Class Quiz #17 (Economics) Study Guide

Name: _______________________________Period: _____

1. In Cuba economic decisions are made by the government. What kind of economic system does Cuba have? 2. Bangladesh has had an agricultural economy for many, many years. What kind of economic system does Bangladesh have? 3. The United States has a free market economy in which the government regulates many of the industries. What kind of economic system does the U.S. have? 4. A ____ ________ economy existed early in American history, but as industry grew, government regulations became necessary. 5. Jane and Joe own a pizza shop in which they assume all the risk and share the profits. What kind of business do they own? 6. Harley Davidson, Inc. is owned by stockholders who have only risked their investment in the company. What kind of business is Harley Davidson, Inc.? 7. My friend started her own cleaning service. She has several employees, but she is the sole owner of the business. What kind of business does my friend own? 8. If I choose a Starbucks Frappuccino instead of a Java Monster, what is my opportunity cost? 9. Oil rigs, tanker trucks, and refineries are all examples of the ______ ______ Shell Oil Company needs to provide gasoline. 10. Strawberries, sugarcane, and natural gas are all examples of ______ ______ found in Louisiana. 11. All of the employees of the local AT&T store are considered ______ ______ that AT&T uses to provide goods such as cell phones and services such as cell phone service. 12. Diane works for Chase Bank. The paycheck she earns is a result of her ______ her skills and labor to Chase Bank. 13. Diane shops at Rouse's twice a week and spends about $150 a week on grocery items. The profit Rouse's makes is a result of her ______ their goods and services. 14. Strawberry farmers around Ponchatoula were hit with a hard freeze, causing many of their strawberry plants to be damaged. Will strawberries be more expensive or less expensive at the Strawberry Festival this year? 15. It's been almost 3 years since the BP oil spill. The people are confident again that oysters are safe to eat. Will oysters be more expensive or less expensive than they were 2 years ago?