SMM - Economics (Supply/Demand, Basic ?s, Economic Systems)

Question 1

All of the following are examples of resources EXCEPT...

Accepted Answer

Books

Question 2

What are things that motivate you called?

Accepted Answer

Incentives

Question 3

What is given up when a choice is made is...

Accepted Answer

Opportunity cost

Question 4

Most countries today have what type of economy?

Accepted Answer

Mixed

Question 5

The key factor in determining the type of economy a country has is the...

Accepted Answer

Extent of government involvement

Question 6

Who has the most influence in a free market economic system?

Accepted Answer

Consumers

Question 7

What are the factors of production that are used to produce goods and services called?

Accepted Answer

Resources

Question 8

What is consumption?

Accepted Answer

Using goods and services

Question 9

What is the amount of goods or services available to consumers?

Accepted Answer

Supply

Question 10

All of the following are characteristics of a command economy EXCEPT...

Accepted Answer

Competition

Question 11

Who makes decisions for the private sector in a mixed economy?

Accepted Answer

Individuals and businesses

Question 12

Scarcity refers to...

Accepted Answer

Inability to satisfy all wants at one time

Question 13

Businesses, Individuals, and governments make economic decisions in which economic system?

Accepted Answer

Mixed

Question 14

When supply is high and demand is low, the price of an item will be...

Accepted Answer

Low

Question 15

What is the amount of goods or services consumers are willing to BUY at a certain price?

Accepted Answer

Demand

Question 16

Money or other valuable items are sometimes called what?

Accepted Answer

Capital

Question 17

Economic decision are based on what two things in a traditional economy?

Accepted Answer

Custom; Precedent

Question 18

All of the following are types of economies EXCEPT...

Accepted Answer

Finance

Question 19

Who makes decisions for the public sector in a mixed economy?

Accepted Answer

Government

Question 20

What was Alexander's opportunity cost in the story?

Accepted Answer

Walkie Talkie

Question 21

The government controls the means of production in what economic system?

Accepted Answer

Command

Question 22

All of the following are the basic economic questions all societies must answer EXCEPT...

Accepted Answer

When will we produce it?

Question 23

What is the strongest motivating factor in a free market economy?

Accepted Answer

Ability to earn a profit

Question 24

No country relies exclusively on markets to deal with the economic problem of...

Accepted Answer

Scarcity

Question 25

All of the following are characteristics of a free market economy EXCEPT...

Accepted Answer

No consumer choice

SMM - Economics (Supply/Demand, Basic ?s, Economic Systems)

Questions 25

SMM - Economics (Supply/Demand, Basic ?s, Economic Systems)

Questions 25