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CE SOL 11: Introduction to Economics Flashcards | StudBud
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CE SOL 11: Introduction to Economics
CE SOL 11: Introduction to Economics
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CE SOL 11 Review Quiz
Flashcards
38 cards
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Questions
38
Answers
1
The amount of goods that a consumer wants is called
demand
scarcity
supply
production
2
In the picture below, Reggie is the...
capital reosurce
natural resource
human resource
main resource
3
Civic duties...
have legal consequences
include attending school
are required by law
all of the above
4
In order to receive a fair trial, citizens must...
Serve on a jury
Vote
Obey the law
Pay poll taxes
5
Stores running out of snow shovels prior to a winter storm is an example of...
Opportunity cost
Scarcity
Choice
Price
6
What principle prevents one branch from having more power than the others?
rule of law
consumer sovereignty
checks and balances
representative gov't
7
Which economy is most common today?
Mixed
Command
Traditional
Free Market
8
Which of the following DOES NOT describe a traditional economy
People perform same tasks as parents
Gov't makes all decisions
Decisions based on historical precedent
Economic decisions based on custom
9
The using of goods and services is
consumption
choice
incentives
production
10
Mike can buy a CD or a shirt. He decides to buy the CD. Whatterm best represents the shirt?
incentive
supply
demand
opportunity cost
11
All of the following are types of resources in economics except...
Entreprenuer
Technology
Capital
Human
12
There has been a severe drought, damaging the wheat crop. What will likely happen next?
Bread prices will go down
Farmers will go on strike
Bread prices will go up
Consumers will grow their own wheat
13
Powers of local government are derived from...
VA Constitution and acts General Assembly
Charters of VA Company
VA Declaration of Rights
US Constitution and acts of Congress
14
To determine profit, you must
Subtract income from expenses
Subtract expenses from income
Multiply expenses and income
Add income and expenses
15
Which economy is the USA?
Command
Traditional
Free Market
Mixed
16
The amount of goods that producers are willing to sell is
supply
scarcity
demand
production
17
Which of the following DOES NOT describe a Free Market Economy
Individual Choice
Competition
Centrally planned economy
Profit Motive
18
When someone decides on football instead of a soccer ball, the thing given up is called
choice
incentive
opportunity cost
resource
19
The government controls the means of production in which economic system?
free market
command
mixed
traditional
20
The best level of government to influence legislation is...
national
state
all of the above
local
21
During an arraignment, which is most likely to occur
reading of verdict
entering of plea
filing appeal
selection of jury
22
Prices decrease when
Supply high and demand low
Price low and demand low
Price low and demand high
Price high and demand high
23
The right for newspapers to criticize the gov't is freedom of...
assembly
speech
religion
press
24
All of the following are elements of a free market economy EXCEPT...
competition
centrally planned economy
private property
consumer sovereignty
25
The ability to determine through purchases what goods or service will be produced is...
opportunity cost
consumer sovereignty
scarcity
choice
26
The first amendment guarantees...
the right to meet with people
The right to own firearms
The right to a fair trial
The right for women to vote
27
Trying to influence legislative votes falls to...
Defendents
Lobbyists
Lawyers
Plaintiff
28
What are the earnings left over after a business has paid all expenses
choice
profit
scarcity
wages
29
When some decides between buying a football or soccer ball, she is making a...
choice
incentive
production
resource
30
The right to own real and personal property without government interference is...
market economy
profit
private property
free property
31
Competition results in...
Worse goods and lower prices
better quality goods and lower prices
Worse quality goods at higher prices
Better quality goods and higher prices
32
Which of the following DOES NOT describe a Command Economy?
Individual choice
Central ownership
Centrally planned economy
Lack of consumer choice
33
Which goal of the Preamble to the Constitution of the US is illustrated bythis cartoon?
provide defense
establish justice
ensure domestic tranquility
form a union
34
Issuing search warrants and subpoenas is the responsibility of...
police chief
magistrate
Circuit Court judge
plaintiffs
35
What's the best title for the image shown?
Choice
Supply and Demand
Production
Scarcity
36
How is a mayor elected?
by voters of the city
appointed by General Assesmbly
appointed by School Board
appointed by Governor
37
Coupons are an example of a/an...
Incentive
Scarcity
Opportunity Cost
Natural resource
38
Which of the following IS NOT a natural resource
coal
paper
oil
water
