Economics Review

Question 1

In this system, the wants and needs of the government are placed first.

Accepted Answer

command

Question 2

In this system, a worker will take home a set amount of money no matter how much they work.

Accepted Answer

command

Question 3

Oil is an example of a ________ because it is a fossil fuel.

Accepted Answer

natural resource

Question 4

Which 2 things does the government provide for businesses in the economic cycle?

Accepted Answer

anti-monopoly laws and military protection

Question 5

There is little stress on economic progress in a ________ economy

Accepted Answer

traditional

Question 6

This system is defined by individual desires and aspirations.

Accepted Answer

market

Question 7

Under communism, workers are required to make a certain amount of goods, which is known as a...

Accepted Answer

quota

Question 8

This system is also called communism.

Accepted Answer

command

Question 9

________ are the things that people make to be sold to the public.

Accepted Answer

consumer goods

Question 10

This type of business is owned by a two or more individuals or families.

Accepted Answer

partnership

Question 11

In these systems, people often have little or no choice in their career.

Accepted Answer

all except market

Question 12

If the ________ for an item is low, the price will decrease.

Accepted Answer

demand

Question 13

________ is the study of the making, buying, and selling of goods and services.

Accepted Answer

economics

Question 14

In order to get customers to buy more goods, many producers will offer ________.

Accepted Answer

incentives

Question 15

A worker in this system would most likely have the same job as his or her ancestors.

Accepted Answer

traditional

Question 16

Which 2 things do businesses provide for households in the economic cycle?

Accepted Answer

goods and services

Question 17

One of the overriding values of this system is competition.

Accepted Answer

market

Question 18

In a _______, the government makes all production decisions including whom the goods will go to

Accepted Answer

command economy

Question 19

Which are 2 things that households provide for businesses in the economic cycle?

Accepted Answer

land and labor

Question 20

The Nike company is a ________ of shoes and sporting goods.

Accepted Answer

producer

Question 21

The people who buy Nike shoes are ________.

Accepted Answer

consumers

Question 22

This is the system that the majority of the world uses, including the USA.

Accepted Answer

market

Question 23

Which are 2 things that businesses provide for the government in the economic cycle?

Accepted Answer

taxes and services

Question 24

Which 2 things do households provide the government with in the economic cycle?

Accepted Answer

taxes and labor

Question 25

This system is based on what your family or country usually produces and sells

Accepted Answer

traditional

Question 26

This type of business is owned by multiple stock holders.

Accepted Answer

corporation

Question 27

Due to the fact that we cannot grow bananas here, we have to ________ them.

Accepted Answer

import

Question 28

The price of an item will increase if the ________ is low.

Accepted Answer

supply

Question 29

Which 2 things does the government provide for households in the economic cycle?

Accepted Answer

military protection and insuring bank deposits

Question 30

________, or a low supply of something, will often result in price increases.

Accepted Answer

scarcity

Question 31

In this system, workers will take home a fixed amount of money no matter how much they produce

Accepted Answer

command

Question 32

Producers decide what to produce, how to make it, and sell to consumers in a ________

Accepted Answer

market economy

Question 33

Which situation would increase the demand for sweatshirts and therefore increase the price?

Accepted Answer

June is surprisingly cold

Question 34

After buying the marker for $20, I made a $10 ________ when I sold it for $30.

Accepted Answer

profit

Question 35

Which of these 3 is NOT an institution that is included in the economic cycle?

Accepted Answer

foreign countries

Question 36

A job that doesn't involve making and selling a product, such as waiting tables, is a _______.

Accepted Answer

service

Question 37

This system does not place value on change.

Accepted Answer

traditional

Question 38

Which scenario would increase the supply of hula hoops and therefore decrease their price?

Accepted Answer

Can't turn off the assembly line

Question 39

Which situation will decrease the supply of beach chairs therefore increasing the price?

Accepted Answer

Shortage of the metal used in their frames

Question 40

This type of business is owned by a single person or family.

Accepted Answer

sole proprietorship

Question 41

Because there is a surplus of asparagus in Oceana County, farmers can ______ it to other areas.

Accepted Answer

export

Question 42

Which situation would result in a decrease in both the demand for and the price of iPads?

Accepted Answer

Sony releases a cheaper version of it called the sPad

Economics Review

Questions 42

Economics Review

Questions 42