Economics Unit 2 Test Review

What basic economic problem do both wealthy and poor nations have in common?

An office building is an example of

Communist countries like North Korea and Cuba are examples of mixed economies.

Which of these statements BEST describes the communist ideal?

Man-made resources used to create goods and services are known as

If a country encourages entrepreneurship, which is likely to occur?

Which of the following is an example of labor?

Kate has $180. The item she wants to buy is $200. What basic economic principle is shown here.

______________ was a free market philosopher.

How is "there's no such thing as a free lunch" illustrated in a socialist economy?

Water that a for-profit farmer uses to irrigate the soil is which factor of production?

In the United States, all citizens participate in the economy as

Socialist economies include aspects of both command and free enterprise systems

Which of the following is an example of human capital?

In which of the following economic systems would free enterprise be least likely?

Every society must answer the 3 key economic questions because

Which of the following people would be considered an entrepreneur?

Mixed economies can evolve when societies with different economies interact.

There is always some degree of government involvement in a mixed economy.

The government owns the factors of production in which economic system?

In the United States, what does everybody participate in?

In which type of economic system would an entrepreneur have a hard time achieving success?

Which economic system is also called a centrally planned economy?

You can trust that your food is safe to eat because the government ___________ some industries.

Scarcity refers to the situation inwhich there is a/an __ amount of resources to meet __ wants.