Term
Which economic term best describes the American economical force?
a. Exporting
b. Consuming
c. Importing
d. Manufacturing |
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Definition
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Term
What do employment, education, safety, and good health satisfy?
a. Goods
b. Needs
c. Services
d. Wants |
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Definition
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Term
Steven recently purchased a 2011 Mercedes E-Class sedan. What did Steven satisfy by purchasing the Mercedes?
a. Wants
b. Services
c. Goods
d. Needs |
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Definition
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Term
Marquis bought a new iPad with the money he received from his tax refund. Which economic term describes Marquis?
a. Buyer
b. Owner
c. Consumer
d. Seller |
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Definition
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Term
Which economic resource is required to make good use of our human and natural resources?
a. Capital
b. Natural
c. Human
d. Excessive |
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Definition
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Term
Lumber, water, and air are examples of which kind of economic resource?
a. Human
b. Common
c. Natural
d. Capital |
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Definition
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Term
Otis is a successful dairy farmer. He raises cattle to produce milk and cheese, which he then sells throughout the United States. Which economic resource is Otis using to produce the milk and cheese?
a. Natural
b. Human
c. Capital
d. Common |
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Definition
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Term
The human imagination convinces people that our needs and wants are:
a. Constant
b. Occasional
c. Periodic
d. Temporary |
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Definition
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Term
Orwell Marketing uses advertisements to convince consumers into thinking that a want is actually a:
a. Necessity
b. Service
c. Good
d. Need |
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Definition
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Term
Which two consumables satisfy needs and wants?
a. Needs and Services
b. Goods and Services
c. Goods and Wants
d. Items and Procedures |
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Definition
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Term
The Thomas family is in debt. What is most likely the cause of their debt?
a. Excessive spending
b. Taking a family vacation
c. Obtaining loans and credit cards
d. Paying off their car |
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Definition
| Obtaining loans and credit cards |
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Term
Due to excessive consumerism, America has twice as many of these than High Schools:
a. Shopping Malls
b. Foreclosed Homes
c. Grocery Stores
d. Department Stores |
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Definition
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Term
Nathaniel works at the local textile factory. He is responsible for loading fabric into the fabric press. What type of economic resource is Nathaniel?
a. Human
b. Non-renewable
c. Natural
d. Capital |
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Definition
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Term
Tom spends a lot of his money on fast food. He frequently feels the urge to stop by his favorite restaurant for a quick meal. What most likely persuades Tom to spend so much money on fast food?
a. Production
b. Opportunity Cost
c. Financing
d. Advertising |
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Definition
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Term
Oil is classified as which type of natural resource?
a. Renewable
b. Non-renewable
c. Reusable
d. Unusable |
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Definition
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Term
Which of the following products satisfies a person’s needs?
a. Nike Shoes
b. Apple iPad
c. Home
d. Sports Car |
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Definition
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Term
Which economic resource is becoming limited due to increased consumption?
a. Common
b. Human
c. Natural
d. Capital |
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Definition
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Term
An activity that is consumed as it is produced is classified as a:
a. Good
b. Need
c. Service
d. Product |
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Definition
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Term
An individual that takes the risk of using a resource in a new way is a/an:
a. Executive
b. Manufacturer
c. Inventor
d. Entrepreneur |
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Definition
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Term
Jackson wants to purchase a new iPad from the Apple Store at Southpoint Mall. He has $240 in savings; however, the iPad costs $300. Jackson is unable to purchase the iPad due to which basic economic principle?
a. Tradeoff
b. Capitalism
c. Opportunity Cost
d. Scarcity |
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Definition
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Term
Entrepreneurs find innovative ways to use resources. Without entrepreneurs stimulating production, there would be fewer ___________________________ available for consumption.
a. Needs and Wants
b. Goods and Services
c. Consumers
d. Producers |
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Definition
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Term
Scarcity influences which of the following economic principles?
a. Needs
b. Choices
c. Wants
d. Resource |
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Definition
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Term
Which of the following scenarios explains the basic economic problem?
a. Person County Schools have $1.2 million dollars budgeted for new construction projects. The board of education approves a proposal to build a new tutoring center at the cost of $450,000.
b. Switzerland recently opens two new medical clinics because they are experiencing a surplus of qualified doctors available to provide medical services for the community.
c. Tyree has $380 in his checking account. He wants to purchase the new Madden 2011 video game. The game costs $60, so he makes the purchase.
d. The Smith family has a monthly income of $2,700. After creating a monthly budget the Smith’s discover that they have $3,100 in monthly expenses. The Smith’s decide to terminate their DIRECTV subscription and several other accounts to reduce their expenses. |
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Definition
| The Smith family has a monthly income of $2,700. After creating a monthly budget the Smith’s discover that they have $3,100 in monthly expenses. The Smith’s decide to terminate their DIRECTV subscription and several other accounts to reduce their expenses. |
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Term
Kenyetta decides use her allowance to purchase a pair of new shoes instead of going to the Drake concert with her friends. Which economic principle explains her decision?
a. Tradeoff
b. Capitalism
c. Opportunity Cost
d. Scarcity |
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Definition
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Term
Consumers must make economic choices because of which economic principle?
a. Scarcity
b. Services
c. Opportunity Cost
d. Tradeoffs |
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Definition
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Term
Which economic principle explains how economists evaluate alternatives before making an economic decision?
a. Services
b. Scarcity
c. Tradeoffs
d. Opportunity Cost |
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Definition
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Term
Once you have made your decision, what is the next step in the decision making process?
a. Make a decision.
b. Act on your decision.
c. Identify your options.
d. Define the problem. |
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Definition
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Term
Alex needs to choose between purchasing a new jacket and paying his cell phone bill. The value of the option that he rejects is referred to by which economic principle?
a. Capitalism
b. Tradeoff
c. Opportunity Cost
d. Scarcity |
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Definition
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Term
What is the first step in the decision-making process?
a. Define the problem.
b. Make a decision.
c. Act on your decision.
d. Identify your options. |
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Definition
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Term
After you have defined your problem, what is the next step in the decision-making process?
a. Make a decision.
b. Define the problem.
c. Act on your decision.
d. Identify your options. |
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Definition
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Term
What should Katie do after she acts on her decision?
a. Define her problem.
b. Review her decision.
c. Evaluate the Pros & Cons.
d. Identify her options. |
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Definition
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Term
Harley is thinking about skipping third period. Before he decides to skip he thinks about what might happen if he gets caught. What step in the decision making process has Harley completed by thinking about what might happen if he skips class?
a. Define his problem.
b. Identify his options.
c. Review his decision.
d. Evaluate the Pros & Cons. |
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Definition
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Term
Dustin has identified all of the options available for solving his economic problem. What should he do next?
a. Identify his options.
b. Evaluate the Pros & Cons.
c. Review his decision.
d. Define his problem. |
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Definition
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Term
Evaluating the final outcome of your decision best describes which step in the decision-making process?
a. Identify his options.
b. Define his problem.
c. Evaluate the Pros & Cons.
d. Review his decision. |
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Definition
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Term
Regan pays for a new car with her savings. What step in the decision-making process has Regan completed by paying for the car?
a. Make a decision.
b. Define the problem.
c. Act on your decision.
d. Identify your options. |
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Definition
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Term
Ford Motor Company wants to introduce a new fuel efficient sedan in 2012. Which economic question must they answer before going into production?
a. How to produce.
b. When to produce.
c. For whom to sell.
d. What to produce. |
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Definition
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Term
Who owns the resources necessary for production in a command economy?
a. People
b. Family
c. Government
d. Market |
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Definition
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Term
Which of the following economic principles does NOT pertain to capitalism?
a. Competition
b. Freedom of Choice
c. Government Regulation
d. Ownership of Private Property |
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Definition
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Term
The United States allows the people to own private property, to make choices, to earn a profit, and to compete. Based on these economic principles, the United States has which type of economic system?
a. Mixed
b. Command
c. Traditional
d. Market |
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Definition
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Term
The freedom to produce and consume goods and services is classified by which term?
a. Profitable Enterprise
b. Communist Enterprise
c. Free or Private Enterprise
d. Traditional Enterprise |
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Definition
| Free or Private Enterprise |
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Term
Which economic system produces goods and services based on their own customs?
a. Command
b. Mixed
c. Market
d. Traditional |
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Definition
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Term
Aspects of command and market economies are present in which economic system?
a. Market
b. Command
c. Mixed
d. Traditional |
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Definition
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Term
Which economic system allows the government to dictate how the economy operates?
a. Mixed
b. Market
c. Command
d. Traditional |
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Definition
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Term
Capitalism is the basis of which economic system?
a. Command
b. Traditional
c. Mixed
d. Market |
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Definition
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Term
Michael bought a new XBOX 360. He no longer wants his old Playstation 3 so he gives it to his younger brother, Robert. Which Capitalistic principle allows Michael to give away the video game system?
a. Competition
b. Freedom of Choice
c. Profit
d. Ownership of Private Property |
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Definition
| Ownership of Private Property |
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Term
Charles wants to own his own business. He has enough money saved to start a business, but he is unsure about what type of business he should open. Which economic question does Charlie need to answer before investing his saving into a new business?
a. For whom to sell.
b. What to produce.
c. Where to produce.
d. How to produce. |
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Definition
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Term
Ford and Chevrolet produce automobiles for public consumption. Which capitalistic principle describes the relationship between Ford and Chevrolet in a market economy?
a. Freedom of Choice
b. Competition
c. Profit
d. Ownership of Private Property |
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Definition
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Term
After paying their operating expenses, Microsoft had $473,000 left in their company account. Which capitalistic principle describes the money left over after Microsoft paid all of their operating expenses?
a. Profit
b. Competition
c. Freedom of Choice
d. Ownership of Private Property |
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Definition
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Term
Apple recently finished production of an innovative handheld device. After production is complete, which economic question must Apple answer?
a. When to produce.
b. How to produce.
c. For whom to sell.
d. Where to sell. |
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Definition
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Term
Which economic principle allows businesses to decide what to produce and allows consumers to decide what to purchase?
a. Profit
b. Ownership of Private Property
c. Competition
d. Freedom of Choice |
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Definition
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Term
Consumers have freedom of choice in a market economy. This economic principle allows consumers to determine the ________________ for goods and services.
a. Quantity
b. Popularity
c. Demand
d. Supply |
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Definition
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Term
Lowe’s Home Improvement purchases the lumber for their stores from a wholesale company called Lumber Liquidator. Which economic term describes the wholesaler?
a. Consumer
b. Buyer
c. Seller
d. Producer |
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Definition
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Term
What illustrates the relationship between product price and quantity produced?
a. Supply Curve
b. Consumption Curve
c. Demand Curve
d. Production Curve |
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Definition
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Term
Thomas purchases school supplies from his local office supply store. Which term describes Thomas?
a. Customer
b. Buyer
c. Supplier
d. Consumer |
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Definition
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Term
Which term refers to the quantity of a good or service that a business is willing and able to provide?
a. Supply
b. Products
c. Sales
d. Consumables |
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Definition
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Term
What illustrates the relationship between product price and the consumer’s willingness to purchase the product?
a. Supply Curve
b. Consumption Curve
c. Demand Curve
d. Production Curve |
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Definition
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Term
Before producing their 2012 line of trucks, Toyota analyzes the previous year’s sales reports; which illustrate the consumption of their 2011 models. Which economic principle describes the relationship between Toyota’s willingness to produce and the consumers’ eagerness to consume the trucks?
a. Supply and Demand
b. Needs and Wants
c. Production
d. Economic Resources |
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Definition
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Term
Foot Locker at Northgate Mall has the latest Lebron James basketball shoe on sale for $200. Only six pairs of these shoes were purchased during the first week of sales. What will most likely happen to the price of these shoes due to the lack of consumer demand?
a. Price will remain the same.
b. Price will decrease by 10%.
c. Price will increase by 15%.
d. Price will increase by 10%. |
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Definition
| Price will decrease by 10% |
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Term
Sony released a new 72” television in September 2010 that sold for $4,900. Six months later the same Sony television sells for $4,100. Which economic factor most likely influenced this change in market price?
a. Supply Decrease
b. Demand Decrease
c. Supply Increase
d. Demand Increase |
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Definition
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Term
Which of the following economic factors does NOT affect market price?
a. Supply
b. Competition
c. Profit
d. Demand |
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Definition
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Term
Which of the following statements describes what occurs to supply and demand when a product reaches market price?
a. Supply and Demand Increase.
b. Supply and Demand are Equal.
c. Supply Increases and Demand Decreases.
d. Supply and Demand Decrease. |
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Definition
| Supply and Demand are Equal |
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Term
The Walker family rents the same house at Myrtle Beach, South Carolina every June and October. The rental fee is $1,600 in June and $900 in October. Which economic factor most likely explains the difference in rental fees?
a. Popularity
b. Supply
c. Quantity
d. Demand |
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Definition
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Term
The price of a dozen Krispy Kreme Doughnuts increased by 15% last month. Despite higher prices, the demand for Krispy Kreme Doughnuts increased by 26% that same month. This increase in price and demand will most likely have which of the following effects on the production of Krispy Kreme Doughnuts?
a. Production will be terminated.
b. Production will remain the same.
c. Production will Increase by 30%.
d. Production will Decrease by 30%. |
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Definition
| Production will increase by 30% |
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Term
Hurricane Katrina caused an extensive shortage of oil in 2005. This oil shortage most likely had which of the following effects on oil prices?
a. Prices decreased.
b. Prices increased.
c. Prices fell to zero.
d. Prices remained the same. |
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Definition
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Term
Bugatti is a producer of exotic and very rare sport cars. Last year, Bugatti only produced 12 cars; making Bugatti one of the most expensive cars in the world. Which economic factor is most likely responsible for the extravagant cost of these cars?
a. Demand
b. Competition
c. Supply
d. Profit |
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Definition
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Term
Michelle lives in a small town in the mountains of North Carolina. There is only one grocery store in her entire town. The cost of groceries is slightly higher than those in the neighboring towns that have multiple stores available for shopping. Which economic factor explains the higher cost of groceries where Michelle lives?
a. Market Price
b. Demand
c. Competition
d. Supply |
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Definition
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Term
The BP station on Madison Boulevard lowered their price of gasoline from $3.05 per gallon to $3.00 per gallon. The very next day, the Shell station directly across the street lowered the price of their gas from $3.05 per gallon to $2.98 per gallon. Which economic factor most likely contributed to the Shell station lowering their prices?
a. Supply
b. Demand
c. Market Price
d. Competition |
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Definition
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Term
Revlon, Inc. purchased new machines that will automatically squeeze the appropriate amount of shampoo into different size bottles. What type of economic resources are the machines?
a. Capital
b. Human
c. Natural
d. Service |
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Definition
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Term
Tanya closed her restaurant, and now needs another way to earn an income. Realizing this need is what part of economic decision-making process?
a. Define the problem.
b. Identify your options.
c. Evaluating the Pros & Cons.
d. Make a Decision. |
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Definition
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Term
Eddie’s Bakery makes cakes as well as other baked goods. Which economic question does this address?
a. What to produce?
b. How to produce?
c. For whom to produce?
d. When to produce? |
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Definition
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Term
An example of a value for a traditional economy is:
a. A central leadership group expecting all the profit from production.
b. A local company choosing to produce gaming software.
c. A local company upgrading procedures regularly to increase production.
d. An individual performing the same jobs as his parents due to his beliefs. |
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Definition
| An individual performing the same jobs as his parents due to his beliefs. |
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Term
Which is an example of consumers establishing demand?
a. Customers waiting in line to purchase new popular boots.
b. Customers waiting in line to return recalled equipment.
c. NIKE trying to lease a warehouse.
d. Sears Department Store displaying fewer large lawn mowers. |
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Definition
| Customers waiting in line to purchase new popular boots. |
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