Economics Review 11a Thru 11c Part 1 Question Preview (ID: 14589)


This Test Review Economic Vocabulary, Types Of Economies And Aspects Of The United State Economy. TEACHERS: click here for quick copy question ID numbers.

The inability to satisfy all wants at the same time is known as?
a) Resources
b) Scarcity
c) Choice
d) Opportunity cost

These are factors of production that are used in the production of goods and services. Types of ________ are natural, human, capital, and entrepreneurship.
a) Resources
b) Scarcity
c) Choice
d) Opportunity cost

This is selection of an item or action from a set of possible alternatives.
a) Scarcity
b) Resources
c) Choice
d) Opportunity cost

This is what is given up when a choice is made—i.e., the highest valued alternative is forgone
a) Scarcity
b) Resources
c) Choice
d) Opportunity cost

This is the amount of money exchanged for a good or service.
a) Supply
b) Demand
c) Incentives
d) Price

These are things that incite or motivate. ________ are used to change economic behavior.
a) Demand
b) Incentives
c) Price
d) Supply

This is the amount of a good or service that consumers are willing and able to buy at a certain price.
a) Price
b) Incentives
c) Supply
d) Demand

This is the amount of a good or service that producers are willing and able to sell at a certain price.
a) Demand
b) Supply
c) Incentives
d) Price

Interaction of supply and demand determines __________?
a) Incentives
b) Price
c) Supply
d) Demand

The combining of human, natural, capital, and entrepreneurship resources to make goods or provide services is known as__________.
a) Production
b) Consumption
c) Demand
d) Supply

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