
Chapter 4 SS content test
Quiz by Christine King
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29 questions
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- Q1Give an example of an opportunity cost and how it could shape an economic choice.An example of an opportunity cost is when a person wants to buy new jeans and shoes, but can only buy one of the two items. This could shape an economic choice by having the person decide which item is most important.30s
- Q2Which is the difference between a free market economy and a command economy?In a free market economy, producers decide which goods and services will be created. In a command economy, the government decides.30s
- Q3What is one example of interdependence in a global economy?Innovations such as e-mail have made communication faster and cheaper.a company that produces televisions using parts from all over the world30s
- Q4How has technology changed communication, or the sharing of ideas and information?Innovations such as e-mail have made communication faster and cheaper.mail delivery30s
- Q5What is an example of the government providing a public service?emailmail delivery30s
- Q6Which describes inflation?when the usual price of many goods and services rises30s
- Q7Why do entrepreneurs take risks to open businesses?they believe that their ideas for businesses can make money30s
- Q8How is bartering different from paying money for a good or a service?bartering trades one type of good or service for another. No money is exchanged.30s
- Q9Which is true of the most successful companies?they create products that have a high demand30s
- Q10What is an example of a need?clothingcell phonetv30s
- Q11What term means that the amount of a resource is limited?scarcity30s
- Q12Which is an example of an opportunity cost?having to choose between two items because you can't afford them both30s
- Q13What are the three basic questions that all economies must answer?What goods and services should be produced? How should they be produced? For whom should they be produced?30s
- Q14What are two examples of personal economic choices that people make every day?A person deciding whether to bring lunch to school or work or to buy lunch. A person deciding whether to buy a pair of shoes or save the money for something else. A person deciding whether to buy a pair of jeans or look for a cheaper pair.30s
- Q15Summarize the way in which a free enterprise system, or market economy, produces goods and services.In a free enterprise system, or market economy, producers have the right to create any goods or services they want. Producers also set the prices and quantities for their good and services.30s