What is one problem with a command economy?

Resources owned by the government are wasted

What could be an oppotunity cost of going to work?

All of the above could be opportunity costs

How do firms monopolize markets?

The unfairly driving away competition

What is an externality?

How a company affects people other than buyers and sellers

What is an example of a sunk cost?

Money spent on tickets to a concert you can't go to

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Opportunity Costs

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Economic systems and opportunity costs

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Questions 20

Answers

1
Which economic theory did Adam Smith agree with?
A market economy
A traditional economy
All of the above
A command economy
2
What is NOT an example of a public good?
K-12 education
The police department
National defense
Starbucks
3
What is one problem with a command economy?
Some people have few resources to sell
Resources owned by the government are wasted
Firms will monopolize markets
Economic fluctuations
4
What process turns transitional economies from command to market economies?
Central Planning
Privitization
Government Regulation
Bartering
5
What could be an oppotunity cost of going to work?
Studying
Sleeping
Being with friends
All of the above could be opportunity costs
6
How do firms monopolize markets?
By having an inferior product
By selling goods in different countries
By advertising their goods
The unfairly driving away competition
7
What is the opportunity costs of making cookies?
15 kisses
Kisses
10 cookies
Cookies
8
Which politician listed below wants a more "market" economy?
Bernie Sanders
Marco Rubio
Mike O'Malley
Hillary Clinton
9
Which country listed below has a more "command" type of an economy?
South Korea
Denmark
USA
Saudi Arabia
10
What is one problem with a pure market economy?
Externalities
All of those are problems
Some people have few resources to sell
No public goods
11
What is an externality?
The idea that pure capitalism is unfair
Why a company can never raise prices in a bad economy
The idea that communism never works
How a company affects people other than buyers and sellers
12
What is the opportunity cost of moving from point A to point B?
10 cookies
15 kisses
15/10 kisses
10/15 cookies
13
What is a capital resouce?
Labor and Entrepreneurship
Resources from the Earth
Sunlight and wind power
Human created resources
14
Which of the following economic systems was tried in the Plymouth Colony?
Transitional
Capitalism
Communal
Traditional
15
What is NOT a human resource?
Mental and physical effort used to produce goods
Labor
Entrepreneurship
Strawberries
16
What is an example of a sunk cost?
All of the above
Ten dollars made on a bet
Money spent on tickets to a concert you can't go to
Paying more money for a better product
17
Which politican below wants a more "command" type of an economy?
Marco Rubio
Mike O'Malley
Bernie Sanders
Hillary Clinton
18
What is THE Economic Problem?
All of the above
The fact that productive resources are limited
Scarcity
The fact that wants are unlimited
19
Who is Mrs. Pontius's favorite Seattle Mariner?
Shawn O'Malley
Kyle Seager
King Felix
Nelson Cruz
20
How can you lessen the opportunity cost if college?
Getting a scholarship
Going to a cheaper college
All of the above
Working while attending college

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