28 questions
Every society has to answer these 3 economic questions...
Who's on first? What's on second? Why is he on third?
Should we farm more, fund healthcare, or build a park?
What to produce? How to produce? For whom to produce?
What do I buy? How much do I save? How much do I give?
What is true about scarcity in economics? Check all that apply.
It is the gap between limited resources and limitless wants.
Scarcity is the result of people having "Unlimited Wants and Needs."
Scarcity is the next best option.
Scarcity is always wanting something new, and having "Limited Resources."
The definition of Economics is the
Study of plants and animals in the economy
Study of how currency is printed.
Study of how resources are used to satisfy unlimited wants and needs
Study of socialism, capitalism, imports and exports.
Opportunity cost is
the next best option
the invisible hand
the circular flow of income
the cost of producing an item
An incentive is... check all that apply
something that makes someone want to do something or work harder.
An increase in production
extra money offered to those employees who work extra hours on a project.
tasks performed by people, not machines
This economy is based on customs and traditions.
A market economy
A command economy
A mixed economy
A traditional economy
The flow of money into an economy is called
injections
imports
taxes
savings
_________ plays a small role in a market economy.
Private business
Tradition
The government
The president
In this economy individuals have property rights, producers have competition and there are monetary incentives to perform at a higher level.
Communist Economy
Market Economy
Socialist Economy
Traditional Economy
The money flowing out of an economy is called
leakages
injections
exports
a bad thing
A command economy is a type of system where the economy is mostly controlled by...
Big businesses
The Government
Wealthy Banks
The Federal Reserve
The Illuminati
Communism is a type of...
Traditional Economy
Free Market Economy
Command Economy
Mixed Economy
The United States is an example of a country that has a...
Traditional Economy
Free Market Economy
Command Economy
Mixed Economy
North Korea is a country that has a...
Traditional Economy
Free market Economy
Command Economy
Mixed Economy
A Mixed Economy uses ideas from...
Both Traditional and Market Economies
Both Market and Command Economies
Both Traditional and Command Economies
Traditional, Market, and Command Economies
Socialism is a system that relies on the use of...
Competition and Choice
Government Mandates
Wealth Redistribution
Customs and Beliefs
The Economist, Freidrich von Hayek, thought
Competition is a regulatory force in the economy.
Government intervention is necessary for stability.
Government should not control the money supply.
Less government intervention gives people more economic freedom.
The Economist, Adam Smith, thought
Competition and the idea of an invisible hand are regulatory forces in the economy.
Government intervention is necessary for stability.
Government should not control the money supply.
Less government intervention gives people more economic freedom.
The main theme in economics for John Maynard Keynes was...
Government intervention in the economy was necessary for stability of the economy.
Government should not control the money supply.
Command economies are best for society.
The government should not be involved. The economy should operate in a laissez-faire manner.
The Economist, Milton Friedman thought...
Government interventions takes away economic and political rights.
Competition keeps unfair practices at bay.
Self-interest is a motivating force in the economy.
Government control of the money supply will increase the prices of goods and services. So, the government should NOT control the money supply.
Which types of economies are arranged from least government involvement to the greatest?
communist, mixed, market, socialist
socialist, market, mixed, communist
market, mixed, socialist, communist
Which rights are necessary for entrepreneurs to obtain credit and capital?
credit from financial institutions and economic rights
services from financial institutions and economic rights
credit from financial institutions and property rights
Because of the coronavirus, the city of Majorica, Spain, is experiencing low tourism and a fall in economic activity. They decide to let the market correct itself. This would be an example of which economists theory?
Fredrich von Hayek
John Maynard Keynes
As a result of coronavirus, there is a shortage of toilet paper. As a result toilet paper prices have risen. The government has limited the price that can be charged for it.
What economist supports this view?
Friedrich von Hayek
John Maynard Keynes
Which factor determines who a society will produce goods and services for?
the available resources in the society
the population of the society
the economic system in the society
Which basic economic question determines how a society will produce goods and services?
How can available resources be used efficiently?
What goods and services are produced?
What price should goods and services be sold at?
Which type of economy ensures more benefits to its citizens because it offers incentives for people to use their skills and creativity to start their own businesses.
Socialist economy
Communist economy
Market economy
Three names for an economy that gives more economic freedom to businesses and individuals with few restrictions, The United states is an example, are:
Command, Socialist, Mixed
Command, Socialist, Communist
Free Enterprise, Free Market, Capitalist
Capitalist, Free Market, Command