Economics

The act of running a business and taking risks is called ______

• Capital

• Entrepreneurship

• labor

• Land

A producer wants to....

• supply goods while charging the lowest price

• buy goods while paying the lowest price

• supply goods while charging the highest price

• buy goods while paying the highest price

When a good is scarce, it means that ______.

• nobody is interested in buying it

• it is cheap and easy to make

• demand drops while supplies rise

• it is hard to find and likely to cost more

What you give up when you choose one thing over another is called ______.

• Capital

• Demand

• Opportunity Cost

• Supply

In which of the following economic systems do individuals make all the choices about what to make, buy, and sell?

• Command economy

• Traditional economy

• Market economy

• Mixed economy

In which type of economic system do people choose what goods to make based on custom?

• Command economy

• Mixed economy

• Market economy

• Traditional economy

When inflation happens, ______.

• The prices of goods go down

• The value of money goes up

• The prices of goods go up

• The cost of living decreases

During a period of recession, ______.

• the economy grows and shrinks over time

• the economy slows or shrinks

• the economy grows very quickly

• the economy does not change

Which type of good would you most want to export?

• something you can make cheaply and sell elsewhere at a high price

• something you can buy cheaply from another country

• something that you have very little of in your own country

• something that you can sell for a very low price

Which of the following is a sign of globalization?

• an increase in laws that limit trade between countries

• an increase in free trade between countries

• a decrease in free trade between countries

• a rise in the cost of goods imported from other countries