Which is the best example of specialization?

tailoring shop assistant only replaces zippers

Who would you most likely find participating in a market economy?

teenager deciding how to spend extra money earned working

Which is NOT a weakness of a command economy?

it can change direction drastically in a short time

Economic goals are important because they

help determine if an economic system meets societies' needs

Why is economic growth an important goal of the United States?

It's needed to satisfy the needs of a growing population

Which is likely to occur in a traditional economy?

father teaches his son how to clear land for crops

What is the government's role in a market economy?

encourage competition among businesses

Why do people give something up in voluntary exchange?

to get something they want more

How does specialization increase trade?

When you only do one thing you must trade for other goods

What is the incentive to work, save, and invest under capitalism?

the ability to own private property

What are the origins of the six major economic goals of the U.S.?

beliefs of American consumers, businesses, and government

Which is an example of economic growth?

when a new auto plant opens and 1500 jobs are created

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Semester Economics Chapter 3-4 Quiz Review

25 termsStudBud Administration583 plays

from EconAlive! Chapters 3 and 4

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Questions 25

Answers

1
What type of economy was the Soviet Union?
traditional economy
market economy
free enterprise economy
command economy
2
Which economic system would have a government that owns all industries, businesses, and farms?
mixed economy
traditional economy
market economy
command eocnomy
3
Which is the best example of specialization?
online clothing outlet offers customized monograms
dry cleaner spends extra time cleaning stains
surf shop lowers swimsuit prices
tailoring shop assistant only replaces zippers
4
Which is not a strength of a market economy?
it can adjust to change over time
it supports all people equally
it has decentralized decision- making
it gives producers and consumers freedom
5
Who would you most likely find participating in a market economy?
worker leaving his job because his production quota was met
hunter deciding where to hunt to provide food for his family
government official deciding how much wheat to plant
teenager deciding how to spend extra money earned working
6
Which is not a major economic goal of the USA?
economic growth
economic efficiency
economic interdependence
economic security
7
Which is the best example of a transfer payment?
Social Security check
Fee for renting a park facility
Moving expense reimbursement
Police Officer's paycheck
8
Which is NOT a weakness of a command economy?
provides few incentives for people to work hard
lacks the flexibility to deal with minor problems
it requires a large decision-making bureaucracy
it can change direction drastically in a short time
9
The American economic system can be described as having a
free enterprise system
command economy
traditional system
quota system
10
Economic goals are important because they
answer the "for whom to produce" question
tell the government what regulations are needed
help determine if an economic system meets societies' needs
tell us what and how to produce
11
In which economic system is there a variety of goods and services?
all economic systems
market economy
traditional economy
command economy
12
Why is economic growth an important goal of the United States?
It's the only way to achieve economic equity
Americans have a strong sense of fairness
It's needed to satisfy the needs of a growing population
Economic growth leads to price stability
13
Which of these goals is most important in a traditional economy?
growth
freedom
efficiency
stability
14
Which is likely to occur in a traditional economy?
father teaches his son how to clear land for crops
large government agency decides to build more warships
new factory opens to produce computer chips
new clothing fashion increases the profits of textile mills
15
What type of economy is most common today?
traditional
mixed
market
command
16
What is the government's role in a market economy?
decide what to make
encourage competition among businesses
own and operate major industries
set prices on goods and services
17
How do people benefit from distribution of labor?
All options are correct
increases QUALITY of goods made
increases how FAST goods are made
increases STANDARD OF LIVING
18
The three fundamental economic questions are what, ____________, and for whom to produce.
how
when
where
why
19
Which of the following is NOT considered an economic goal?
Entrepreneurship
Economic growth
Economic efficiency
Price stability
20
Why do people give something up in voluntary exchange?
to comply with state regulations
to allocate resources fairly
to get something they want more
to increase their self-sufficiency
21
How does specialization increase trade?
When you do multiple things you then need to trade
It makes you desire all the goods you can make yourself
When you only do one thing you must trade for other goods
It makes you only want to trade one product
22
In which economic system are the factors of production privately owned?
mixed
command
communist
traditional
23
What is the incentive to work, save, and invest under capitalism?
consumer sovereignty
the ability to own private property
Social Security
voluntary exchange
24
What are the origins of the six major economic goals of the U.S.?
an official list prepared by the federal government
the results of elections
passages from Americas major documents like the Constitution
beliefs of American consumers, businesses, and government
25
Which is an example of economic growth?
when a new auto plant opens and 1500 jobs are created
the price of vegetables increase in the spring
a man quits working as a waiter to begin a marketing career
an employer is fined for refusing to hire women

Semester Economics Chapter 3-4 Quiz Review Flashcards | StudBud