Intro to Bus Ch. 1 Test Review

Front

The basic economic problem is

Back

having unlimited wants and needs but limited economic resources.

Front

A CD player is an example of a product that fulfills a need.

Back

False

Front

An important principle of the U.S. economic system is: the right to private property, the freedom of choice, competition.

Back

all of the answers are correct.

Front

Tangible products you can purchase to meet your wants and needs are called goods.

Back

True

Front

If freezing weather damages orange crops in Florida the

Back

price of oranges will increase.

Front

Physical and mental efforts of others are called __________________.

Back

service, services, Service, Services

Front

Demand curves slope _______ and to the _______ .

Back

down right

Front

Capitalism is another name for a traditional economic system.

Back

False

Front

Water, air, and minerals are examples of ________________ resources.

Back

natural

Front

When you decide to buy a jacket instead of a concert ticket, you are making a trade-off.

Back

True