Ch 1 - 3 Questions

Which of the following is an economic WANT?

• Food

• Shelter

• Cell Phone

• Clothing

The method a state or nation distributes its resources and provides goods & services to the community is:

• Standard of Living

• Economics

• Investment

• Economic System

When an economic decision is made, the cost of the alternative that WASN’T chosen is the:

• Shortage

• Economic Scarcity

• Equilibrium

• Opportunity Cost

A ________ economy features a free trade market, but has some government regulation.

• Market

• Mixed

• Command

• Traditional

Which of the following is NOT a market structure?

• Price competition

• Oligopoly

• Perfect competition

• Monopoly

When productivity & employment decline, and people spend less money.

• Equilibrium

• Competition

• Recession

• Inflation

When 2 or more businesses try to get consumers to buy their product or service:

• Equilibrium

• Competition

• Recession

• Inflation

A business owned by stockholders.

• Partnership

• Sole Proprietorship

• LLC

• Corporation

A business owned by one person.

• Partnership

• Sole Proprietorship

• LLC

• Corporation

A market structure where a few companies control the market.

• Oligopoly

• Partnership

• Monopoly

• Command Economy