CE 11 Economic Principles SOL Review

Devin is digging a hole for the basement of a new home. The digging has left large piles of dirt on the property and he must use a bulldozer to move the dirt. The bulldozer is an example of what type of resource? (CE 11A)

• Entrepreneurship

• Human

• Natural

• Capital

Each of us is a consumer because we ____________. (CE 11A)

• Provide skills and labor to produce goods

• Use a barter system instead of money

• Live in a democratic system

• Purchase goods and services

Why must individuals make choices about the goods and services they desire? (CE 11A)

• Because they must consider what they give up

• Because goods and services are limited

• Because their choices determine prices

• Because they don't have enough money

What determines who acquires goods and services? (CE 11A)

• Scarcity

• Resources

• Price

• Consumptions

Resources available and consumer preference determine ___________. (CE 11A)

• Opportunity cost

• Price

• What is produced

• What is purchased

Consumer preference and price determine _____________. (CE 11A)

• What is produced

• What is purchased

• Price

• Opportunity cost

Which of the following BEST characterizes a command economy? (CE 11B)

• Central economy

• Consumer sovereignty

• Competition

• Choice

Which of the following is a characteristic of a free market economy? (CE 11B)

• Central ownership of property/ resources

• Lack of consumer choice

• Consumer sovereignty

• Government as a decision maker for the public sector

Which economy is the most common economic system today? (CE 11B)

• Mixed economy

• Command economy

• Free Market

• Traditional

While on vacation, Adam went to the store and found that there was only one brand of chips, hot dogs, bread, and milk. Adam is most likely visiting a country that is exercising which type of economy? (CE 11B)

• Free market

• Mixed

• Traditional

• Command