
Value of the computer game
B
Enjoymnet of seeing the movies
C
Time of buying the computer game
D
Price of the movie tickets
7) Buy One, Get 50% Off is an example of an -
A
incentive
B
resource
C
capital
D
consumption
8) The amount of money exchanged for a good or service is called -
A
opportunity cost
B
supply
C
price
D
demand
9) What determines who will acquire a good or service?
A
Scarcity
B
Price
C
Choice
D
Resources
10) 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
False
B
True
11) If you want to get rid of a product and prevent a total loss, you should -
A
keep the price the same
B
pull the product off the shelves
C
increase the price
D
decrease the price
12) 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 high
D
the demand is low and the supply is low
13) What determines what should be PRODUCED or MADE?
A
Price
B
Consumer preference
C
Resources
D
Resources available and consumer preference
14) What is one factor that determines if a person will purchase and consume a product?
A
Scarcity
B
Resouces
C
Taxes
D
Price
*select an answer for all questions
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