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Basics of Economics Quiz Review Flashcards | StudBud

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An economy where the government controls everything is

An economy where people barter to obtain goods is

Basics of Economics Quiz Review

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Questions 10

Answers

1
An economy where people barter to obtain goods is
a market economy
a mixed economy
a command economy
a traditional economy
2
An economy where the government controls everything is
a command economy
a traditional economy
a market economy
a mixed economy
3
Incentives for entrepreneurs are
independence and reputation
independence
independence and profit
profit and glory
4
A prize that encourages you to continue a behavior is a
negative incentive
positive incentive
5
Which is NOT a responsibility of the Federal Reserve?
supervises and regulates member banks
give loans to small businesses
maintains payment system
makes monetary policy
6
The money supply includes
all of the above
money in bank accounts
cash
coins
7
A parking ticket is an example of a
positive incentive
negative incentive
8
A sewing machine is an example of
a human resource
physical capital
a natural resource
a positive incentive
9
The biggest incentive for producers is
independence
reputation
peace of mind
profit
10
A person who applies for a job is considered
human capital
scarce
physical capital
a human resource