Unit #9: Economic Decisions (Part 1): Question Preview (ID: 24859)

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What determines what should be PRODUCED or MADE?
a) Price
b) Resources
c) Consumer preference
d) Resources available and consumer preference

What is one factor that determines if a person will purchase and consume a product?
a) Price
b) Resouces
c) Scarcity
d) Taxes

The price of a product will increase if -
a) the demand is high and the supply is low
b) the demand is high and the supply is high
c) the demand is low and the supply is low
d) the demand is low and the supply is high

If you want to get rid of a product and prevent a total loss, you should -
a) increase the price
b) decrease the price
c) keep the price the same
d) pull the product off the shelves

The amount of money exchanged for a good or service is called -
a) supply
b) demand
c) opportunity cost
d) price

True/False: To determine the price on a supply and demand graph, all you have to do is see where the supply and demand lines meet.
a) True
b) False

What determines who will acquire a good or service?
a) Scarcity
b) Choice
c) Price
d) Resources

Buy One, Get 50% Off is an example of an -
a) resource
b) capital
c) incentive
d) consumption

Carlos could have bought a computer games or go see to movies. Since he didn't have enough money to do both, he decided to go to the movies. What is his opportunity cost?
a) Price of the movie tickets
b) Value of the computer game
c) Time of buying the computer game
d) Enjoymnet of seeing the movies

The BASIC economic problem facing everyone is -
a) gas prices are increasing
b) that there isn't enough
c) unfair laws
d) surplus

Since there are not enough resources to satisfy all the wants at the same time, we have to -
a) make choices
b) steal what we want
c) petition the government
d) change the economic system

The inability to satisfy all the wants at the same time is known as -
a) incentives
b) price
c) scarcity
d) choice

Natural, human, capital, and entrepreneurship are types of -
a) businesses
b) economic systems
c) resources
d) incentives

The items that are used in making goods and services are called -
a) incentives
b) price
c) articles
d) resources

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