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- 1. Multiple ChoiceWhich of the 3 basic economic questions is being answered?:
Nike decides to use more robots on their assembly lines because it is more efficient than using workers.What will be produced?How will it be produced?For whom will it be produced? - 2. Multiple ChoiceEconomic system where individuals (producers and consumers) answer the three basic economic questions:Market
Market
MarketCommandTraditionalMixed - 3. Multiple ChoiceEconomic system where the government answers all three basic economic questions:MarketCommandTraditionalModern or Mixed
- 4. Multiple ChoiceEconomic system where tradition, customs, and values answer the three basic economic questions:MarketCommandModern or MixedTraditional
- 5. Multiple ChoiceNorth Korea employs which kind of economy:Free EnterpriseTraditionalCommandCapitalism
- 6. Multiple Choice
The government has little to no role in the production of goods in this type of economy.TraditionalMixedCommandMarket - 7. Multiple Choice
There are four types of economic systems. Most economies are _____.
Traditional
Command
Market
Mixed
- 8. Multiple ChoiceIf my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy.TraditionalMarketCommandMixed
- 9. Multiple ChoiceIn the USA, people have _______ to work hard because we can make profits in our market economy!ScarcityOpportunity CostsProduction FactorsIncentives
- 10. Multiple ChoiceVery few, or ZERO, completely pure or completely command economies currently exist.TrueFalse
- 11. Multiple ChoiceWhat do the households provide businesses?LabourWagesResourcesGoods and services
- 12. Multiple ChoiceIn the products marketfirms buy goods and services from householdsfirms sell goods and services to householdsfirms sell resources to householdsfirms buy resources from households
- 13. Multiple ChoiceThe main sectors of a free market economy areHouseholds and businessesHouseholds and the resource marketBusiness Firms and the products marketThe products market and the resource market
- 14. Multiple ChoiceGovernments use tax revenue from individuals and businesses to provideprofits to buy more resourcesincome to purchase productsfor business expansion and increased consumptionpublic goods and services
- 15. Multiple ChoiceBanks provide allow _______ to flow to both Households and Business Firms.public goodsloansfinal goods/servicesincome
- 16. Multiple ChoiceWhich of the following economic goals are least achievable in both a TRADITIONAL and COMMAND economic system?Economic EquityEconomic SecurityEconomic StabilityEconomic Efficiency
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