| A | B |
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| A winter freeze destroys 25 percent of a country’s annual orange harvest. Which statement regarding the country’s orange juice market is most accurate? | The price of orange juice will increase as the supply decreases. |
| Imagine you want to buy a newly released pair of Nike shoes and you go online to purchase them. Because the product you want is the same for every website, the only thing that will affect where you decide to purchase your shoes is the price. What type of economic situation exists in this example? | Pure competition |
| The four factors of production include | Land, Labor, Capital, Entrepreneurship |
| The weekend is almost here and you are deciding how to spend your time. If you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something else later this month. You are making a ___________________ decision. | Opportunity cost |
| What type of business structure can consist of thousands of shareholders that select a board of directors to oversee company performance? | Corporation |
| What type of economy does the United States have? | Mixed |
| When a shoe manufacturer makes 1,000,000 units of its top-selling shoe, the company is mainly answering which question? | How much to produce? |
| When representatives of both union and management meet to discuss goals, offer solutions and compromises, and work toward a contract settlement, the two sides are engaging in which of the following? | Collective bargaining |
| Computer specialists did not exist in 1910, and there were few, if any, in 1950, so they do not appear in the 1950 census. . . . The first commercial electronic computer was delivered in 1951, and employment data on computer specialists were first collected in the 1960 Census. Computer specialists grew 95 times as a proportion of total employment between 1960 and 2000, from 0.02 percent to 1.92 percent. | The increased use of computers created a new type of employment category. |
| While at the grocery store, you have to choose between a bag of chips or a box of cookies. You choose the box of cookies. By making that choice, you have lost the option for a salty snack. The loss of a salty snack is the economic sacrifice known as the ___________________. | Trade-off |
