Economics: CE 11 and 12

Question 1

Should Jim play football or watch tv. He chose tv. What's the opportunity cost?

Accepted Answer

football

Question 2

The buying and selling of goods worldwide indicates a ____economy.

Accepted Answer

global

Question 3

The following are all parts of circular flow EXCEPT:

Accepted Answer

the NFL, NBA and MLB

Question 4

Which government agency would oversee this type of business?

Accepted Answer

FCC

Question 5

Ted earned 100.00 but spent 60.00 on supplies. What's his profit?

Accepted Answer

40.00

Question 6

This picture shows the concept of

Accepted Answer

scarcity

Question 7

The interaction of supply and demand determines____.

Accepted Answer

price

Question 8

These are all characteristics of the U.S. economy EXCEPT:

Accepted Answer

lack of consumer choice

Question 9

Which agency would oversee how these stores do business?

Accepted Answer

FTC

Question 10

All are basic economic questions that must be answered EXCEPT:

Accepted Answer

Why should I produce anything?

Question 11

The factors of production are also known as

Accepted Answer

resources

Question 12

All are true statements about a command economy EXCEPT:

Accepted Answer

plenty of consumer choice

Question 13

What type of resource is this?

Accepted Answer

human

Question 14

Everyone in his family is a basket weaver. What type of economy is this?

Accepted Answer

traditional

Question 15

What type of resource is this?

Accepted Answer

Natural

Question 16

This dictator has which type of economy in his country?

Accepted Answer

command

Question 17

This man is the only owner of his shop. His business must be a

Accepted Answer

proprietorship

Question 18

Which one is NOT a private financial institution?

Accepted Answer

Greenbrier Pawn Shop

Question 19

What do banks pay to encourage saving?

Accepted Answer

interest

Question 20

This company represents which type of business structure?

Accepted Answer

corporation

Question 21

Which government agency fined BP for this disaster?

Accepted Answer

EPA

Question 22

The people in this town couldn't drink the water. What agency got involved?

Accepted Answer

EPA

Question 23

Nations trade for all these reasons EXCEPT:

Accepted Answer

because they have extra money to spend

Question 24

This picture shows the concept of

Accepted Answer

consumption

Question 25

The first step in career planning is

Accepted Answer

self-assessment

Question 26

This picture shows an example of an

Accepted Answer

incentive

Question 27

These factory workers demonstrate the term

Accepted Answer

production

Economics: CE 11 and 12

Questions 27

Economics: CE 11 and 12

Questions 27