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PART II: Multiple Choice Read the following items and choose the best answer. 1. The process of deciding which needs will be satisfied and how much of our resources will be used to satisfy them is called O a. capitalism b. conservation C. allocation d. scarcity Consumers vote in the market place a. through their purchases to determine what is produced OOOON b. only if they receive a low price c. if there is an economic opportunity for economic profit d. to maximize their costs In a market economy, social decisions are made by a. elected officials OOOOw b. consumer choices c. the markets d. the producers An important function of markets includes a. guaranteeing maximum profits for producers and low prices for consumers b. providing limited information and producing public goods c. rewarding efficient consumers and all producers d. providing price information as well as a variety of product choices The activities of lobbyists a. equally benefit all sectors of society b. can affect many consumers in the form of higher prices c. only affect the groups that employ the lobbyists d. are against the law in most states