If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____. 

• desire
• demand
• supply
• scarcity

In a command economy, who holds power over the economy?

• The people
• The government 
• Beyonce
• The traditions of your ancesetors 

The United States economy is based on this system:

• Command
• Market
• Traditional
• Socialist

This system only can exist in small, more isolated societies today.

• Traditional Economy
• Market Economy
• Command Economy
• Mixed Economy

What is the best measure of the economic well-being of a country?

• net worth
• GDP
• open market value of goods
• the daily stock market performance

Land, labor, capital, and entrepreneurship

• Economy
• Infrastructure
• Factors of production
• Capital

An economic system in which the means of production is owned by the government and private ownership doesn't exist.

• Capitalism
• Imperialism 
• Socialism
• Communism 

What is inflation?

• rise in all prices
• rise in most prices
• rise in some prices
• rise in general prices

An index that measures the prices of a market basket of goods that typical consumers purchase.

• Consumer Price Index
• Federal Reserve
• Bank
• Deflation

What the definition of deflation? 

• decrease in the average price of goods and services
• occurs when the price of goods and services rise
• increase in prices
• I don't know