Economics Test Corrections

Front

The interaction of supply and demand determines -

Back

price

Front

Fill in the blank: _______ and _______ are two key roles in an economy.

Back

consumer, producer

Front

Who are the decision makers for the private sector in the U.S. Economy?

Back

individuals and businesses

Front

A ______ exists whenever buyers and sellers exchange goods and services.

Back

market

Front

Complete the sentence below: The United States economy has characteristics of a ______ economy, but because it has some aspects of ______ and traditional economies it is characterized as a ______ economy.

Back

mixed, command, mixed

Front

If Reggie chooses to buy the new Enter the Wu-Tang cassette tape instead of the C.R.E.A.M. hoodie, what would the hoodie be considered?

Back

opportunity cost

Front

Banks and credit unions are –

Back

private financial institutions

Front

The worldwide markets in which the buying and selling of goods and services by all individuals, nations, and businesses takes place is also known as the-

Back

global economy

Front

How does the government promote marketplace competition?

Back

By enforcing antitrust legislation and preventing monopolies

Front

Which of the following uses tax revenue to provide public goods and services?
Options: governments, households, businesses

Back

governments