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SOL Review 11, 12, 13

Quiz by Bryan Hill

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30 questions
Show answers
  • Q1
    ___________ are used to change economic behavior.
    Giveaways
    Incentives
    Modifications
    Prizes
    30s
  • Q2
    What is the inability to satisfy all wants at the same time?
    Scarcity
    Price
    Incentives
    Production
    30s
  • Q3
    Which of the following BEST characterizes a command economy?
    competition
    choice
    central economy
    consumer sovereignty
    30s
  • Q4
    What is given up when a choice is made:
    Scarcity
    Price
    Opportunity Cost
    Resources
    30s
  • Q5
    The interaction of these two determines price
    Peanut Butter and Jelly
    Choice and Resources
    Production and Consumption
    Supply and Demand
    30s
  • Q6
    When the "customer is king" and buyer choices determine what is produced:
    resources
    consumer sovereignty
    scarcity
    opportunity cost
    30s
  • Q7
    The US is considered this type of economy
    command
    traditional
    local
    mixed
    30s
  • Q8
    Revenue - all expenses = ____________
    scarcity
    profit
    demand
    price
    30s
  • Q9
    True or False: competition results in better quality and lower prices
    False
    Maybe
    Is mayonnaise an instrument?
    True
    30s
  • Q10
    In the Soviet Union, the government owned all the resources and government planners dictated what & how much was produced. What type of economy was this?
    Mixed
    Command
    Traditional
    Free Market
    30s
  • Q11
    What type of economy has private ownership of property, lots of competition and individual choice, and very limited government involvement in the economy
    Command
    Free Market
    Traditional
    Booming
    30s
  • Q12
    The extent of government involvement in economic decision making determines the
    price of services
    supply
    type of economy
    demand
    30s
  • Q13
    Cuke 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 choice
    Competition
    Consumer Sovereignty
    Private ownership of property
    30s
  • Q14
    In 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?
    corporation
    proprietorship
    competition
    partnership
    30s
  • Q15
    In which type of business ownership are the profits shared but the risks are limited to the amount of the investment?
    spaceship
    corporation
    proprietorship
    partnership
    30s

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