U.S. Economy Quiz

The image provided is an example of what?

• Proprietorship
• Partnership
• Entrepreneur
• Corporation

The point where the supply and demand curves intersect determines what?

• Consumption
• Supply
• Price
• Production

What is the opportunity cost of going to the movies?

• Value of the computer game.
• Price of the movie tickets.
• Time of buying the computer game.
• Enjoyment of seeing the movies.

Most countries today have which type of economic system?

• Mixed
• Market
• Traditional
• Command

Which economic system has the least amount of government involvement in decision making?

• Mixed
• Market
• Command
• Traditional

_________________ results in lower prices and better quality goods and services.

• Consumer Sovereignty
• Private Property
• Profit
• Competition

What kind of business is best described by these statements?

• Corporation
• Partnership
• Proprietorship
• Entrepreneur

What type of business may an entrepreneur choose to have?

• Proprietorship
• Corporation
• Partnership
• All of the above

Which of the following terms fills in the blank?

• Taxes
• Income
• Savings
• Investment

Which category of Circular Flow provides labor? 

• Businesses
• Government
• Households