Civics- Chapter 17 Test Review

Question 1

Buyers will demand or want more of a good when prices are low is known as the ________.

Accepted Answer

Law of Demand

Question 2

Businesses will produce more products when they can sell them at higher prices is known as the

Accepted Answer

Law of Supply

Question 3

In a ________ economy, the government makes all of the decisions on how businesses are ran.

Accepted Answer

Command

Question 4

A ________economy combines many aspects of the 3 basic economic systems within the U.S.

Accepted Answer

Mixed

Question 5

The main factor in setting prices in a free market is ________ among sellers.

Accepted Answer

Competition

Question 6

What are the 4 factors of production?

Accepted Answer

Capital, Natural Resources, Labor, Entrepreneurship

Question 7

This idea claims businesses must compete for resources and competition affects prices in time.

Accepted Answer

Competition for Resources

Question 8

How does the federal government intervene in business to help control prices?

Accepted Answer

Subsidizing Certain Industries

Question 9

What is known as the money a business has left over after it has paid all of its expenses?

Accepted Answer

Profit

Question 10

What are the 3 basic economic systems?

Accepted Answer

Traditional, Market, Command

Question 11

The manufactured goods used to make other goods and services are known as ________.

Accepted Answer

Capital

Question 12

Materials that people cannot live without are known as ________.

Accepted Answer

Needs

Question 13

Which of the following is an example of capital?

Accepted Answer

Lawnmower

Question 14

The exclusive right to publish or sell a piece of writing, music, or art is known as a _______.

Accepted Answer

Copyright

Question 15

A company that is the only one selling a product or providing a service is known as a ________.

Accepted Answer

Monopoly

Question 16

A ________ economy is one that is based on freedom of choice.

Accepted Answer

Market

Question 17

A ________ is the exclusive right to make and sell your invention.

Accepted Answer

Patent

Question 18

In a ________ economy, economic decisions are based on how things have been done in the past.

Accepted Answer

Traditional

Question 19

A person who organizes, manages, and assumes the risks of a business is known as a ________.

Accepted Answer

Entrepreneur

Question 20

In a ________, people can run their businesses with little or no interference from the gov.

Accepted Answer

Free Enterprise

Question 21

________ is the amount of work produced by a worker per hour.

Accepted Answer

Productivity

Question 22

________ often put up their own labor or capital and take risks of failure.

Accepted Answer

Entrepreneurs

Question 23

________ is the lack of a particular resource.

Accepted Answer

Scarcity

Question 24

________ is a FOP because skills and abilities are needed to produce goods and services.

Accepted Answer

Labor

Question 25

________ is an economic system in which the productive resources are owned by private citizens.

Accepted Answer

Capitalism

Civics- Chapter 17 Test Review

Questions 25

Civics- Chapter 17 Test Review

Questions 25