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Unit 1 Review - Economic Decisions and Systems

Total questions: 37

Worksheet time: 14mins

Name
Class
Date
1.

Your needs and wants never end.

a)

TRUE

b)

FALSE

2.
The mismatch of unlimited wants and needs and limited economic resources is called the basic economic problem.
a)
TRUE
b)
FALSE
3.
The United States could best be characterized as a command economy.
a)
TRUE
b)
FALSE
4.
The right of private property means you can own, use, or dispose of things of value.
a)
TRUE
b)
FALSE
5.
In a market economy, buying decisions are made by consumers.
a)
TRUE
b)
FALSE
6.
If heavy competition for a product keeps its price low, businesses will be very motivated to offer the product for sale.
a)
TRUE
b)
FALSE
7.
If many consumers want a particular service, its price will probably go up.
a)
TRUE
b)
FALSE
8.
The higher the price, the higher the producer�s profits.
a)
TRUE
b)
FALSE
9.
Which of the following is a consumer?
a)
a business
b)
an individual
c)
the government
d)
all of the above are consumers
10.
The value of the next-best alternative that you did not choose is called
a)
Trade-off cost
b)
scarcity
c)
opportunity cost
d)
economic cost
11.
When a country decides to focus on advanced technology and a skilled labor force, it is primarily answering which of the basic economic questions?
a)
What to produce?
b)
How to produce?
c)
Which needs to satisfy?
d)
Which wants to satisfy?
12.
Personal economic freedom is most limited in a
a)
command economy
b)
market economy
c)
mixed economy
d)
traditional economy
13.
Economic resources are sometimes referred to as factors of
a)
economic decision making.
b)
production
c)
market price.
d)
competition
14.
The point at which supply and demand are equal is called the
a)
economic decision making.
b)
production
c)
market price.
d)
competition
15.
The rivalry among businesses to sell their goods and services is called
a)
economic decision making.
b)
production
c)
market price.
d)
competition
16.
The process of choosing which wants, among several options, will be satisfied is called
a)
economic decision making.
b)
production
c)
market price.
d)
competition
17.
a)
need
b)
want
18.
Does this person provide a good or a service?
a)
good
b)
service
19.
Does this person provide a good or a service?
a)
good
b)
service
20.

What are the three factors of production?

a)

land, labor, and capital

b)

water, shoes and food

c)

pizza, burgers, and hot Cheetos

d)

earth, sun, and light

21.
Which of the following is an investment in capital resources/goods?
a)
healthcare
b)
new machinery
c)
skills training
d)
universities
22.
What is an example of human capital?
a)
a country's standard of living
b)
the cash a business has to spend
c)
the workers of a business or country
d)
the buildings, equipment, and property of a business
23.
What is an entrepreneur?
a)
A person who starts a new business.
b)
A leader of a country.
c)
A worker in a factory.
d)
A student in college.
24.
Your friend and you decide to open a snow cone stand. The stand and the snow cone machine are examples of which factor of production?
a)
Natural Resources
b)
Capital Resources
c)
Entrepreneurship 
d)
Labor Resources 
25.

What are the three Basic Economic Questions?

a)

What service will be produced?

When it will be produced?

How will they be used?

b)

What goods or services will be produced?

Why it will be produced?

Who will consume, or use, them?

c)

What goods or services will be produced?

How will they be produced?

Who will consume, or use, them?

26.
Mary Ann runs a car dealership selling only government produced cars.  At the end of the month Mary Ann must give all of the money she made back to the government.
a)
Traditional 
b)
Free Market
c)
Mixed
d)
Command
27.

Nike and Under Armour sell similar products. This leads to a decrease in price and an increase in quality. This scenario falls into which economic system?

a)

Free Market

b)

Command

c)

Traditional

28.
Who or what answers the basic economic questions in a mixed economy?
a)
Individuals and Businesses
b)
Government
c)
Custom
d)
Individuals, Businesses, and Government
29.

"Laissez-faire" economics is Adam Smith's term for

a)

Child Labor Laws

b)

No Government interference in the market

c)

Profit Margins

d)

Supply and Demand

30.
________ is the most basic or fundamental economic problem.
a)
Scarcity
b)
Labor
c)
Greed
d)
Capital
31.

A hurricane destroys 80% of the orange trees in Florida. What economic decision might the Orange Juice Company make?

a)

produce more orange juice

b)

raise prices on orange juice

c)

reuse old orange juice

d)

do nothing

32.

Why would the Orange Juice Company decide to raise their prices? (Choose 2)

a)

They have a decreased supply of oranges

b)

They have an increased supply of oranges

c)

They have an increased demand for orange juice

d)

They have a decreased demand for orange juice

33.

Mexico's government taxes all avocados. What is a consequence for MEXICO?

a)

They will have LESS people buying their avocados

b)

The will PAY THE SAME for avocados

c)

They will have MORE people buying their avocados

d)

The will PAY LESS for avocados

34.

Mexico's government taxes all avocados. What is a consequence for AMERICA?

a)

They will have THE SAME AMOUNT of people buying their avocados

b)

The will PAY MORE for avocados

c)

They will have MORE people buying their avocados

d)

The will PAY LESS for avocados

35.

What is SUPPLY?

a)

The amount of a products to be sold.

b)

A benefit that a person gave up to take another course of action

c)

A decision involving money

d)

The amount of people who want to buy goods and services

36.

What is DEMAND?

a)

The amount of a products to be sold.

b)

A benefit that a person gave up to take another course of action

c)

A decision involving money

d)

The amount of people who want to buy goods and services

37.
Generally, as the price of a product increases,
a)
consumers will be willing to purchase larger quantities of the product.
b)
businesses will be willing to supply larger quantities of the product.
c)
the supply curve will slope downward.
d)
demand will increase.

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