Chapter 4 Test

Needs are things that that you must have to survive.

• True

• Flase

A ____________ is one in which producers have the right to create any goods or services they want. (hint pg. 134)

• Command

• Economy

• Free Enterprise System

• Market Economy

Private property is _________ (select all correct answers) (hint pg. 136)

• land

• stores

• homes

• apples

Is the government a producer and consumer in our economy? ( hint pg. 136)

• Yes

• No

Select all the forms of payment you can use in today's economy.

• Cash

• Credit Cards

• Marshmallows

• Checks

A rise in the usual price of many goods and services is called ____________ . (hint pg. 141)

• Bartering

• Market

• Currency

• Inflation

_________ is the amount of a product that consumers are willing to buy. (hint pg. 144)

• Supply

• Available

• Borrow

• Demand

What is it called when a resource is limited? (hint pg. 147)

• Scarcity

• Costly

• Economics

Why do businesses use ads? (hint pg. 149)

• To attract business

• For fun

• To pay insurance

• Make their workers happy

Banks are the worst place to keep your money.

• True

• False