Economics Review-March

An example of a true free market economy is-

This type of economy features little regulation and a lot of choice:

Which of these is not a public service?

An example of a traditional economy is-

Which of these is NOT a public good?

The Federal Reserve Does All of these except

The number of units of a good or service consumers want

I had $20 to spend at Target. I saw two shirts I wanted to buy. They each cost $20. The one I didn't buy is my-

This type of economy features full government control over labor and the means of production

Price is determined by....

If the producer made 6 items would they have a surplus or a shortage?

Purchase goods and services

Governments use ______ to provide goods and services.

If the price was lowered to $3 what would happen?

Use resources to create goods and services

The amount of a good or service a producer is able and willing to provide to the market

This type of economy values doing things the way they have been done over the years.

The price at which supply and demand are equal is the

An example of a command economy is-

The government protects competition among businesses by doing all of the following except...

What is the equilibrium price on this chart?

The next best choice is...