Econ. Lesson 2

Question 1

C/M: Incentive for innovation.

Accepted Answer

Market

Question 2

Which of the following is NOT one of the 3 main economic questions that a society must answer?

Accepted Answer

When to produce?

Question 3

What is the pattern in which goods, services and resources flow in the marketplace?

Accepted Answer

Circular Flow

Question 4

T/F: All mixed economic systems are the same.

Accepted Answer

False

Question 5

C/M: Lots of competition

Accepted Answer

Market

Question 6

What type of economic system do most societies today have?

Accepted Answer

Mixed

Question 7

What is a government rule that states what may or may not be done?

Accepted Answer

Regulation

Question 8

If Apple controlled all of the phone industry, they would have a _____________.

Accepted Answer

Monopoly

Question 9

What is the name of the econ. system where the 3 main econ. questions are answered by the gov.

Accepted Answer

Command

Question 10

C/M: Great amount of economic freedom.

Accepted Answer

Market

Question 11

C/M: Sellers can raise or lower prices whenever they want.

Accepted Answer

Market

Question 12

C/M: Wages are set by the government.

Accepted Answer

Command

Question 13

What is it when one company controls an industry or is the only provider of a service?

Accepted Answer

Monopoly

Question 14

What is the name of the econ. system which focuses on how buyers and sellers interact?

Accepted Answer

Market

Question 15

In a _____ what is produced is determined by a combination of more than one economic system.

Accepted Answer

Mixed Economy

Questions 15