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Business Organization - Chapter 2.2 Quiz

Total questions: 11

Worksheet time: 8mins

Name
Class
Date
1.

The three basic economic questions begin with each word except _______ .

a)

how

b)

who

c)

what

d)

why

2.

Economic systems are the methods societies use to distribute ________.

a)

income

b)

resources

c)

possessions

d)

wealth

3.

In a market economy, economic decisions are made _______.

a)

at the top

b)

by industry leaders

c)

by individuals

d)

in the marketplace

4.

The amount of money given or asked for when a service is bought or sold is called its _______.

a)

cost

b)

value

c)

price

d)

worth

5.

The amount of goods that producers will provide at various prices is called the ______.

a)

quantity

b)

stock

c)

reserve

d)

supply

6.

The quantity of goods that consumers are willing to buy at various prices is called the _______.

a)

demand

b)

request

c)

purchase

d)

sale

7.

The point at which the quantity demanded and the quantity supplied meet is called the _______ price.

a)

break-even

b)

dynamic

c)

compromise

d)

equilibrium

8.

In a command economy, key economic decisions are made by _______.

a)

a central authority

b)

entrepreneurs

c)

individuals

d)

capitalists

9.

The United States is primarily a _________ economy.

a)

command

b)

market

c)

consumer

d)

mixed

10.

Another name for a market economy is a ________ system.

a)

competitive

b)

democratic

c)

contemporary

d)

free enterprise

11.

Deciding to use a resource for one purpose and giving up the chance to use it for something else is

a)

sacrifice.

b)

trade-off.

c)

opportunity cost.

d)

risky.