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- 1. Multiple ChoiceEconomic System where there is limited technology and ideas are passed down from generation to generationCommandTraditionalMixedMarket
- 2. Multiple ChoiceHow will scarcity of a capital good impact price?Price would go upPrice would go downPrice would stay the sameYou wouldn't sell any
- 3. Multiple ChoiceWhich of these jobs is involved in production?SecretaryFactory workerTruck driverZoo keeper
- 4. Multiple ChoiceQuantity meansbest itemthe amount
- 5. Multiple ChoiceWhat do you need to produce other goods and services?consumer goodscapital goodsnondurable goodsGross Domestic Product (GDP)
- 6. Multiple ChoiceThe thing that you give up (the next best alternative) when you make a decision is known asOpportunity CostScarcityIncentiveChoice
- 7. Multiple ChoiceTrading something for something else - no currency involveddemandbartergoodsmarket
- 8. Multiple ChoiceHow much people want somethingsupplydemand
- 9. Multiple ChoiceThe making, buying and selling of goods and serviceseconomicsinflationmarketbarter
- 10. Multiple Choice
The first step in making a decision is to:A. Brainstorm possible solutionB. Describe the problem or situationC. Consider the consequencesD. Evaluate the decision - 11. Multiple Choice
What are the characteristics of a traditional economic system?
Relies on government
Driven by consumers
built upon traditions, customs, and beliefs
- 12. Multiple Choice
An economic system in which individuals and businesses make decisions about what to produce.
Market economy
Mixed economy
Communism
Command economy
- 13. Multiple Choice
Competition and profit motive are important characteristics of a:
command economy
traditional economy
market economy
socialist economy
- 14. Multiple ChoiceWhat type of economic system is based on customs and beliefs?MarketMixedTraditionalcommand
- 15. 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
- 16. Multiple ChoiceIn this type of economy, the individual decides who to sell their products to.TraditionalMixedMarketCommand
- 17. Multiple ChoiceI am a farmer in Africa, and have always traded for my goods. I have a _____ economy.TraditionalCommandMarketMixed
- 18. Multiple ChoiceMary Ann runs a car dealership selling only government produced cars. At the end of the month Mary Ann must give all of the money she made back to the government.TraditionalFree MarketMixedCommand
- 19. Multiple ChoiceWho or what answers the basic economic questions in a command economy?Individuals and BusinessesGovernmentCustomIndividuals, Businesses, and Government
- 20. Multiple ChoiceWho or what answers the basic economic questions in a free market economy?Individuals and BusinessesGovernmentCustomIndividuals, Businesses, and Government
- Answer choicesTagsAnswer choicesTags