Social 9 Basics of Economics Quiz

Prices are fixed and set by the government only

Corporate tax breaks and incentives would be most supported by

Which of the following is not one of the basic factors/means of production?

Limited Wants +Unlimited Resources = Scarcity

Industry and agriculture are state-owned and collectivized

Minimum wage laws and progressive taxation are an appropriate way to redistribute wealth

Economic Deregulation encourages more competition in this system

Nationalization of key economic industries would be most supported by

Resources are completely Publicly owned in this system

The individual consumer plays the most important role in economic decision-making

Which of the following is not one of the basic economic decisions all economies must make?

Initiatives to reduce extraction of natural resources would be most supported by:

Government can create Crown Corporations to encourage growth in declining industries