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The Basics of Economics
The Basics of Economics
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A Quiz covering the Basics of Economics and economic systems
Flashcards
10 cards
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Questions
10
Answers
1
Which of these is an example of socialism in the United States?
Educational system
Free market enterprise
Healthcare system
Justice system
2
What is an example of capital in economics?
The main city of a country
Wages the workers earn
Money used to purchase resources to produce goods
Machines needed to produce goods
3
Which economic system has a lack of competition?
Capitalism
Socialism
Free Enterprise
Communism
4
What is one of the main benefits of capitalism?
Profit incentive
Ownership of property
Little to no government interference
Freedom of choice
5
What kind of economic system does the United States currently have?
Capitalism
Communism
Socialism
No economic system
6
What question does economics answer for us?
How much to produce?
What to produce?
For whom to produce?
How to produce?
7
What are ways that the government can be a part of the circular-flow model?
People pay taxes to the government
The government provides healthcare and education
People work for the government as employees
The government hires contractors to work
8
What is value of goods and services that are given up in order to obtain an alternative option?
Circular Flow Model
Scarcity
Production Possibility Curve
Opportunity Cost
9
What is scarcity?
When unemployment is above 7%
A shortage of resources
A city where everyone has a scar
An abundance of resources
10
Which of these economists was an Austrian who advocated for free market capitalism?
John Keynes
Friedrich Hayek
Adam Smith
Milton Friedman
