Which of the following determines what is produced in the United States?

Available resources and consumer preferences

Which shows a way competition has a positive effect on an economic system?

Competition leads to lower prices.

All of the following are examples of consumption except -

Gabriella sells lemonade at the lemonade stand.

studbud

Economic Vocab

14 termsStudBud Administration1,488 plays

An economic vocabulary test and economic systems

Flashcards14 cardsFPractice quizPHost liveL

Questions 14

Answers

1
What is the best title for the type of economy described in the chart?
Traditional Economy
Mixed Economy
Free Market Economy
Command Economy
2
Which of the following determines what is produced in the United States?
Consumer preferences and natural resources
Consumer preferences and capital available
Available resources and consumer preferences
Available resources and foreign competition
3
Which phrase best completes the title of this diagram?
Consumer Choice
Business Profit
Industrial Productivity
Government Regulation
4
Which principle of the American economic system is shown here?
Incentives
Monopolies
Opportunity cost
Scarcity
5
What is the opportunity cost of going to the movies?
Value of the computer game
Price of the movie tickets
Enjoyment of seeing the movies
Time of buying the computer game
6
Which economic factor has most likely determined the price in this picture?
Consumption
Capital
Demand
Scarcity
7
What is the fundamental economic concept that requires these choices?
Exchange
Profit
Scarcity
Money
8
What label should be given to this graphic?
Scarcity
Resources
Consumption
Choice
9
Which shows a way competition has a positive effect on an economic system?
Individual business owners determine what is produced.
Competition allows more people to make a profit.
Everything is owned by the individual business owner.
Competition leads to lower prices.
10
These are characteristics of a -
command economy
traditional economy
free market economy
mixed economy
11
All of the following are examples of consumption except -
Gabriella sells lemonade at the lemonade stand.
Khaled purchases a shirt at the mall.
Jose pays a maid to clean his house.
Rachel drinks lemonade at a lemonade stand.
12
The interaction of supply and demand determines the -
importance of a good or service
quality of a good or service
price of a good or service
quantity of a good or service
13
Which economic concept is illustrated in these drawings?
Central planning
Consumer sovereignty
Opportunity cost
Profit margin
14
Companies can't ship as much plywood as the store wants. This illustrates the principle of -
profit
consumer sovereignty
opportunity cost
scarcity

Economic Vocab Flashcards | StudBud