CE 11 Review #1: Question Preview (ID: 14921)

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A winter storm downed power lines and left the town without electricity for a week. Stores quickly ran out of supplies consumers wanted to buy. What economic term is described?
a) Incentive
b) Scarcity
c) Human resource
d) Opportunity cost

A buy one get one free sale is an example of which economic term?
a) Incentive
b) Scarcity
c) Human Resource
d) Opportunity cost

All of the following are types of resources except?
a) human resources
b) natural resources
c) capital resources
d) main resources

Farmers in the Midwest report that a drought has damaged much of the wheat crop that is used to make bread. What is most likely to happen as a result of the drought?
a) Consumers will grow their own wheat
b) Consumers will pay less for bread
c) Bread prices will go down
d) Bread prices will go up

Which of the following is NOT one of the three basic economic questions?
a) What will be produced?
b) Why will it be produced?
c) Who will produce it?
d) For whom will it be produced?

Mike has $10. He can buy a CD or a shirt. He decides to buy a CD. What term best represents the shirt?
a) His opportunity cost
b) His supply
c) His demand
d) His incentive

What determines the price of a good or service?
a) The amount of sales tax
b) The number of people it takes to produce it
c) The influence of supply and demand on each other
d) Where the good or service is produced and sold

Maggie did not buy a shirt she wanted until it went on sale. What was her incentive to buy the shirt?
a) The original price
b) Supply
c) Lack of resources
d) Sale price

If supply is low and demand is high, the price of an item will be?
a) High
b) Low
c) Stay the same
d) None of these choices

What do you call the process of combining resources to produce goods and services
a) Consumption
b) Production
c) Distribution
d) Demand

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