Blundell - Civics and Economics Review Orange (SOL 11-14)

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.

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.

Hot Dog City is competing with Hot Dog Town.  Which incentive would most likely motivate consumers to eat at Hot Dog City?

• Hot Dog City decreases their supply of hot dogs to create a scarcity situation.
• Hot Dog City advertises that it has been in business for 10 years.
• Hot Dog City offers a free drink with purchase at Hot Dog City.
• Hot Dog City raises their prices in order to make more money per sale.

The government of the Soviet Union provided food for its citizens.  However, the food was often in short supply, had little variety, and was of poor quality.  What type of economy was the Soviet Union?

• Mixed
• Market
• Command
• Traditional

Most countries today have which type of economic system?

• Mixed
• Market
• Traditional
• Command

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

• Consumer Sovereignty
• Private Property
• Profit
• Competition

The amount of money you make after all expenses have been paid is called what?

• Profit
• Competition
• Private Property
• Free Markets

In 2000, the Heinz Corporation began selling purple ketchup.  Sales were low and within a few years Heinz stopped selling it.  Which characteristic of our economy was demonstrated in this example?

• Private Property
• Consumer Soveregnity
• Profit
• Competition

the inability to satisfy all wants at the same time. All resources and goods are limited

• Scarcity
• Choice
• Price
• Incentive

the amount of a good or service that consumers are willing and able to buy at a certain price (how bad do they want it?)

• Demand
• Supply
• Scarcity
• Consumption