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Unit 6 Economics America

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Unit 6 Economics America s Market Economy Unit 6 Test Review (SOL 9) – PowerPoint PPT presentation

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Title: Unit 6 Economics America


1
Unit 6 Economics Americas Market Economy
Unit 6 Test Review (SOL 9)
2
Economics is
  1. producers and consumers interacting in the
    marketplace.
  2. the branches of government checking each other.
  3. government and business interacting in the
    marketplace.
  4. Republicans and Democrats interacting in the
    marketplace.

A
3
Factors of Production is the economic term used
for
  • A. numbers
  • B. resources
  • C. demand
  • D. units of measurement

B
4
Which of the following are examples of natural
resources?
  • A. Oil
  • B. Trees
  • C. Tools
  • D. Water

A, B, D
5
Combing resources to make a good or provide a
service is known as
  1. supply
  2. production
  3. consumption
  4. incentive

B
6
___________ determines the goods and services
that are produced and consumed.
  • Price
  • Available resource
  • Consumer preference
  • Educational level

A, B, C,
7
The economic principle of scarcity is when
  1. wants are unlimited and goods and services are
    limited.
  2. wants are limited and services are limited.
  3. wants are unlimited and goods and services are
    unlimited.
  4. wants are limited and goods and services are
    unlimited.

A
8
Buy one get one free! is an example of
  1. Scarcity
  2. Monopoly
  3. Incentive
  4. Opportunity Cost

C
9
Scarcity leads individuals and businesses to
  1. produce goods without resources
  2. give up their opportunity cost
  3. select actions from a set of alternatives
  4. choose between supply and demand

C
10
Opportunity Cost is
  1. the same as factors of production
  2. scarcity
  3. supply and demand
  4. what you give up when you make a choice.

D
11
Using goods and services is known as
  1. consumption
  2. initiative
  3. supply
  4. production

A
12
The trade-off when a choice is made can be
  1. Time
  2. Money
  3. An item
  4. All the above

D
13
The inability to satisfy all your wants at the
same time is known as
  1. Choice
  2. Scarcity
  3. Factors of production
  4. Opportunity cost

B
14
What determines who gets goods and services in
the market place?
  1. Incentive
  2. Price
  3. Supply
  4. production

B
15
What determines the price of a good or service in
the market place?
  1. Demand only
  2. Supply only
  3. Supply and Demand
  4. none

C
16
Supply is
  1. the amount consumers are willing and able to buy
    at a certain price.
  2. the amount producers are willing and able to sell
    at a certain price.
  3. the price that buyers and sellers most often
    agree on.
  4. scarcity

B
17
Demand is
  1. the amount consumers are willing and able to buy
    at a certain price.
  2. the amount producers are willing and able to sell
    at a certain price.
  3. the price that buyers and sellers most often
    agree on.
  4. scarcity

A
18
The price that buyers and sellers most often
agree on is known as
  1. Buyer price
  2. Seller price
  3. Market price
  4. Supply price

C
19
What is the most common economic system used
today?
  • A. Traditional
  • B. Command
  • C. Mixed
  • D. Free market

C
20
The law of demand states that
  1. The higher the price of a good or service, the
    higher the demand for the service.
  2. The higher the price of a good or service, the
    lower the demand for the service.
  3. The lower the price of a good or service, the
    lower the demand for the service.

B
21
The law of supply states that
  1. The higher the price of a good or service, the
    higher the supply of a good or service.
  2. The higher the price of a good or service, the
    lower the supply of a good or service.
  3. The lower the price of a good or service, the
    higher the supply of a good or service.

A
22
WORLD MARKET SYSTEMS FreeMarket - Mixed -
_____ Which world economic system BEST completes
the world economic systems above?
  • A. Capitalism
  • B. Limited
  • C. Command
  • D. Entrepreneurial

C
23
Individuals and businesses make decisions for
private sector
Government makes decisions for public sector
The chart above describes what type of economy?
  • A. Traditional
  • B. Command
  • C. Mixed
  • D. Free market

C
24
In what type of economy is there a balance
between individuals, businesses, and the
government making economic decisions?
  • A. Traditional
  • B. Command
  • C. Mixed
  • D. Free market

C
25
In which type of economy does the central
government own the property and resources, and
make all the economic decisions?
  • A. Traditional
  • B. Command
  • C. Mixed
  • D. Free market

B
26
What type of economy does the United States have?
  • A. Traditional
  • B. Command
  • C. Mixed
  • D. Free market

C
27
In the United States economic decisions are made
by
  • A. individuals
  • B. private businesses
  • C. government
  • D. all the above

D
28
Rivalry between producers and sellers of goods
and services is known as
  • A. profit
  • B. competition
  • C. consumer sovereignty
  • D. free market

B
29
A businesss profit is
  • A. net worth minus earnings
  • B. earnings minus expenses
  • C. price per share of stock
  • D. investment divided by income

B
30
In the United States buyers determine what is
produced by the purchases they make. This
is known as
  • A. profit
  • B. competition
  • C. consumer sovereignty
  • D. free market

C
31
Which is NOT one of the three basic business
organizations in the United States?
  • A. Enterprise
  • B. Partnership
  • C. Corporation
  • D. Sole Proprietorship

A
32
Which type of business organization has two or
more owners who share the risks and the profits
or losses?
  • A. Enterprise
  • B. Partnership
  • C. Corporation
  • D. Sole proprietorship

B
33
Only one owner Takes all the risks Keeps all the
profits Responsible for all the losses
Which type of business organization is described
by the list in the box above?
  • A. Enterprise
  • B. Partnership
  • C. Corporation
  • D. Sole proprietorship

D
34
Which type of business organization can have any
number of owners whose risk and profit is
limited to their investment?
  • A. Enterprise
  • B. Partnership
  • C. Corporation
  • D. Sole proprietorship

C
35
A person willing to take a risk in order to make
a profit is known as an
  • A. apprentice
  • B. entrepreneur
  • C. administrator
  • D. enforcer

B
36
The savings and investments provided by
households is known as
  • A. financial capital
  • B. incentive
  • C. entrepreneur
  • D. sovereignty

A
37
Who in the Circular Flow collects taxes to
provide public goods and services?
  • A. schools
  • B. households
  • C. businesses
  • D. government

D
38
Who in the Circular Flow owns the resources and
uses the income from the sale of
resources to purchase products?
  • A. schools
  • B. households
  • C. businesses
  • D. government

B
39
The circular flow of economic activity includes
interactions between all of the following
EXCEPT
  • A. businesses
  • B. government
  • C. schools
  • D. households

C
40
Who in the Circular Flow uses the profit from the
sale of products to purchase more resources?
  • A. schools
  • B. households
  • C. businesses
  • D. government

C
41
Banks, Savings and Loans, and Credit Unions are
examples of
  • A. Financial Institutions
  • B. Partnership
  • C. Public goods and services
  • D. Financial Capital

A
42
One of the main functions of financial
institutions is to
  • A. control the interest rate
  • B. make loans
  • C. print money
  • D. clear checks

B
43
The U.S. pursues international trade to increase
  • A. wealth
  • B. land
  • C. wars
  • D. all the above

A
44
All of the following are reasons that nations
trade EXCEPT
  • A. to obtain goods and services they can not
    produce themselves
  • B. to buy goods and services at a higher cost
  • C. to sell goods and services to other countries
  • D. to increase jobs available in their own
    country

B
45
Financial institutions encourage saving and
investing by
  • A. paying no interest on deposits
  • B. paying interest on deposits
  • C. charging for deposits
  • D. Both B and C

B
46
Worldwide markets in which the buying and selling
of goods and services by all nations is
called the
  • A. York County Economy
  • B. Virginia Economy
  • C. U.S. Economy
  • D. Global Economy

D
47
Financial institutions act as
  • A. bankers for the government.
  • B. a public financial institution.
  • C. intermediaries between the U.S. and Iraq.
  • D. intermediaries between savers and borrowers.

D
48
Advancements in ________________ have contributed
to the global flow of information,
capital, and goods and services.
  • A. technology
  • B. communication
  • C. transportation
  • D. All the above

D
49
THE END
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