Which of these is not one of the main questions we ask when looking at Economic Systems?

Why should goods and services be produced?

What is a Command Economy?

Government Controls the Means of Production

What is a Traditional Economy?

Based on Customs, Traditions, and Cultural Beliefs

Which of these is considered a Trade-Off?

Choosing between two job offers with different salaries

What is a Mixed Economy?

Both the Government and Individuals make decisions

What are the 4 Factors of Production?

Land, Labor, Capital, Entrepreneurship

What is an example of Opportunity Cost?

The highest valued alternative forgone when a choice is made

What is Scarcity in Economics?

Limited resources in relation to unlimited wants

What is a Market Economy?

Determined by unrestricted competition between privately owned businesses

What does a Production Possibilities Curve show?

The maximum possible output combinations of two goods with given resources

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Unit 1

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Questions 20

Answers

1
Which of these is not one of the main questions we ask when looking at Economic Systems?
How should goods and services be produced?
What goods and services should be produced?
Why should goods and services be produced?
For whom should goods and services be produced?
2
What is an example of Land as a Resource?
Teaching Students
Flying a Plane
Machinery
Forests
3
What is an example of Entrepreneurs as a Resource?
Flying a Plane
Forests
Land
Owning & Managing a Restaurant
4
What is a Command Economy?
Based on Customs, Traditions, and Cultural Beliefs
Determined by unrestricted competition between privately owned businesses
Both the Government and Individuals make decisions
Government Controls the Means of Production
5
Which of the following is an example of Capital Resources?
Forests
Land
Labor
Tools and Machinery
6
Not producing enough goods for everyone is a disadvantage of what Economic System?
Traditional
Market
Command
7
What is a Traditional Economy?
Both the Government and Individuals make decisions
Based on Customs, Traditions, and Cultural Beliefs
Determined by unrestricted competition between privately owned businesses
Government Controls the Means of Production
8
Which of these is considered a Trade-Off?
Investing in stocks or bonds with equal returns
Choosing between two job offers with different salaries
Using a public park for a picnic
Spending all your savings on a new car
9
What is a Mixed Economy?
Determined by unrestricted competition between privately owned businesses
Government Controls the Means of Production
Both the Government and Individuals make decisions
Based on Customs, Traditions, and Cultural Beliefs
10
How does the Curve in PPC show us Economic Growth?
A vertical line on the graph
A movement along the curve
A shift inward of the curve
An outward shift of the curve
11
In Which of the following economic systems does the Government own the Factors Of Production?
Market
Mixed
Traditional
Command
12
What are the 4 Factors of Production?
Land, Labor, Capital, Entrepreneurship
Land, Labor, Capital, Entertainment
Land, Labor, Buildings, Natural Resources
Entrepreneurship, Labor, Capital, Natural Resources
13
Which of the following is a Natural Resource?
A skilled workforce
A skyscraper
Weapons
Soil
14
What is an example of Opportunity Cost?
The highest valued alternative forgone when a choice is made
The price of a good in a market
The total cost of production
The amount of money spent on advertising
15
Lacking of work incentives is a disadvantage of what type of Economic System?
Traditional
Market
Command
16
Which is an example of Labor as a Resource?
Pizza Restaurant
Flying a plane
Forests
Machinery
17
What is Scarcity in Economics?
Limited resources in relation to unlimited wants
The abundance of resources
The availability of technology
The distribution of wealth
18
What is a Market Economy?
Government Controls the Means of Production
Determined by unrestricted competition between privately owned businesses
Based on Customs, Traditions, and Cultural Beliefs
Both the Government and Individuals make decisions
19
A lower of standard living is a disadvantage of what Economic System?
Market
Traditional
Command
20
What does a Production Possibilities Curve show?
The impact of taxes on production
The relationship between supply and demand
The maximum possible output combinations of two goods with given resources
The distribution of income among different sectors

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