Unit 11 Test Review

Which type of economic system is a combination of privately-owned industry and government control?

• Traditional
• Mixed
• Command
• Market

The hammer a carpenter uses to build a house is -

• a natural resource
• capital
• a human resource
• entrepreneurship

Which of the following is NOT one of the questions every economic system must answer?

• How to produce?
• What to produce?
• Who will produce?
• Whom to produce for?

Riddle:  When people cannot get all they want or need at the same time, they blame me for limited resources, goods, and services.  I am called -

• debt
• production
• supply and demand
• scarcity

Riddle:  I give consumers control of the economic market.  Consumers determine through buying goods and serices what goods and services will be produced. I am called -

• competition
• business expansion
• profit motive
• consumer sovereignty

The balance of what two things determines the price of a good or service?

• supply and demand
• producers and consumers
• losses and profits
• output and resource markets

selection of an item or action from a set of possible alternatives

• Opportunity Cost
• Price
• Choice
• Consumption

what is given up when a choice is made

• Consumption
• Production
• Price
• Opportunity cost

the amount of a good or service that consumers are willing and able to buy at a certain price (how bad do they want it?)

• Demand
• Supply
• Scarcity
• Consumption

the amount of a good or service that producers are willing and able to sell at a certain price.

• Demand
• Supply
• Scarcity
• Consumption