SOL Review 11, 12, 13
Quiz by Bryan Hill
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30 questions
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- Q1___________ are used to change economic behavior.GiveawaysIncentivesModificationsPrizes30s
- Q2What is the inability to satisfy all wants at the same time?ScarcityPriceIncentivesProduction30s
- Q3Which of the following BEST characterizes a command economy?competitionchoicecentral economyconsumer sovereignty30s
- Q4What is given up when a choice is made:ScarcityPriceOpportunity CostResources30s
- Q5The interaction of these two determines pricePeanut Butter and JellyChoice and ResourcesProduction and ConsumptionSupply and Demand30s
- Q6When the "customer is king" and buyer choices determine what is produced:resourcesconsumer sovereigntyscarcityopportunity cost30s
- Q7The US is considered this type of economycommandtraditionallocalmixed30s
- Q8Revenue - all expenses = ____________scarcityprofitdemandprice30s
- Q9True or False: competition results in better quality and lower pricesFalseMaybeIs mayonnaise an instrument?True30s
- Q10In the Soviet Union, the government owned all the resources and government planners dictated what & how much was produced. What type of economy was this?MixedCommandTraditionalFree Market30s
- Q11What type of economy has private ownership of property, lots of competition and individual choice, and very limited government involvement in the economyCommandFree MarketTraditionalBooming30s
- Q12The extent of government involvement in economic decision making determines theprice of servicessupplytype of economydemand30s
- Q13Cuke Cola produced a new drink that did not make a profit. Cuke decided to stop production of the drink because consumers did not buy it. This is an example of which economic characteristic?Individual choiceCompetitionConsumer SovereigntyPrivate ownership of property30s
- Q14In 1978, two friends decided to take a risk and open an ice cream business in Vermont. Today Ben & Jerry’s has become a worldwide business. What type of business ownership did Ben & Jerry’s start out as?corporationproprietorshipcompetitionpartnership30s
- Q15In which type of business ownership are the profits shared but the risks are limited to the amount of the investment?spaceshipcorporationproprietorshippartnership30s
- Q16A form of business organization with one owner who takes all the risks and profits is known asproprietorshippartnershipcorporationa greedy place30s
- Q17A person who takes risks to produce goods/services in search of profit is...an incentivizera communistan entrepreneura competitor30s
- Q18In the economic flow model, households own all the resources (labor, land, capital). The sell these resources tobusinessesother householdsBob's Pawn Shopmarketplace leaders30s
- Q19Governments use tax revenue from people/businesses to providepublic goods and servicesprivate goods and servicesrebatesconsumer sovereignty in the marketplace30s
- Q20In the economic flow model, businesses buy resources from households in order tomake government more efficientmake products to selluse up their profitsell labor30s