Chapter 1 - Economic Decisions & Systems

Question 1

The U.S. economy is associated with each of the following names except _______.

Accepted Answer

Communistic

Question 2

Scarcity is the basic economic problem confronting individuals and businesses.

Accepted Answer

True

Question 3

Goods and services are purchased by businesses as well as consumers.

Accepted Answer

True

Question 4

Which of the following would a 2016 high school junior most likely classify as a need?

Accepted Answer

all of the above

Question 5

Less developed countries with low literacy usually have this type of economic system.

Accepted Answer

Traditional

Question 6

Which of the following is an example of a basic need?

Accepted Answer

All of the above

Question 7

The quantity of goods or services that businesses are willing and able to offer is __________.

Accepted Answer

Supply

Question 8

Anywhere that goods and services exchange hands is referred to as a ________.

Accepted Answer

Marketplace

Question 9

Which of the following does NOT refer to those who offer goods or services for sale.

Accepted Answer

Consumers

Question 10

It's always easy to determine which goods and services are needs from those that are wants.

Accepted Answer

False

Question 11

Giving up something to have something else is defined as...?

Accepted Answer

Trade-off

Question 12

Which of the following is NOT a step in the decision-making process?

Accepted Answer

Ask your mother's opinion

Question 13

The point where demand and supply intersect is known as the __________.

Accepted Answer

Market price

Question 14

Can some questions be answered by gathering and reviewing information without collecting data?

Accepted Answer

No

Question 15

Which of the following does NOT characterize a fact?

Accepted Answer

Subjective

Question 16

Which of the 4 U.S. economy pillars forces businesses to innovate and keep costs low?

Accepted Answer

Competition

Question 17

Needs and wants are limited, but resources used to meet them are unlimited.

Accepted Answer

False

Question 18

As competition increases, prices....

Accepted Answer

usually will decrease

Question 19

Which of the following is NOT one of the 3 basic economic questions?

Accepted Answer

When to produce?

Question 20

The quantity of goods or services that consumers are willing and able to buy is __________.

Accepted Answer

Demand

Question 21

The law of demand states that...

Accepted Answer

as prices go up, quantity demanded goes down, and vice versa

Question 22

The law of supply states that...

Accepted Answer

as prices go down, quantity supplied goes up, and vice versa

Question 23

Individuals and businesses can NOT both be manufacturers, producers or sellers.

Accepted Answer

False

Question 24

The government controls most resources in this type of economic system.

Accepted Answer

Command

Question 25

Services are tangible and goods are intangible.

Accepted Answer

False

Question 26

Which is most appropriate when offering evidence to support one's claim or assertion?

Accepted Answer

3 is best

Question 27

Which of the following addresses the economic question of how to produce?

Accepted Answer

requiring individuals to work in a particular career

Question 28

In which of the following economic systems are resources owned and controlled by the people?

Accepted Answer

Market

Question 29

Which of the following is NOT a factor of production (FOP)?

Accepted Answer

Organic

Chapter 1 - Economic Decisions & Systems

Questions 29

Chapter 1 - Economic Decisions & Systems

Questions 29