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Chapter 2 Review Flashcards | StudBud
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Chapter 2 Review
Chapter 2 Review
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Questions
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Answers
1
Which economic system is based on customs, traditions, and barter trade?
Command Economy
Traditional Economy
Mixed Economy
Market Economy
2
What is human capital?
The machinery used in production
Knowledge, education, and skills of workers
Natural resources used in production
Financial resources
3
Which economic system relies heavily on private property rights and voluntary exchange?
Mixed economy
Traditional economy
Market economy
Command economy
4
What factor of production includes natural resources like water, minerals, and land?
Capital
Entrepreneurship
Labor
Land
5
What is an example of a need?
Money
iPhone
Water
Electricity
6
Which example demonstrates the factor of labor?
A farmer planting crops
Purchasing a company vehicle
Investing in real estate
A CEO developing a new business idea
7
Which of the following best describes capital as a factor of production?
Money saved in the bank
Tools, machinery, and technology used in production
Ownership of natural resources
Human effort in the workplace
8
Which factor of production is limited in supply and cannot be created by humans?
Capital
Entrepreneurship
Labor
Land
9
Who is responsible for combining the factors of production to create goods and services?
Government
Consumer
Manager
Entrepreneur
10
What type of economy typically has the lowest standard of living?
Command economy
Mixed economy
Traditional economy
Market economy
11
Which of the following is not a factor of production?
Capital
Land
Money
Labor
12
A bakery purchases new ovens to increase production. What factor of production does this represent?
Labor
Land
Capital
Entrepreneurship
13
What is one drawback of a command economy?
Prices fluctuate too frequently
Consumers have too much influence on the market
Limited access to government services
Lack of innovation due to government control
14
In a command economy, who makes the major economic decisions?
The government
Private businesses
Entrepreneurs
Consumers
15
Which country is an example of a mixed economy?
Cuba
Ancient Egypt
The United States
North Korea
16
Which economic system combines elements of both government control and private enterprise?
Traditional Economy
Market Economy
Command Economy
Mixed Economy
17
Which statement is true about mixed economies?
Private businesses have no role
The government controls all production
Both the government and private sector influence production and pricing
There are no taxes in a mixed economy
18
Which of the following is NOT an economic question?
How to produce it?
What to produce?
Why is it produced?
Who gets it?
19
Which of these is a key advantage of a market economy?
High levels of innovation due to competition
Minimal risk for private investors
Equal distribution of resources
Government price controls
20
Why is entrepreneurship considered a factor of production?
Entrepreneurs provide funding for businesses
Entrepreneurs manage government decisions
Entrepreneurs replace traditional production methods
Entrepreneurs combine land, labor, and capital to create goods and services
