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Social Studies
9th -
11thgrade
Unit 2: the allocation of resources
22 questions
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- 1. Multiple Choice
What does economics mean?
It is the study of the allocation of abundant resources to meet limited human wants
It is the study of the allocation of scarce resources to meet unlimited human wants
- 2. Multiple Choice
What is microeconomics?
It is concerned with decision-making by individual agents such as firms and consumers
It is concerned with decision-making by large corporations
It is concerned with decision-making by the government
- 3. Multiple Choice
What is macroeconomics?
It focuses on individual production and consumption in an economy
It focuses on aggregate production and consumption in an economy
- 4. Multiple Choice
With what kinds of topics does macroeconomics concern itself?
Economic activities of individual firms, households and other organizations
Consumer behavior and firms output decisions
The labor market, wages and hiring decisions
Aggregate economic phenomena like the rate of unemployment and inflation
- 5. Multiple Choice
What is a market?
It is a place where you go to buy your groceries
It is a situation in which buyers and sellers interact with one another
It is a place where people meet to buy and sell products
- 6. Multiple Choice
What are the questions faced by all economies?
What to produce, where to produce it and who receives it
Where to produce, how to produce it and when to receive it
What to produce, how to produce it and who receives it
Where to produce, when to produce and how to receive it
- 7. Multiple Choice
What is the fundamental problem of every society?
labor costs
economic interdependence
scarcity
market fluctuation
- 8. Multiple Choice
What is a mixed economic system?
All economic decisions are made by buyers and sellers
Decisions are made by a combination of government decision-making and the market
The government plays a major role in decision-making
- 9. Multiple Choice
What is a market economic system?
All economic decisions are made by buyers and sellers
Decisions are made by a combination of government decision-making and the market
The government plays a major role in decision-making
- 10. Multiple Choice
What is a command economic system?
All economic decisions are made by buyers and sellers
Decisions are made by a combination of government decision-making and the market
The government plays a major role in decision-making
- 11. Multiple Choice
Which involves having the government make most economic decisions?
command economy
market economy
mixed economy
- 12. Multiple Choice
Which system is based mostly on individual choice?
command economy
market economy
mixed economy
- 13. Multiple Choice
Which of the following statements is an advantage of a command economy?
Economic decisions are well guided
The economy attempts to provide for everyone
The economy is rarely short of needed goods
- 14. Multiple Choice
What is communism?
It is an economic system in which individuals set up their own enterprises to produce goods and services
It is an economic system where the government owns most of the factors of production and decides the allocation of resources
- 15. Multiple Choice
What is capitalism?
It is an economic system in which individuals set up their own enterprises to produce goods and services
It is an economic system where the government owns most of the factors of production and decides the allocation of resources
- 16. Multiple Choice
Who owns everything under communism?
The poor people
The government
The wealthy
The politicians
- 17. Multiple Choice
These are advantages of communism except....
Basic needs are taken care of
Education, public health and other services cost very little
Very little unemployment
Individuals can choose what to consume
- 18. Multiple Choice
Property is owned by the state
Communism
Capitalism
- 19. Multiple Choice
Wealth distributed unevenly
Communism
Capitalism
- 20. Multiple Choice
The government should interfere in the economy as little as possible
Communism
Capitalism
- 21. Multiple Choice
______ get to make the economic decisions under capitalism.
Individuals
Literally no one
The President
Government
- 22. Multiple Choice
The role of government in a market system
does not exist
is restricted to establishing property rights
includes improving situations that would otherwise result in market failure
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