ISS Economics Test

the United States economy is a mixed economy 

all natural resources used to produce goods and services 

which is an example of using physical capital to save time and money 

each society answers the 3 basic economic questions based on 

why are free markets able to attain economic growth 

why has America been referred to as the land of opportunity 

in what kind of government does the government make all of the decisions 

the effort that a person devotes to a task for which the person is paid 

When consumers want more of a good than producers are willing to offer at a particular price 

what is the concept of guns vs. butter 

another name for a centrally planned economy 

which of the following are factors of production 

an economy in which the government answers the key questions 

in an economy in which all the boys become farmers when they are adults is an example of 

the study of how people make decisions to satisfy their needs and wants 

most important advantage of a free market economy 

physical objects such as baseballs and umbrellas 

which of the following is s characteristic of a centrally planned economy 

knowledge gained from education and experience 

the US govt intervenes in the economy in order to 

traditional economies are usually