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Economics Test Review #1
Test Description: Economics Test Review #1
Instructions: Answer all questions to get your test result.
1) What is the main role of the consumer in the United States economy?
A
Buy all goods at any price
B
Operate the economy without undue influence
C
Determine through their purchases what will be produced
D
Make products for themselves
2) If a corporation fails, the owners' liability is their -
A
Investment
B
Property
C
Savings
D
Income
3) In the United States economic system, who makes decisions?
A
Individuals only
B
Government only
C
Businesses only
D
Individuals, businesses, government
4) Which of the following businesses would be the lowest risk for Holly to invest money?
A
Coca-Cola
B
Holly's Bakery
C
Three Sisters' Cafe
D
Holly and Morgan's Flower Shop
5) Business, individuals, and government make economic decisions in which economic system?
A
Mixed
B
Traditional
C
Free Market
D
Command
6) Mike has $10. He can buy his favorite CD or a shirt. He decides to buy the CD. What term best represents the shirt?
A
His incentive
B
His supply
C
His demand
D
His opportunity cost
7) In the United States, markets are allowed to operate without undue interference from the government. This is called —
A
Supply and Demand
B
Consumer Sovereignty
C
Free market
D
Profit
8) Which type of business has the highest risk but also offers the highest reward potential?
A
Proprietorship
B
Coorporation
C
Franchise
D
Partnership
9) If supply is low and demand is high, the price of an item will be -
A
High
B
None of the Above
C
Low
D
Stay the same
10) What is demand?
A
amount producers are willing to sell
B
amount of goods and services people are willing to buy
C
amount of the incentive
D
amount an item costs
*select an answer for all questions
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