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Topic-1 Lesson- 6 - Economics Basics Flashcards | StudBud

Explore/Topic-1 Lesson- 6 - Economics Basics

Increased competition between producers of a good may lead to

Which type of economic system has the highest level of government control?

Topic-1 Lesson- 6 - Economics Basics

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1
Which type of economic system has the highest level of government control?
command economy
traditional economy
market economy
mixed economy
2
Increased competition between producers of a good may lead to
an increase in price.
a rise in taxes.
a drop in demand
a decrease in profit
3
Which of the following is a feature of a good budget?
money reserved for saving
high use of credit
income that is less than its expenses
economic incentives
4
How do companies make a profit?
They try to decrease expenses and increase revenue.
They try to decrease expenses and decreae revenue.
The try to increase expenses and increase revenue.
They try to increase expenses and decrease rerevenue..
5
Which of the following is one of the three basic economic questions?
How is a budget created?
What price should be set for goods and services?
How should goods and services be produced?
How can income be shared?