Which of the following list the economic systems in order from least to most flexible?

Command, socialism, free market

Which of these is a feature of command economy that distinguishes it from socialist economy?

All production is managed by the government

Instead of teaching, his favorite thing to do, Fanning would rather be _____.

Watching a movie, Reading, Playing video games, cooking

Which of these statements describes a disadvantage of a traditional economy?

New ways of doing things are dicouraged

Which of these is a major disadvantage of a market economy?

people are offered goods and services they cannot afford

Which of these statements is descriptive of a market economy?

Major economic decisions are made by individuals

Which of the following descriptions best explains the meaning of opportunity cost?

The cost of choosing one alternative over another

How are economic transactions shaped in a traditional economy?

elders make certain that things are done in a specific way

Which of the following are the factors of production?

Land, labor, capital, entrepreneurial ability

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Test Unit 1

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Economics Test Unit 1

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Questions 27

Answers

1
The study of economics includes which of the following?
Studying how things are made, bought, sold, and used
explaining how people deal with scarcity
all of the above
explaining how incomes are earned and how jobs are created
2
What do households want?
Factors of production
Higher taxes
Goods and services
Fewer benefits
3
What did Fanning coach?
baseball
badmitten
swimming
footbal
4
When in doubt, get Fanning ____ for breakfast.
bowl of cereal
kolaches
donuts
breakfast tacos
5
Which of the following list the economic systems in order from least to most flexible?
free market, command, socialism
Command, socialism, free market
free market, socialism, command
socialism, command, free market
6
Which point would signify unemployment?
A
B
X
C
7
In which system is the government most likely to provide people with goods and services?
Free-Enterprise
Socialist
Market
Traditional
8
Where does the government get its money from?
Businesses and households
Only business
The product market
Only households
9
What do businesses do with the factors of production?
trade to foreign countries for a lower opportunity cost
make goods and services
but them from the product market
sell them to the factor market
10
Which of these is a feature of command economy that distinguishes it from socialist economy?
All economic decisions are based on custom and habit
All production is managed by the government
All economic decisions are made by the free market
Some degree of private ownership is allowed
11
Instead of teaching, his favorite thing to do, Fanning would rather be _____.
Watching a movie
Reading
Playing video games
cooking
12
When a nation's total output increases over time, the nation is experiencing ___.
economic growth
a reduction of the production possibility curve
economic interdependence
a decrease in GDP
13
Which of the following is not a characteristic of economic system?
Greater individual freedom
Lower standard of living
Entrepreneurial opportunities
Greater variety of goods
14
Which of these is impossible?
B
C
A
X
15
Which of these economic systems have the least in common?
free enterprise and market
Capitalism and command
Command and socialism
Market and capitalism
16
What is in Fanning's cup?
Dr. Pepper
Pepsi
Drank
Water
17
Which of these statements describes a disadvantage of a traditional economy?
New ways of doing things are encouraged
New ways of doing things are dicouraged
Difficult economic decisions are made by the state
Everyone knows their role
18
Which of these is a major disadvantage of a market economy?
people are offered goods and services they cannot afford
efficient government control of production and distribution
can change direction rapidly as needed when markets change
There is a high degree of individual freedom
19
Which of these statements is descriptive of a market economy?
Major economic decisions are made for individuals
Major economic decisions are made by individuals
The government determines what is produced and by whom
most media is state owned and opperated
20
Which of the following descriptions best explains the meaning of opportunity cost?
The initial cost of starting a business
The cost of choosing one alternative over another
The cost of a business failuer
The risk associated with producing a new item
21
Which type of economy is the most prevalent today?
Mixed
Command
Market
Traditional
22
What is Fanning's favorite food currently?
Tacos
Tacos
Tacos
Tacos
23
How are economic transactions shaped in a traditional economy?
each community decides as a group for whom they will produce
The three basic questions do not arise in this economy
Individuals form networks where they buy, sell, and trade
elders make certain that things are done in a specific way
24
Who owns the factors of production?
Business
Households
Government
Factor Market
25
Consumers waiting in long lines for a new product is an example of ___.
Scarcity
consumerism
Consumer responsibilities
Consumer rights
26
Which of the following are the factors of production?
Land, labor, capital, entrepreneurial ability
Hopsins, hodunks, whatsits, doodlewhomps
Crapital, harbor, sane, Bonaparte ability
Katanas, Shuriken, nunchucks, sai
27
What room are we in?
125
263
451
8275309

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