Civics Review 4 Question Preview (ID: 19538)


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Joe waited in line for three hours to buy the new pair of Jordans, but when he got to the front, they were all out in his size. Which term best fits his situation?
a) Scarcity
b) Demand
c) Consumption
d) Opportunity Cost

Labor, capital, and wood are all examples of __________ that are used in _____________
a) incentives; choice
b) supply; demand
c) resources; production
d) consumers; production

Because of the war in the Middle East, the supply of oil has gone done, but demand has remained the same. What would happen to the price of oil?
a) It would go up
b) It would stay the same.
c) It would go down.
d)

Mia went to the mall with $50 to buy a new dress. She saw a pair of shoes for $50 and decided to buy them instead. The dress was her:
a) Choice
b) Supply
c) Opportunity cost
d) Incentive

Central ownership of property is a characteristic of which economy?
a) Traditional
b) Command
c) MIxed
d) Free market

In the United States economy, businesses and people make decisions in the private sector. What is it called when the people have the power to decide what businesses produce based off of their purchases?
a) Profit
b) Competition
c) Supply
d) Consumer sovereignty

Entrepreneurs can start any type of business. Which business model is recognized as a legal entity where investors' loss is limited to the amount of their investment?
a) Proprietorship
b) Partnership
c) Corporation
d) Franchise

If the government wanted to make more money available for people and businesses, what would it do?
a) Tax more
b) Tax less
c) Increase demand
d) Increase spending

The EPA requires car producers to make cars that do not pollute the air to protect the environment. This is an example of:
a) Government Agencies regulating businesses
b) Circular flow
c) Enforcing anti-trust legislation
d) Supporting business start-ups

People seeking jobs in accounting should be college graduates with knowledge of money management. Job seekers should have experience working with the latest technology. Which person would be most qualified for this job?
a) Someone with a high school educatoin
b) Someone with some college education.
c) Someone with a 2-year Associate's Degree
d) Someone with a Bachelor's Degree

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