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- 1. Multiple ChoiceSam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.Free MarketTraditionalMixedCommand
- 2. Multiple ChoiceSam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.Free MarketTraditionalMixedCommand
- 3. Multiple ChoiceKatia is an accountant in a government run business where she was placed after graduation.CommandTraditionalFree MarketMixed
- 4. Multiple ChoiceJoe owns a shoe store. At the end of the month Joe decides what to do with his profits.CommandFree MarketTraditional
- 5. Multiple ChoiceSally works in a private company that has to follow government rules for public safety.Free MarketCommandMixedTraditional
- 6. Multiple ChoiceWhat are the 3 economic questions?What to produce? How To Produce? For whom to produce?Who to produce? Why you produce? Like to produce?Why to produce? Tell who to produce? Things to produce?
- 7. Multiple ChoiceWhat are the 3 economic questions?What to produce? How To Produce? For whom to produce?Who to produce? Why you produce? Like to produce?Why to produce? Tell who to produce? Things to produce?
- 8. Multiple ChoiceThe four types of economic systems are:Traditional, Command, Mixed, & MarketTraditional, Command, Combined, & MarketCommunism, Capitalism, Free Market, and MacroeconomicsMicroeconomics, Macroeconomics, Individual, and Traditional.
- 9. Multiple ChoiceThe term "factors of production" means:things or skills needed to produce goods or serviceshow we spend our moneythe resources of the governmenthow society creates jobs
- 10. Multiple ChoiceWhich is an example of investment in human capital?trucksfactorieseducationhighways
- 11. Multiple ChoiceWhich activity is an example of investing in physical capital by a company?constructing a new factorythrowing away old delivery trucksgiving workers more time off to resttraining workers to do their jobs better
- 12. Multiple ChoiceOf the three major economic questions, which of the following is the best example of a "What?" question?Should automobiles be produced using workers or robots?Should higher-income or lower-income people buy SUVs?Should we make faster microprocessors or pest-resistant corn?Should migrant workers or domestic workers be used to pick grapes?
- 13. Multiple ChoiceOf the three major economic questions, which of the following is the best example of a "How?" question?Should we produce more heavy fleece coats?Should we collect tolls on turnpikes using human toll collectors or mechanized toll machines?Should we build log homes or build factories from bricks?Should we spend more on health care?
- 14. Multiple ChoiceCanada has nationalized health care, so that everyone has some access to health care. Based on this, Canada has decided that "everyone, regardless of their ability to pay" is the answer to what microeconomic question?What type of health care will be produced and in what quantity?How will health care be produced?For whom will health care be produced?Why will we offer health care?
- 15. Multiple ChoiceThe question of "What goods and services get produced?" most closely relates to which of the following issues?the distribution of goods and services in the economyproducing goods and services in the least costly mannerbuilding a missile defense system, or putting a computer in every elementary school classroomobtaining specialized training to increase one's income
- 16. Multiple ChoiceWhich of the following is a problem a nation might attempt to solve through its economic system?limited supply of goods and servicesdemocracyentrepreneur's profit motiveAll of these
- 17. Multiple ChoiceThe profit motive isthe money left over after expenses are subtracted from salesthe economics of one unita reason entrepreneurs take on business risksprofit calculated as percentage of expenses
- 18. Multiple Choice
A privately owned business with two or more owners is a...
sole proprietorship.
corporation.
franchise.
partnership.
- 19. Multiple Choice
Many firms selling identical products...
monopoly
oligopoly
monopolistic competition
pure competition
- 20. Multiple Choice
One firm that controls the market...
monopoly
oligopoly
monopolistic competition
pure competition
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