CE 11 Review Question Preview (ID: 13772)
3rd 9 Weeks Benchmark Review.
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What is the most common economic system today?
a) Traditional Economy
b) Mixed Economy
c) Free Market Economy
d) Command Economy
The rivalry between the different producers and sellers of a good or service is called?
a) Profit
b) Consumer Sovereignty
c) Consumer Protections
d) Competition
Chad was a herder, just like his father and grandfather. He wanted to go to college, but had to settle for the old ways. What economic system is Chad a part of?
a) Traditional Economy
b) Mixed Economy
c) Free Market Economy
d) Command Economy
Which of the following is NOT a type of resource?
a) Human
b) Capital
c) Natural
d) Canine
What is the inability to satisfy all needs and wants at the same time because all resources are limited?
a) scarcity
b) bills
c) people
d) resources
What is given up when a choice is made?
a) An opportunity cost
b) scarcity
c) price
d) resources
Which economy has only PRIVATE ownership of property and resources?
a) Free market
b) Mixed
c) Traditional
d) Command
The interaction of supply and demand determine..?
a) Price
b) Competition
c) Resources
d) Money
Consumers determine what goods and services will be produced based on the products they purchase. This is known as?
a) Consumer Sovereignty
b) Profit
c) Command Economy
d) Competition
What are the earnings a business has left after all its expenses have been paid?
a) Profit
b) Wages
c) Taxes
d) Capital
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