Chapter 16 Review

Question 1

Choosing to buy a DVD player instead of something else is an example of

Accepted Answer

a trade off

Question 2

(**) what happened to prices when there were NOT ENOUGH gold coins to supply all the costumers?

Accepted Answer

Prices went UP

Question 3

Demand and supply are balanced in the market

Accepted Answer

equilibrium price

Question 4

Amount of a good that consumers are willing and able to buy at various prices

Accepted Answer

demand

Question 5

Which of the following is a human resource?

Accepted Answer

knowledge

Question 6

Desires that can be met getting a product or service

Accepted Answer

wants

Question 7

ammount supplied by producers is greater than the amount demanded by consumers

Accepted Answer

surplus

Question 8

Which is NOT a type of economy?

Accepted Answer

Capitalist

Question 9

Quantity demanded is greater than the quantity supplied

Accepted Answer

shortage

Question 10

Which of the following is a characteristic of a market economy?

Accepted Answer

People have the freedom to choose from a variety of products

Question 11

Way of comparing gains to expenses

Accepted Answer

benefit-cost analysis

Question 12

Not having enough resources to satisfy all wants

Accepted Answer

scarcity

Question 13

(******) what happened to prices when there were more sellers of the gold coins than customers?

Accepted Answer

The Price went Down

Question 14

Amount of a good that producers are willing and able to sell at various prices

Accepted Answer

supply

Question 15

Which of the following is a want?

Accepted Answer

vacation

Question 16

Money a business receives from selling its good or services

Accepted Answer

revenue

Question 17

A truck, trailer, tools, ladders for a construction company would be an example of what?

Accepted Answer

capital

Question 18

If 20 bottles of soda are sold for $2.00 each, what is the total revenue?

Accepted Answer

$40

Question 19

What type of Economy do we have in the United States?

Accepted Answer

Mixed Market

Question 20

Which of the following is NOT a basic economic question?

Accepted Answer

When to produce the product?

Question 21

Buildings, tools, and equipment that manufacture goods

Accepted Answer

capital

Questions 21