CE 11 and 12 Test Review (Economics)

Consumers using goods and services is an example of-

• consumption

• scarcity

• incentives

• production

Which economic factor has most likely determined the price in this picture?

• capital

• scarcity

• demand

• consumption

The amount of a good/service that consumers are willing and able to buy at a certain price is-

• supply

• demand

• scarcity

• production

All of the following are types of resources EXCEPT-

• main resources

• human resources

• capital resources

• natural resources

A discount is a form of-

• consumption

• incentive

• capital

• resource

Which of the following is the best title for the list?

• Characteristics of a Command Economy

• Characteristics of a Mixed Economy

• Characteristics of a Free Market Economy

• Characteristics of a Traditional Economy

What type of economic system does the United States have?

• Free Market Economy

• Mixed Economy

• Command Economy

• Traditional Economy

Who makes the decisions for the public sector in a mixed economy?

• government

• individuals

• individuals and government

• business owners

Which phrase best completes the title for this diagram?

• Industrial Productivity

• Business Profit

• Government Regulation

• Consumer Choice

Which is the strongest motivating factor in a free market economy?

• Ability to earn profit

• Government regulations

• Few consumer choices

• Equal distribution of wealth