CE 11 Review #4: Question Preview (ID: 14924)

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The amount of a good or service that consumers are willing and able to buy at a certain price is?
a) Demand
b) Supply
c) Scarcity
d) Production

Why is the U.S. characterized as a mixed economy?
a) There is gold in the Treasury
b) There is some government involvement in the economy
c) There is no government involvement
d) It is a historical precedent for it

Coca Cola and Pepsi are rival companies that sell soda products. What economic term is described by these two companies?
a) Competition
b) Cahoots
c) Business
d) Entrepreneurship

What is it called when you can't get everything you want when you want it?
a) Price
b) Resources
c) Scarcity
d) Incentives

jill received money for her birthday. She wants to buy a pair of shoes or a sweater. She decided to buy the shoes. What was her opportunity cost?
a) The sweater
b) The shoes
c) The shoes and sweater
d) Buying a bracelet

A major difference between a free market and command economy is that in a free market the production of goods and services is determined by?
a) The government
b) Consumer sovereignty
c) Financial institutions
d) A mixed economy

If a price of a good or service goes up, which of the following will go down?
a) Production costs and competition
b) Demand for the product
c) Scarcity of resources
d) Amount of the product

What must you give up when you chose one thing over another is called?
a) An opportunity cost
b) Capital
c) Price
d) Supply and demand

Jimmy wants to buy a car. What do you call the amount of money he will have to pay for the car?
a) Price
b) Incentive
c) Supply
d) Demand

The workers in a factory are considered what type of resource?
a) Capital
b) Human
c) Natural
d) Entrepreneurship

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