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Unit 4 Review
Test Description: Economics review game.
Instructions: Answer all questions to get your test result.
1) Which economic term relates to not having enough resources to produce for all wants and needs?
A
Choice
B
Demand
C
Scarcity
D
Opportunity Costs
2) Nadia makes the decision to purchase Barnes Noble’s Nook Tablet for $199 instead of the new Kindle Fire. What is Nadia’s opportunity cost?
A
$100
B
Barnes and Noble Member
C
$199
D
Kindle Fire
3) What are the factors of production (capital, entrepreneur, land and labor) known as?
A
Services
B
Resources
C
Scarcity
D
Goods
4) What is determined by supply and demand?
A
Opportunity Cost
B
Price
C
Resources
D
Choice
5) Things used to motivate someone to change their economic behavior such as sales and buy one get one are which economic term?
A
Choices
B
Incentives
C
Opportunity Cost
D
Price
6) When supply increases and demand decreases, what happens to prices?
A
Fluctuate up and down
B
Decrease
C
Increase
D
Remain the same
7) What determines the type of economy for a country?
A
Supply
B
Demand
C
Choice
D
Government
8) Which economic system has individuals and businesses making decisions for the private sector and government for the public sector?
A
Command
B
Free Market
C
Traditional
D
Mixed
9) Which economic system has competition, profit motive, consumer sovereignty and choice with minimal to no government involvement?
A
Free Market
B
Mixed
C
Traditional
D
Command
10) Who rules the market in a Free Market System?
A
Producers
B
Government
C
Consumers
D
Entreprenuers
11) Which economic system is centrally-owned and planned and lacks choice?
A
Free Market
B
Traditional
C
Mixed
D
Command
12) Which type of business is authorized by law to act as a person regardless of the number of owners?
A
Proprietorship
B
Franchise
C
Partnership
D
Corporation
13) Which of the following is NOT a public good or service?
A
Post Office
B
Interstate Highway
C
Military
D
Dairy Queen
14) Which amendment created a federal income tax?
A
14
B
16
C
1
D
10
15) Where does career planning start?
A
college
B
high school
C
self assessment
D
job interview
*select an answer for all questions
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