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Economic Systems Unit Review
Economic Systems Unit Review
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Questions
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1
_________________ refers to any human-made resource that is used to produce goods and services.
Labor
Capital
Land
Factors of Production
2
Which is an example of a nation with a pure free market economic system?
USA
None of the above
North Korea
Chad
3
An expectation that encourages people to behave in a certain way describes
Specialization
A factor payment
Competition
An incentive
4
The image above represents the choices available to an individual. This image represents a(n)
Budget Constraint
Demand Curve
Production Possibilities Curve
Utility Bundle
5
The most desirable alternative given up as the result of a decision is also known as:
A Budget Constraint
A Trade-Off
An Entrepreneur
An Opportunity Cost
6
What is a synonym for a centrally planned economic system?
Communist Economy
Command Economy
Specialized Economy
Pure Free Market
7
The philosophy that government should not interfere in the marketplace is also known as
Free market system
Laissez faire
Free enterprise
Private property
8
Which of the following does NOT describe an economic system?
Mixed
Communist
Traditional
Free
9
As more units of a good are purchased, the marginal utility will:
Decrease at the same rate for everyone
Increase at different rates for different people
Increase at the same rate for everyone
Decrease at different rates for different people
10
Which is a question that nations answer when determining their economic system?
All of the above
How will the goods and services be produced?
What goods and services will be produced?
Who gets to consume the goods and services produced?
