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Questions
30
Answers
1
What won't businesses do under a command economy?
determine how much they will produce
Determine who will buy goods
Set their own price
Make their own decisions
2
Economic system in which the government makes all decisions.
Traditional
Mixed
Market
Command
3
Pareto efficiency is defined as the state in which...
everyone has equal share of resources
no one can be made better off w/out making another worse off
the most deserving individuals recieve enough resources
there is only a little bit of resource wasted
4
What is a public good?
a commodity/ service provided to some of society
a commodity provided to all of society
a service provided to all of society
a commodity/ service provided to all of society
5
_______________have the right to own property or businesses, make profit with limited government interference.
Private Individuals or groups
Friends
Governments
Markets
6
Which is not a public good?
National park
Shopping mall
highway
school
7
What is the government's roll under a mixed economy?
Decide Quantity of goods produced
supports and regulates free enterprise through decisions.
Do all the things
Support Market Price
8
________ is difficult to achieve in a free market because of the different value we place on different jobs.
Capitalism
Freedom
Equity
FOPs
9
Belief that economic decision making benefits all of society and not just a few people
traditional economy
Mixed Economy
free Market
Command Economy
10
Which of the following is not a key economic question?
Which color should the goods be?
Who to produce goods for?
How should goods be produced?
What goods should be produced?
11
What is an external effect?
A benefit to the seller of a good/service.
Anything external to a transaction
A benefit/cost that affects someone not directly involved.
A cost to the seller of a good/service.
12
The externality of education is ....?
Neither
Negative
Positive
13
What is market failure?
When there is a 3-firm concentration ration of 95%.
When there are not economies of scale.
When the allocation of goods and resources is inefficient.
When everyone has perfect knowledge about the market.
14
What do people choose under the Market system?
Pizza
color of the product
Decide how much a company will charge for its products.
choose products they will or will not buy as shoppers
15
Marginal social cost is the marginal cost incurred by the ......
producers + everybody else on whom the cost falls
the entire society
producers
consumers
16
Economic System in which individuals and private groups make decisions about what to produce.
Command
Market
Traditional
Communist
17
requires strict government control of almost entire society + economy
Free Enterprise
Communism
Command Ecnomy
Socialism
18
Marginal Social Cost = Marginal Private Cost + ________________________.
Marginal Private Benefit
Total Revenue
Negative Externality
Marginal Social Benefit
19
What determines the difference between communism and socialism?
goods produced.
amount of government involvement
types of factores
Money
20
Which is not one of the three decisions economic systems must make?
How goods should be produced?
What and how many goods can be produced?
Who gets the goods and services?
How much goods should cost?
21
An example of a pure market economy
Mexico
Does not exist
Saudi Arabia
United States
22
How do consumers determine supply/price?
How much producers wish to make
The government determines all price and supply
When consumers buy things it tells companies what to produce.
When consumers sell things it tells companies what to buy
23
Which is not one of the three economic types?
Domestic
Market
Centrally planned
Mixed
24
You are assigned to a factory by the government and told to make 10,000 barrels of goo in 1 year. This is an example of?
Free Enterprise
mixed economy
command economy
Price
25
Economies lie within a ________ between centrally planned and free market economic systems.
belief
spectrum
arrow
box
26
What is a private cost?
The costs faced by second party consumers
The costs faced by the consumers and producers
The cost to third parties
Where there is a misallocation of recouses in the market
27
Which of these are Pareto efficient?
Sniggy eats all but one slice of pizza. She throws it away
Jeffrey and Yana each eat half the pizza
Mr. Nakaue gave the whole Pizza to Iris and Yana.
Iris eats the slice of pizza Sniggy threw away
28
An example of a missing market would be..?
Everyone having the same information when buying insurance
Paying for a cheeseburger at McDonalds
The amount of money unpaid to third parties involved in someone's success
Going to college
29
In 1776, Adam Smith wrote
The Road to Serfdom
The General Theory of Employment, Interest and Money
The Wealth of Nations
From Russia With Love
30
System in which the government supports free enterprise through decisions that affect the market.
Traditional
Market
Mixed
Command
