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.

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

Available resources and consumer preferences

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Economic Vocab

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An economic vocabulary test and economic systems

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Questions 14

Answers

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

Economic Vocab Flashcards | StudBud