Unit 4 Review: Question Preview (ID: 31290)

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Which economic system is centrally-owned and planned and lacks choice?
a) Traditional
b) Command
c) Mixed
d) Free Market

Which type of business is authorized by law to act as a person regardless of the number of owners?
a) Corporation
b) Partnership
c) Proprietorship
d) Franchise

Who rules the market in a Free Market System?
a) Government
b) Consumers
c) Producers
d) Entreprenuers

Which economic system has competition, profit motive, consumer sovereignty and choice with minimal to no government involvement?
a) Command
b) Traditional
c) Mixed
d) Free Market

Which economic system has individuals and businesses making decisions for the private sector and government for the public sector?
a) Command
b) Traditional
c) Mixed
d) Free Market

When supply increases and demand decreases, what happens to prices?
a) Increase
b) Decrease
c) Remain the same
d) Fluctuate up and down

What determines the type of economy for a country?
a) Supply
b) Government
c) Demand
d) Choice

Things used to motivate someone to change their economic behavior such as sales and buy one get one are which economic term?
a) Choices
b) Opportunity Cost
c) Price
d) Incentives

What is determined by supply and demand?
a) Opportunity Cost
b) Choice
c) Price
d) Resources

What are the factors of production (capital, entrepreneur, land and labor) known as?
a) Scarcity
b) Goods
c) Services
d) Resources

Nadia makes the decision to purchase Barnes Noble’s Nook Tablet for $199 instead of the new Kindle Fire. What is Nadia’s opportunity cost?
a) $199
b) Kindle Fire
c) Barnes and Noble Member
d) $100

Which economic term relates to not having enough resources to produce for all wants and needs?
a) Scarcity
b) Demand
c) Choice
d) Opportunity Costs

Which of the following is NOT a public good or service?
a) Interstate Highway
b) Military
c) Post Office
d) Dairy Queen

Which amendment created a federal income tax?
a) 1
b) 10
c) 14
d) 16

Where does career planning start?
a) job interview
b) college
c) self assessment
d) high school

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