CE 11 Review: Question Preview (ID: 13772)

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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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