Economics
Quiz by Kulpin, Vallarie
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- Q1
A consumer is
A person who buys and uses goods and services
`The value or price of goods or services
A condition where human wants exceed available resources
30s - Q2
Cost is
The value or price of goods or services
Anything given up when a choice is made in time or money
A person who buys and uses goods and services
30s - Q3
Demand is
Anything given up when a choice is made in time or money
An action performed by another that can satisfy wants or needs
The quantity of a good or service that buyers are willing to buy
30s - Q4
An Entrepreneur is
A person who creatively combines resources to produce and sell a good or service
An index that measures the average level of prices of goods or services typically consumed by an urban American family
The value or price of goods or services
30s - Q5
Opportunity cost is
Anything given up when a choice is made in time or money
The concentration of effort on only one task or a few tasks
A measure of the production of goods and services within a country
30s - Q6
Service means
An action performed by another that can satisfy wants or needs
Any product that is produced and sold but also has value on its own
The concentration of effort on only one task or a few tasks
30s - Q7
Supply is
A measure of the production of goods and services within a country
Any action performed by another that can satisfy wants or needs
The quantity of goods or services that sellers are willing to sell
30s - Q8
Capitalism is an economic system where
Most of the businesses are owned and run by private citizens
The government owns all businesses
The government owns none of the businesses
Most of the private citizens are entrepreneurs
30s - Q9
The price of an item is based on
demand
all of these
supply
cost to produce and ship and item
30s - Q10
Which word does NOT belong
free market
competition
Capitalism
Government owns most businesses
30s - Q11
Which word does NOT belong
Socialism
Citizens own some businesses
Citizens decide jobs
Government owns no businesses
30s - Q12
Which word does NOT belong
Share goods and services
Formal leadership
Tribal
Work together to produce goods
30s - Q13
Which word does NOT belong
Government owns all property
Communism
People have choice in jobs
Equal share of the wealth
30s - Q14
The military takes over the country of Bom. The new leaders take ownership of all energy resources, which include the natural gas and electric companies. They promise citizens of Bom lower energy prices, because the government will run these industries and hire the people to run the facilities. All other industries will remain privately owned; however, the government will be telling you how to run your businesses and regulate your industries heavily. What type of economic system does Bom have?
Communism
Capitalism
Fascism
Socialism
30s - Q15
The government of Bom takes ownership of all industries. The citizens are promised businesses will be run for people, not for profit. Every adult is guaranteed a job. The government sets prices on goods and services. No one will be hungry or homeless. What type of economic system does Bom have
Socialism
Communism
Fascism
Capitalism
30s