SOL Review #4: Economic Terms Question Preview (ID: 14939)


Mr. Blankenship's 4th SOL Review Game Focuses On Economic Terms. Questions Are Based On VA SOL Standard CE.9. TEACHERS: click here for quick copy question ID numbers.

Our basic economic problem based on the inability to satisfy all wants at the same time because of limited resources is called....
a) Opportunity Costs
b) Scarcity
c) Production
d) Capital

This word describes selecting an item from a set of alternatives...
a) Incentive
b) Choice
c) Price
d) Production

This word describes what is given up when a choice is made...
a) Opportunity Cost
b) Incentive
c) Demand
d) Production

Mr. Blankenship has to choose between a new tie or a new belt. He decides to buy a new tie, so his opportunity cost would be...
a) the average of the prices of the belt and tie
b) the tie
c) the belt
d) the sum of the price of the belt and tie

Resources are...
a) Unlimited wants and limited resources.
b) The factors of production that are used in the production of goods and services.
c) The creation of a product.
d) Things that incite or motivate change in economic behavior.

A friend tells you that there is a shortage of Hot Fries in Virginia Beach. What do you expect to happen to the price of Hot Fries?
a) Price will decrease.
b) Price will stay the same.
c) Price will increase
d) Hot Fries will now be free of charge.

You hear on the news there is a surplus of Jordan Brand clothing in the East Coast. What do you expect to happen to the price of these clothes ?
a) Price will decrease.
b) Price will stay the same.
c) Price will increase.
d) Jordan Brand clothing will throw away the extra clothes.

Which of the following most determines the price of an item?
a) Supply and Demand
b) Public Goods
c) Color
d) Size of Production Company

Foot Locker has a buy one get one free sale on all of their shoes. This is a great example of...
a) Opportunity Cost
b) Prouction
c) Incentives
d) Scarcity

I have only $3 to spend for lunch at McDonalds. This is a great example of...
a) Supply and Demand
b) Scarcity
c) Opportunity Cost
d) Incentives

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