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- 1. Multiple Choice
In my Economics class there are _____ points possible for daily classwork.
25
50
75
100
- 2. Multiple Choice
In my Economics class there are _____ points possible for daily homework.
25
50
75
100
- 3. Multiple Choice
The study of how people choose to use their limited resources to satisfy their unlimited wants is called _____.
economics
scarcity
incentive
tradeoff
- 4. Multiple Choice
The result of people having limited resources but unlimited wants is _____.
scarcity
economics
incentive
tradeoff
- 5. Multiple Choice
The exchange of one benefit or advantage for another that is thought to be better is called a(n) _____.
scarcity
economics
incentive
tradeoff
- 6. Multiple Choice
Something that motivates a person to take a particular course of action is a(n) _____.
scarcity
economics
incentive
tradeoff
- 7. Multiple Choice
According to Adam Smith a healthy economy requires _____.
stock markets
competition
government control
a free market
- 8. Multiple Choice
Why might some historians consider Adam Smith one of the most influential people in history?
He taught that all people should be economic equals.
He introduced a way of thinking about economic ideas.
He argued for a larger role for the government in the economy.
He wrote the economic argument for American independence.
- 9. Multiple Choice
Which of the following is not a market?
an online auction site
a large appliance store
a high school classroom
a neighborhood garage sale
- 10. Multiple Choice
Which of these terms is most closely related to the term tradeoffs?
incentives
scarcity
resources
markets
- 11. Multiple Choice
Which of the following is NOT one of the 3 factors of production?
land
labor
capital
markets
- 12. Multiple Choice
In the economic system known as _____ there is no private property.
socialism
communism
capitalism
fascism
- 13. Multiple Choice
In a _____ economy, the government owns & controls all factors of production.
planned
market
- 14. Multiple Choice
In a _____ economy, the individuals own & control all factors of production.
planned
market
- 15. Multiple Choice
In a market economy, competitive markets with profit-seeking businesses will have an incentive to produce ______.
low-quality products
high-quality products
- 16. Multiple Choice
The government's role in a free market economy is to:
regulate production
control all factors of production
own all factors of production
- 17. Multiple Choice
True or False: Most modern economies are either completely free market economies or planned economies. They are rarely a mix of both.
TRUE
FASLE
- 18. Multiple Choice
True or False: Most modern economies are mixed economies that blend the free market economic system and the planned economic system.
TRUE
FASLE
- 19. Multiple Choice
What type of economy is typically best at handling the flow of goods, money & resources?
market
command
mixed (market + command)
none of these
- 20. Multiple Choice
A(n) _____ is anything used to produce an economic good or service.
resource
economy
stock market
incentive
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