2021 Economics I Review

Question 1

Economics is the study of how society uses it's limited resources.

Accepted Answer

True

Question 2

Which type of economy does the US have? (Hint: it's the most popular economy type in the world)

Accepted Answer

mixed

Question 3

All are basic economic questions that must be answered EXCEPT:

Accepted Answer

Why should I produce anything?

Question 4

What type of resource is this?

Accepted Answer

Natural

Question 5

This picture shows the concept of

Accepted Answer

scarcity

Question 6

Jim is picking between playing football or TV. He picks TV. What's the opportunity cost?

Accepted Answer

football

Question 7

No government involvement and individual choice are characteristics of a free market economy.

Accepted Answer

True

Question 8

These factory workers demonstrate the term

Accepted Answer

human resource, production

Question 9

Which of the following is an example of scarcity of resources?

Accepted Answer

a shortage of lumber

Question 10

All are true statements about a command economy EXCEPT:

Accepted Answer

plenty of consumer choice

Question 11

Which type of economy has the MOST government control?

Accepted Answer

command

Question 12

The interaction of supply and demand determines _____.

Accepted Answer

price

Question 13

Everyone in his family is a basket weaver. What type of economy is this?

Accepted Answer

traditional

Questions 13