Economic 11a-11c

Question 1

What economy lacks individual choice and is controlled and planned by the government?

Accepted Answer

command econmy

Question 2

You decide to buy a Coke instead of a Pepsi. What is value of the Pepsi you gave up called?

Accepted Answer

Opportunity cost

Question 3

If a man is building a log cabin with tools and wood what resources are the man using?

Accepted Answer

All of the above

Question 4

The factors of production that are used to make goods and services are -

Accepted Answer

Resources

Question 5

Scarcity means that..

Accepted Answer

The inability to satisfy all wants and needs all at once

Question 6

Health insurance, employee day care, and training are investments in..

Accepted Answer

Human capital

Question 7

-selecting an item or action from a set of possible alternatives.

Accepted Answer

Choice

Question 8

-When consumers determine through purchases what goods and services will be produced

Accepted Answer

Consumer Sovereignty

Question 9

Which of these economic systems is the most common in the world today?

Accepted Answer

Mixed Economy

Question 10

Three main resources-

Accepted Answer

All of the above

Questions 10