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CEOCE Quiz 1 Flashcards | StudBud
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CEOCE Quiz 1
CEOCE Quiz 1
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Flashcards
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Questions
18
Answers
1
If you purchase something from a store, you are participating in a(n) ____________ market.
Product
Unidentified
Resource
Illegal
2
______ is the amount of a good/service that is currently available.
Quantity supplied
Demand
Quantity demanded
Supply
3
The response to a change in price is known as ____________.
Elasticity of demand
Demand
Supply
Quantity demanded
4
The two efffects that cause a demand curve to be downward sloping are...
Substitution and income
Addition and learning
Substitution and addition
Substitution and learning
5
The triangle is in which color?
Yellow/Gold
Red
Blue
Green
6
The law of supply says that ______ will be produced at higher prices.
About the same
More
An indeterminate amount
Less
7
The desire to own something and the ability to pay for it is known as __________.
Quantity demanded
Supply
Elasticity of demand
Demand
8
Government regulation and private ownership are characteristics of which economic system?
Centrally planned/Command
Traditional
Market
Mixed
9
The law of demand says that people will buy ______ when prices increase.
an indeterminate amount
About the same
Less
More
10
Which of the following is a positive externality?
Education
Pollution
Government
Traffic jams
11
Who was least likely to show up to class in the 4th quarter?
Neb Mortslaw - 6th pd
Tiff Taff Boccaccio/Isabella Abraham/D'Andre Williams/Caleb Paugh - 2nd pd
Star Fields/Miguel Waite/Marlon Borges/Adrielys Diaz - 3rd pd
Maggie Isabelle Harvey/Wes Flores/Bailey York/Andrew Morin - 1st pd
12
Scarcity exists because of
Both the red and blue answers
Unlimited wants
Limited resources
None of these
13
Quantity demanded will ______ when there is an increase in price.
Stay the same
Decrease
Increase
Change indeterminately
14
___________ allows businesses to make decisions in order to maximize profits.
Balance sheet
Profit margin
Earning statement
Profit motive
15
The greatest series that ever aired on the CW network was...
I'm not sure, but I'm going to guess Smallville
Smallville
I'm going to say Smallville
You know, I'll go with Supernat... oh, who am I kidding? Smallville
16
Who has complete control of an economy in a command economy?
Private individuals
Business
Government
Churches
17
Scarcity _______ exists. Shortages are __________.
always, permanent
never, temporary
never, permanent
always, temporary
18
Opportunity cost is the value of
Government regulations
the next-best alternative
the worst alternative
Taxes
