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- 1. Multiple Choice
When you make a choice between 2 things; it's what you give up to do something.
Supply and Demand
Scarcity
Opportunity Cost
- 2. Multiple Choice
What is the term Adam Smith used in recommending to "leave things alone" in a market economy?
Communism
Socialism
Laissez faire
- 3. Multiple Choice
Microeconomics is the study of
of the whole economy.
the individual consumer.
scarcity.
- 4. Multiple Choice
Macroeconomics is the study of
the whole economy.
of the individual consumer.
engineering.
- 5. Multiple Choice
The people who do the labor/work; who produce goods and services.
Natural Resources
Capital Resources
Human Resources
- 6. Multiple Choice
The purpose of government in a command economy is to:
Ensure the availability of consumer products
Make major economic decisions
Promote economic freedom
- 7. Multiple Choice
This picture illustrates what economic system?
Market
Command
Traditional
- 8. Multiple Choice
Which group of people ultimately determines the products that a true free market economy produces?
Congress
Property Owners
Consumers
- 9. Multiple Choice
The best example of a market economy is:
The Inuit
The former Soviet Union
The United States
- 10. Multiple Choice
The special skills that many workers have (have earned much education or training in the skill)
Scarcity
Supply and Demand
Specialization
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