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Thinking like an Economist
Thinking like an Economist
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Answers
1
Communism has worked for the people but not for the governments running them.
False
True
2
Which is NOT a strength of a market economy?
Change can adjust gradually
Protections in place to prevent market failure
Decentralized decision making
Variety of goods and services
3
What is represented at "I" on the circular flow diagram?
Costs
Land rental
Services
Interest payments
4
Which economic factor enables the U.S. to have a higher standard of living?
Increased government regulation
Lower cost of living
Higher productivity
Less natural resources
5
Which reason explains the need for economic choices?
Supply is unlimited and prices do not change with demand
Consumer wants are unlimited and resources are scarce
Wants are limited and resources are unlimited
Wants and needs are limited
6
Which of the following societies allows for the highest standard of living?
Communist
Traditional
Capitalist
Socialist
7
If a business purchases a new piece of equipment instead of hiring new staff this is an example of what?
Opportunity Cost
Supply and demand
Scarcity of natural resources
Production possibilites
8
What kind of economy do we have here in the U.S.?
Command Economy
Mixed Economy
Traditional Economy
Market Economy
9
Which is a factor of production?
Supply and Demand
Regulation
Entrepreneurship
Tarif Revenue
10
The advertisement below indicates a shortage of which resource?
Natural Resources
Labor
Pencils
Capital
11
If a business owner spends money on advertising instead of purchasing a new piece of equipment this is called what?
Mailbox money
Increased revenue spending
Opportunity cost
Future income potential
12
Long lines at a gas station indicate a shortage of what?
Cheetos
Natural Resources
Investment
Labor
13
The inability for the available resources to satisfy everyone's wants and needs is an example of what?
Scarcity requires people to make choices
Annual increases are a requirement
Inflation increases net worth
Workers can make more money at multiple jobs
14
Which of the following is not a resource?
Jewelry
Water
Land
Food
15
What is the likely result in households based on the graph below?
Shipping costs decreased helping the American Consumer
Prices were lowered by higher gas prices
Consumers had less money to spend on goods and services
Wages were required to be raised to cover fuel costs
16
Which is illustrated at numeral III?
Wages
Tariff Revenue
Goods and services
Taxes
17
What is a benefit to the economy as it pertains to education and business?
Businesses can hire skilled workers
Businesses can replace workers who's wages are too high due to tenure
Students get to borrow money with student loans to purchase goods
Students get jobs instead of graduating
18
What is another name for a society that is ran by a communist government?
Socialist Economy
Command Economy
Capitalist Economy
Traditional Economy
19
Which statement describes the relationship between labor and capital?
Labor is not a need in industry
Capital must be inherited to produce goods and services
Capital is the result of competition
Entrepreneurs use capital along with labor to product goods and services
20
In comparison to the U.S. other countries typically have lower productivity?
False
True
