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Econ Test 1
| Question | Answer |
|---|---|
| In a command economy, decisions are based on | government |
| Most jobs are handed down from parent to child in a | traditional economy |
| Which of the following is considered to be a human resource? | worker |
| A new invention is most likely to be resisted in | traditional economy |
| The production possibilities available to a nation are shown on a | production possibilities curve |
| Great variety of goods and services is characteristic of | market economy |
| Which of the following is true of resources and wants? | Resources are limited and wants are unlimited |
| A production possibilities graph illustrates | opportunity cost, trade-offs, production possibilities |
| A person who buys a good or a service is a | consumer |
| To operate properly, a market economy needs all of the following except | government ownership of businesses |
| Which of the following is not considered an economic need? | car |
| Which of the following groups are economic resources? | human, capital, natural |
| The three basic economic questions that all economies have to answer include all of the following except | when to produce |
| A basic economic problem facing all societies is | scarcity of resources |
| An example of a natural resource is all of the following except | car |
| When a person gives up time, money, goods, and services for another choice it is a(n) | opportunity |
| What kind of real costs would be necessary for building a house? | natural, human & capital resources |
| Capital goods are | used to make other goods |
| The study of a particular section of an economy is | microeconomics |
| When economists discuss “guns” and “butter” they are referring to | military and consumer goods |
| This system - currently in place in the United States - is viewed as evidence the United States is moving toward a mixed economy. | Obamacare |
| This idea - put forth by Adam Smith - says that many underlying causes that cannot be seen lead consumers and producers to agree on prices for items. | Invisible Hand Theory |
| The term “Laissez-Faire” refers to the idea that | Businesses within a country should be free to run without government interference |
| Which one of the following would be a great example of a market economy? | United States |
| Which one of the following would be a great example of a command economy? | Cuba |
Created by:
migliorej
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