Entrepreneurship Idea In Action Chapter 2 Test Review CCA

The equilibrium price is 

• the price set by the government
• the price at which supply equals demand
• the price at which exports equal imports
• the price set by the foreign exchange rate 

The United States economy is best described as 

• a pure market economy in which the government plays no role in the economy
• a pure command economy in which the government controls the economy
• a mixed economy in which suppliers and consumers play the primary role 
• a socilist economy in which suppliers and consumers play the primary role 

When there are not enough to meet the demand, the result is 

• plenty 
• abundance
• scarcity
• none of these options 

When there are not enough to meet the demand, the result is 

• plenty 
• abundance
• scarcity
• none of these options 

Three types of economic systems:

• Command Economy, Market Economy, Mixed Economy 
• Communism, Socialism, Command System 
• Capitalism, Free Enterprise, Mixed Market
• None of these options 

____ is the quantity of goods and services a business is will to sell at a specific price and a specific time. 

• supply
• demand 
• supply curve
• demand curve 

Where the supply curve and the demand curve intersect 

• equilibrium point 
• demand point
• equilibrium quantity 
• equilibrium price 

The United States economy is best described as 

• a pure market economy in which the government plays no role in the economy 
• a pure command economy in which the government controls the economy
• a mixed economy in which suppliers and consumers play the primary role
• a socialist economy in which suppliers and consumers play the primary role

Needs are things that you must have in order to survive.

• True

• False

Capital resources include buildings and equipment.

• True

• False