Economics Final Test

In general, if the price of a good or service goes down, what happens to the demand for that good or service?

• demand goes up
• demand stays the same
• demand goes down
• none of the above

a person or company that makes, grows, or supplies goods to sell is called the?

• damand
• price
• producer
• shortage

In general, if the price of a good or service goes up, what happens to the demand for that good or service?

• demand goes up
• demand stays the same
• demand goes down
• none of the above

The amount of goods or services available is called?

• supply
• demand
• producer
• consumer

An individual or group who purchases goods.

• producer
• consumer
• goods
• services

Economic system where government controls everything.

• Market
• Command
• Mixed
• Free Enterprise

Economic System where there is limited technology and ideas are passed down from generation to generation

• Command
• Traditional
• Mixed
• Market

Type of economic system where there is no government control.

• Mixed
• Market
• Free Enterprise
• Command

How will scarcity of a capital good impact price?

• Price would go up
• Price would go down
• Price would stay the same
• You wouldn't sell any

Tina must choose between going to the movies or buying a new game. She chooses the game. Going to the movies is Tina's--

• Choice
• Opportunity cost
• Consumer soveriegnty
• Competition