Economic Fundamentals

Question 1

Which economy is characterized by the government answering all economic questions?

Accepted Answer

Command

Question 2

The science that deals with production, distribution, and consumption of goods and services is?

Accepted Answer

Economics

Question 3

What type of economic system is evident in the U.S.?

Accepted Answer

Mixed Market

Question 4

Who is considered to be the father of economics?

Accepted Answer

Adam Smith

Question 5

Which attribute of capitalism is the explained by the desire to make money?

Accepted Answer

Profit Motive

Question 6

What does the "D" represent?

Accepted Answer

Demand

Question 7

If demand for a product...what generally happens with the price?

Accepted Answer

It increases

Question 8

What does the "S" curve represent?

Accepted Answer

Supply

Question 9

Which of the following is NOT one of the 3 basic economic questions?

Accepted Answer

Where will it be produced?

Question 10

A computer is an example of which factor of production?

Accepted Answer

Capital

Question 11

Who dictates the price in a capitalistic economy?

Accepted Answer

Consumer

Question 12

If supply too high, what usually happens to the price?

Accepted Answer

It decreases

Question 13

According to graphic, which region is forecasted to experience the most GDP growth in 2016?

Accepted Answer

Asia

Question 14

When you make a decision to choose one good over another, what is this called?

Accepted Answer

Trade-off

Question 15

During a trade-off, what do we call the good or service that you gave up?

Accepted Answer

Opportunity Cost

Questions 15