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Chapter 9 Economics Test Flashcards | StudBud
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Chapter 9 Economics Test
Chapter 9 Economics Test
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Answers
1
How do private financial institutions help facillitate an exchange of money between savers and borrowers
anyone and everyone can get a loan
help provide financial capital to people/businesses to start or grow
receiving deposits and making loans
encouraging saving and investing by paying interest deposits
2
Technological innovations impact the global economy by
decreasing the flow of capital
contributing to the flow of goods and services
raising the cost of production
producing goods and services at a higher opportunity cost
3
Capital resources
things from nature
people who make goods or provide services
things needed to produce goods
thinks of new ideas and take risks to sell a product or service for profit
4
Households pay
taxes
public goods and services (roads, schools, and military)
labor (workers)
Income (salary)
5
All of the following are true about entrepreneurs EXCEPT-
They can only set up a proprietorship or corporation.
take risks to produce and sell goods and services in search of a profit.
They increase competition by bringing new goods and services to market.
They often foster technological progress and economic growth.
6
According to the scenario, Anthony's earnings after all expenses have been paid are his
profit
price
scarcity
consumption
7
According to the scenario, in which economy is Anthony operating?
Mixed Economy
Forced Market
Command Economy
Traditional Economy
8
What type of resource is pictured here?
natural
capital
entrepreneurial
human
9
Entrepeneurship
people who make goods or provide services
thinks of new ideas and take risks to sell a product or service for profit
things needed to produce goods
things from nature
10
Which of the following uses tax revenue from individuals and businesses to provide public goods and services?
individuals
businesses
government
households
11
Government provides
taxes
income (salary)
public goods and services (roads, schools, and military)
labor (workers)
12
What is determined by consumer preference and price?
Innovation
Consumption
Production
Distribution
13
Central ownership of property/resources, centrally-planned economy, lack of consumer choice
Free Market
U.S. Economy
Mixed Economy
Command Economy
14
What is the inability to satisfy all wants at the same time?
scarcity
incentives
opportunity cost
choice
15
The point where supply and demand meet; everyone who wants to sell or buy at that price can sell or buy.
supply
Equilibrium price
demand
opportunity cost
16
The Coca-Cola company must sharte its profits with shareholders.
twins
corporation
sole proprietorship
partnership
17
Human resources
things needed to produce goods
people who make goods or provide services
thinks of new ideas and take risks to sell a product or service for profit
things from nature
18
Consumers determine, through their purchases, the goods and services that are produced. This idea is known as
consumer sovereignty
entrepreneurship
production
profit motive
19
In this scenario, Kate is a(n)
human resource
producer
consumer
entrepreneur
20
Amount of a good or service that consumers are willing and able to buy at different prices during a given time period.
opportunity cost
demand
Equilibrium
supply
21
limited government, free enterprise, profit motive, consumer sovereignty, competition, private property
Mixed Economy
Free Market
Command Economy
U.S. Economy
22
What was Kate's opportunity cost?
A picture frame for both her mom and herself
A picture frame for herself
A picture frame for her mom
$5 to repay her friend for lunch money she borrowed last week
23
Which resource do you like best when
learning
about Civics and Economics?
Projects
I Civics
Videos
Class Notes
24
Why do states and nations trade?
to sell goods and services to other countries
to buy goods and services at a lower cost or at a lower opportunity cost
to creat jobs
to obtain goods and services they cannot produce efficiently themselves
25
In which economy do people often perform the same type of work as their parents, regardless of ability or potential?
Command Economy
Mixed Economy
Free Market Economy
Traditional Economy
26
Interaction of supply and demand determines
profit
competition
choice
price
27
Who are the decision makers for the private sector in the U.S. economy?
Individuals and the government
Businesses and the government
The government
Individuals and businesses
28
Margie and Seth decide to open a landscaping business together. These two owners will share the risks and the profits.
twins
partnership
corporation
sole proprietorship
29
What was the incentive for Kate's decision?
Buy one-get one half off all frames
50% off frames
$5.00 rebate
Lowest prices of the season
30
Amount of goods or services that producers are willing and able to offer for sale at each possible price.
supply
opportunity cost
Equilibrium price
demand
31
According to the scenario, the yard sale down the road is an example of
profit
consumption
an incentive
competition
32
Businesses pay
taxes
income (salary)
public goods and services (roads, schools, milityary)
labor (workers)
33
households provide
public goods and services (roads, schools, military)
taxes
labor (workers)
income (salary)
34
According to the table, what will happen if the price of a cupcake decreases from $2.00 to $1.00
The cupcake baker's profits will increase
There will not be enough cupcakes produced.
The cost of making the cupcakes will rise.
Customers will buy fewer cupcakes.
35
What leads to the production of higher quality goods at a lower price?
scarcity
production
incentives
competition
36
Tim is a baker who owns his own business, pays all the bills, and gets to keep all of the profits.
corporation
sole proprietorship
twins
partnership
37
Which type of business is authorized to act as a legal entity, regardless of the numbers of owners?
Partnership
Corporation
Entrepreneurship
Proprietorship
38
Combining human, natural, capital, and entrpreneurial resources to make goods and services is called
consumption
production
resources
distribution
39
Natural resources are
things from nature
people who make goods or provide services
thinks of new ideas and take risks to sell a product or service for profit
things needed to produce goods
40
How do private financial institutions encourage saving and interesting?
By paying interest on deposits
By providing start-up capital
By receiving deposits
By making loans
