Economics CE.11-13

The situation in which unlimited wants exceed the limited resources to fulfill those wants

• Market

• Tradeoff

• Scarcity

• Equity

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

• supply goes down

• demand goes down

• demand stays the same

Which condition would lead to the highest prices?

• high supply, high demand

• low supply, low demand

• high supply, low demand

• low supply, high demand

The government enforces antitrust legislation to promote

• monopolies

• global trade

• competition

• private ownership

Which of the following is NOT a private financial institution?

• savings and loan

• credit union

• the bank

• the government

The United States has a _______ economy.

• traditional

• mixed

• command

• free market

Who creates the guidelines that protect public health and safety?

• Congress

• the General Assembly

• citizens

• government agencies

What a business has left after all the bills have been paid.

• supplies

• debt

• taxes

• profit

Man-made resources used in the production process (i.e. machines in a factory)

• household

• capital

• labor

• revenue

If you want to make the most money, you should deposit your money

• under your mattress

• in the bank that has zero interest

• in the bank with the highest rate of interest

• in the bank with the lowest rate of interest