Entrance Ticket
11.15.12
Name:
1. Which of the following is an example of an economic good?
(A) a visit to the dentist (C) a lesson taught by a teacher
(B) a pair of sneakers
(D) a ride on the bus
2. Which of the following is an example of an economic service?
(A) a haircut
(C) a DVD
(B) a camcorder
(D) a pair of scissors
3. Which of the following is an example of a consumer?
(A) a doctor who treats a patient
(B) a recording artist
(C) a person buying a pair of jeans
(D) a worker in an auto plant
4. A good or service has value because it
(A) costs money
(B) satisfies a human want or need
(C) is sold in stores
(D) is abundant in nature
5. The reason scarcity exists is that
(A) people want more goods and services than can be produced
(B) some people are wealthy while others are poor
(C) there is plenty of everything for everyone
(D) individuals and governments do not make the right choices
Entrance Ticket
11.15.12
1. Which of the following is an example of an economic good?
(A) a visit to the dentist (C) a lesson taught by a teacher
(B) a pair of sneakers
(D) a ride on the bus
2. Which of the following is an example of an economic service?
(A) a haircut
(C) a DVD
(B) a camcorder
(D) a pair of scissors
3. Which of the following is an example of a consumer?
(A) a doctor who treats a patient
(B) a recording artist
(C) a person buying a pair of jeans
(D) a worker in an auto plant
4. A good or service has value because it
(A) costs money
(B) satisfies a human want or need
(C) is sold in stores
(D) is abundant in nature
5. The reason scarcity exists is that
(A) people want more goods and services than can be produced
(B) some people are wealthy while others are poor
(C) there is plenty of everything for everyone
(D) individuals and governments do not make the right choices
Name:
Exit Ticket
11.15.12
8. Which of the following is most likely to happen in a market economic system?
(A) Storekeepers will try to give customers what they want
(B) Most stores will be owned by the government
(C) Prices of goods and services will be set by the government
(D) Children will take on the occupation of their parents
Name:
9. Which of the following is most likely to happen in a command economic system?
(A) Storekeepers will try to give customers what they want
(B) A central authority will determine what is produced
(C) There will be many different brands of each product
(D) Businesses will spend a lot of money on advertising
10. Generally, the means of production in a free enterprise economy are
(A) owned by individuals
(B) owned by the government
(C) the consumer goods that the economy produces
(D) the ways a company decides what to produce
11. In a free enterprise system, both buyers and sellers decide
(A) what goods and services should be produced
(B) how goods and services should be produced
(C) who should receive the foods and services that are produced
(D) why goods and services are produced
12. The U.S. economic system is best described as one with
(A) no role for government
(B) the government controlling everything
(C) mostly free enterprise, but some role for government
(D) pure competition in all industries
Exit Ticket
11.15.12
8. Which of the following is most likely to happen in a market economic system?
(A) Storekeepers will try to give customers what they want
(B) Most stores will be owned by the government
(C) Prices of goods and services will be set by the government
(D) Children will take on the occupation of their parents
9. Which of the following is most likely to happen in a command economic system?
(A) Storekeepers will try to give customers what they want
(B) A central authority will determine what is produced
(C) There will be many different brands of each product
(D) Businesses will spend a lot of money on advertising
10. Generally, the means of production in a free enterprise economy are
(A) owned by individuals
(B) owned by the government
(C) the consumer goods that the economy produces
(D) the ways a company decides what to produce
11. In a free enterprise system, both buyers and sellers decide
(A) what goods and services should be produced
(B) how goods and services should be produced
(C) who should receive the foods and services that are produced
(D) why goods and services are produced
12. The U.S. economic system is best described as one with
(A) no role for government
(B) the government controlling everything
(C) mostly free enterprise, but some role for government
(D) pure competition in all industries
Name: